Pelangio Exploration Inc.
TSX VENTURE : PX
OTCQB : PGXPF

Pelangio Exploration Inc.

December 19, 2012 13:34 ET

Pelangio Exploration Grants Options

TORONTO, ONTARIO--(Marketwire - Dec. 19, 2012) - Pelangio Exploration Inc. (TSX VENTURE:PX)(OTCQB:PGXPF) ("Pelangio" or the "Company") is pleased to announce that the Board of Directors has approved the grant of 1,470,000 options to directors, officers, employees and geological consultants of the Company, which options are exercisable into common shares of the Company at a price of $0.155 per share. Subject to the rules of the TSX Venture Exchange and the Company's Stock Option Plan, the options have a term of five years and will expire on December 18, 2017.

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. The Company is exploring two 100%-owned camp-sized properties: the 100 km2 Manfo Property, the site of seven recent near-surface, bulk tonnage gold discoveries, and the 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.

Forward-Looking Statements

Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws and such statements and information may be based on numerous assumptions. Forward-looking statements and information include statements regarding the Company's exploration plans and exploration results with respect to the Manfo Property and the Obuasi 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. Accordingly, readers should not place undue reliance on forward-looking statements or information. See the Company's annual information form, 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. The Company undertakes 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

    Pelangio Exploration Inc.
    info@pelangio.com
    www.pelangio.com
    Twitter: @PelangioEx