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

Pelangio Exploration Inc.

April 14, 2011 09:01 ET

Pelangio Exploration Receives Proceeds of $5,977,655 from Exercise of Warrants and Options

TORONTO, ONTARIO--(Marketwire - April 14, 2011) - Pelangio Exploration Inc. (TSX VENTURE:PX)(OTCBB:PGXPF) ("Pelangio" or the "Company") is pleased to announce that it has received $5,667,305 since January 1, 2011 from the exercise of outstanding $0.65 common share purchase warrants, which were issued in the Company's October 2009 private placement financing (the "2009 Financing"). The Company also received a further $310,350 from the exercise of broker compensation options and underlying warrants issued in connection with the 2009 Financing. Following the exercises, the Company is well-funded with approximately $11.6 million on hand.

"We are now well financed to execute our ambitious 2011 drilling programs," stated Ingrid Hibbard, President and Chief Executive Officer. "Each of Pelangio's Ghana properties, Manfo and Obuasi, is a potential company-maker, and we look forward to furthering their potential in the coming months."

About Pelangio

Pelangio is a junior gold exploration company that acquires and explores camp-sized land packages in world-class gold belts, while using innovative corporate restructuring to maximize shareholder value. Drilling is currently underway on two properties with company-making potential in Ghana, West Africa: the 100 square kilometre Manfo Property on the Sefwi greenstone belt between the Ahafo and Chirano mines, respectively operated by Newmont and Kinross, is the site of four recent near-surface gold discoveries; and the 290 square kilometre Obuasi Property on the Ashanti greenstone belt is located 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.

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 / Toll-free: 1-877-746-1632

    Pelangio Exploration Inc.
    Brendan Cahill
    Vice President Corporate Development
    905-875-3828 / Toll-free: 1-877-746-1632
    info@pelangio.com
    www.pelangio.com

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