Pelangio Exploration Inc.
TSX VENTURE : PX

Pelangio Exploration Inc.

May 20, 2009 17:00 ET

Pelangio Exploration Amends Page Lake Option Agreement

TORONTO, ONTARIO--(Marketwire - May 20, 2009) - Pelangio Exploration Inc. (TSX VENTURE:PX) ("Pelangio" or the "Company") is please to announce that it has amended the terms of its option agreement in respect of the Page Lake property near Marathon, Ontario (previously announced in a press release of Pelangio Mines Inc. ("Mines") on March 25, 2008). Under the terms of the original option agreement, Pelangio was required to spend $536,000 on the property and, over a period of four years, pay the optionors a total of $120,000 and issue a total of 24,000 common shares of Mines. Mines issued 6,000 common shares and expended $86,000 on the property prior to Pelangio's assumption of the original agreement. Pursuant to the amendment to the original agreement, Pelangio is required over the next three years to expend $450,000 on the property, pay the optionors a total of $120,000 and issue a total of 464,976 common shares in order to obtain a 100% interest in the property.

About Pelangio

Pelangio is a gold exploration company active in the top-ranked mining jurisdictions in the world, Canada and Ghana. The Company's main focus is to advance its exploration programs on its premier land position in Ghana totaling 290 square kilometres, located on strike and adjacent to AngloGold Ashanti's Obuasi gold mine.

For additional information, please visit our website at www.pelangio.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Pelangio Exploration Inc.
    Ingrid Hibbard
    President & CEO
    905-875-3828 or Toll-free: 1-877-746-1632
    or
    Pelangio Exploration Inc.
    Brendan Cahill
    Corporate Secretary
    905-875-3828 or Toll-free: 1-877-746-1632
    info@pelangio.com