Pelangio Exploration Inc.
TSX VENTURE : PX
OTC Bulletin Board : PGXPF

Pelangio Exploration Inc.

November 01, 2011 16:15 ET

Pelangio Exploration Files Initial Technical Report on the Manfo Property

TORONTO, ONTARIO--(Marketwire - Nov. 1, 2011) - Pelangio Exploration Inc. (TSX VENTURE:PX)(OTCBB:PGXPF) ("Pelangio" or the "Company") is pleased to announce the filing of an initial National Instrument 43-101 ("NI 43-101") independent technical report entitled "Independent Technical Report for the Manfo Project, Ghana" (the "Report") on the Company's 100% owned Manfo Property in Ghana, West Africa.

During the second quarter of 2011, Pelangio commissioned SRK Consulting (Canada) Inc. ("SRK") to visit the property, review available geological and exploration data to assess its merit and to prepare the Report in compliance with NI 43-101.

The Report summarizes the technical information available on the Manfo Project to June 30, 2011 and demonstrates that the project has advanced beyond an early stage exploration project. The Report notes that exploration work completed to date by Pelangio has defined economically interesting gold mineralization with reasonable continuity in three dimensions.

The Report has been filed and is available under Pelangio's profile at www.sedar.com or on Pelangio's website via the following link:

http://www.pelangio.com/Projects/Technical-Reports.aspx

The exploration program at the Manfo Property is overseen by Warren Bates, P. Geo. (Ontario), the Company's Senior Vice President Exploration and a Qualified Person within the meaning of NI 43-101. Mr. Bates has verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information. The Report was prepared by Robert Blair Hrabi, P.Geo (APGO#1723), an appropriate independent qualified person for the purposes of NI 43-101.

About Pelangio

Pelangio successfully acquires and explores camp-sized land packages in world-class gold belts, while using innovative corporate restructuring to maximize shareholder value. The Company primarily operates in Ghana, West Africa, an English-speaking, common law jurisdiction that is consistently ranked amongst the most favourable mining jurisdictions in Africa. Drilling is currently underway on two 100%-owned camp-sized properties: the company-making 100 km2 Manfo Property, the site of four recent near-surface, high grade and bulk tonnage, gold discoveries, and the potentially game-changing 290 km2 Obuasi Property, located four kilometres on strike and adjacent to AngloGold Ashanti's prolific, high-grade Obuasi Mine, which has produced over 30 million ounces of gold since 1897.

For additional information, please visit our website at www.pelangio.com, follow us on Twitter @PelangioEx.

Forward Looking Statements

Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Forward-looking statements or information appear in a number of places and can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. With respect to forward-looking statements and information contained herein, we have made numerous assumptions. Forward-looking statements and information include statements regarding the Company's exploration plans and exploration results with respect to the Obuasi Property and the Manfo Property, and are subject to forward-looking risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Such risks include gold price volatility, changes in equity markets, political developments in Ghana, increases in costs, exchange rate fluctuations and other risks involved in the gold exploration industry. See the Company's annual and quarterly financial statements and management's discussion and analysis for additional information on risks and uncertainties relating to the forward-looking statement and information. There can be no assurance that a forward-looking statement or information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. We undertake no obligation to reissue or update any forward-looking statements or information except as required by law. All forward-looking statements and information herein are qualified by this cautionary statement.

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

    Pelangio Exploration Inc.
    Warren Bates
    Senior Vice President Exploration
    905-875-3828 or Toll-free: 1-877-746-1632
    info@pelangio.com
    www.pelangio.com

    Proconsul Capital
    Martti Kangas
    Principal
    647-521-9261
    mkangas@proconsulcapital.com