Pelangio Exploration Inc.
TSX VENTURE : PX

Pelangio Exploration Inc.

June 05, 2009 08:30 ET

Pelangio Exploration Receives Extension on the Kyereboso Concessions, Ghana

TORONTO, ONTARIO--(Marketwire - June 5, 2009) - Pelangio Exploration Inc. (TSX VENTURE:PX) ("Pelangio" or the "Company") is pleased to announce that the optionor in respect of Pelangio's Kyereboso #2 and #3 concessions in Obuasi, Ghana (the "Kyereboso Concessions"), has agreed to the postponement until December 19, 2009 of the first payment and share issuance to acquire the 49% of the Kyereboso Concessions that the Company does not already own. The Kyereboso Concessions compose approximately 80% of Pelangio's exploration property in Obuasi, Ghana (the "Obuasi Property").

"This postponement is a positive development for the Company, and will give us greater flexibility to conduct exploration on the Kyereboso Concessions during the summer and fall," stated Ingrid Hibbard, President and Chief Executive Officer of Pelangio. "The postponement is also emblematic of our excellent working relationship with the optionor of the Kyereboso Concessions and, more generally, the business environment in Ghana." Ms. Hibbard continued, "We commend, in particular, Joseph Kwaku Oduro-Yeboah, the Chief Executive Officer of Adansi Asaasi Mining Company Limited, for his continued foresight and cooperation regarding our exploration of the Kyereboso Concessions."

Pelangio's primary exploration focus has consistently been the 10 kilometre portion of the Main Obuasi Trend that extends through the Kyereboso #2 concession, which to date has shown the best exploration potential. The Company has planned drill targets for later this year along the Main Obuasi Trend in the Kyereboso #2 concession and in the northwest of the Kyereboso #3 concession.

The applicable option agreements had required aggregate payments and share issuances of US$600,000 and 4.8 million common shares of the Company on June 19, 2009. These payments and share issuances will now be made on or before December 19, 2009. The postponement does not affect the payment date in respect of the second and third payments, which are scheduled to be made on or before June 19, 2010 and June 19, 2011, respectively. Copies of the option agreements and amending agreement are available under the Company's profile on www.sedar.com.

Pelangio Develops Animation of the Obuasi Property

Pelangio, in participation with Imagemaker Advertising Inc., has developed an animation of the Obuasi Property and surrounding geography that approximates the relationship between the Obuasi Property and AngloGold Ashanti's adjacent Obuasi Mine and spatially references exploration results on the Obuasi Property. Investors are invited to view the animation by visiting the Company's website or by downloading the animation via the following link: http://www.pelangio.com/i/video/PLG_Obuasi_CompleteV04.wmv.

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.

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 our exploration plans and exploration results with respect to our properties, and are subject to forward-looking 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. 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 our management information circular and our annual and quarterly 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
    905-875-3829 (FAX)
    info@pelangio.com
    or
    Pelangio Exploration Inc.
    Brendan Cahill
    Corporate Secretary
    905-875-3828 or Toll Free: 1-877-746-1632
    905-875-3829 (FAX)
    info@pelangio.com
    www.pelangio.com