Pelangio Exploration Inc.
TSX VENTURE : PX

Pelangio Exploration Inc.

September 16, 2008 09:10 ET

Pelangio Exploration Inc. Enters Option Agreement to Acquire Properties in Manitouwadge, Ontario

TORONTO, ONTARIO--(Marketwire - Sept. 16, 2008) - Pelangio Exploration Inc. (TSX VENTURE:PX) ("Exploration" or the "Company") is pleased to announce that on September 15, 2008, it entered into an option agreement (the "Option Agreement") with various vendors pursuant to which it has been granted an option to acquire a 100% interest in (i) the Moshkinabi property, comprising 14 claims, 110 units, 1,760 hectares, located in the Herbert and Roberta Townships of the Thunder Bay Mining Division, Ontario (the "Moshkinabi Property"), and (ii) the Fairies Lake and Rawluk properties, comprising 10 claims, 83 units and 1,328 hectares, located in Cecil Township of the Thunder Bay Mining Division, Ontario (the "Fairies Properties").

The Moshkinabi Property is host to a poly-metallic nickel (Ni), copper (Cu), platinum/palladium (Pt/Pd) rich massive sulphide unit hosted in a metamorphosed suite of volcanics overlain by a sulphide rich ultramafic unit, that can be traced along a strike of two kilometres. Grab samples taken by the Company returned values of up to 3.9 g/t combined Pt/Pd accompanied by up to 1% Cu and 0.2% Ni. All information at this stage indicates good potential for both bulk tonnage Cu-PGM and massive sulphide Ni-Cu type deposits.

The Fairies Properties are both host to Cu and gold massive sulphide showings. The general setting and environment of the Fairies Properties indicates good potential for massive sulphide deposits.

Under the terms of the Option Agreement, Exploration may acquire the interest by making payments totaling $385,000 to the vendors, with such payments to be made on specified dates within four years after the execution of the Option Agreement.

About Exploration

Exploration is a mineral 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.

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 are by their nature based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our 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. See the annual information form, management information circular dated March 19, 2008 and quarterly and annual management's discussion and analysis of PDX Resources Inc. 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 Exploration. 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.

The TSX-Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

Contact Information

  • Pelangio Exploration Inc.
    Ingrid Hibbard
    President & CEO
    (905) 875-3828 / Toll-Free: 1-877-746-1632
    or
    Pelangio Exploration Inc.
    Warren Bates
    Vice President Exploration
    (905) 875-3828 / Toll-Free: 1-877-746-1632
    (905) 875-3829 (FAX)
    Email: info@pelangio.com
    Website: www.pelangio.com