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

Pelangio Exploration Inc.

October 21, 2010 08:01 ET

Pelangio Exploration Recommences Drilling at the Manfo Property

TORONTO, ONTARIO--(Marketwire - Oct. 21, 2010) - Pelangio Exploration Inc. (TSX VENTURE:PX)(OTCBB:PGXPF) ("Pelangio" or the "Company") is pleased to announce that it has recommenced drilling at the Manfo Property in Ghana. The planned drill program includes:

  • 32 diamond drill holes totaling 4,825 metres on three targets, as follows:
    • 10 holes totaling 1,545 metres at Nfante West to follow up on intersections including 1.5 grams per tonne (g/t) gold over 61 metres (SFDD-079);
    • 10 holes totaling 1,610 metres at Pokukrom West to follow up on intersections including 8.0 g/t gold over 12 metres (SPDD-083), 8.6 g/t gold over 12 metres (SPDD-084), 36.21 g/t gold over 9 metres (SPDD-090) and 8.68 g/t gold over 9 metres (SPDD-092);
    • 12 holes totaling 1,670 metres at Pokukrom East to follow up on intersections including 1.64 g/t gold over 33 metres (SPDD-085), 24.7 g/t over 5 metres (SPDD-088) and 1.03 g/t gold over 46 metres (SPDD-089);
  • Drilling on new targets identified beyond currently defined geochemical anomalies.

To view a plan view of the current drill program on the Manfo Property, see: http://media3.marketwire.com/docs/px1021fig1.pdf.

Pelangio has confirmed four discoveries on the Manfo Property since announcing its option on the property in early August 2010. Drilling to date has focused on an approximately 10 square kilometre area, though many other targets have been identified or are currently being delineated elsewhere on the property. The Sika North target, for example, located approximately 3.5 kilometres north of Pokukrom West, comprises three separate anomalies contourable at up to 100 ppb gold measuring 200, 400 and 375 metres along strike, respectively. Additionally, the Company has interpreted a 10 kilometre trend of widely spaced anomalies from geochemical and geophysical surveying approximately two kilometres northwest of the drilling completed to date. Geochemical samples were collected on the trend at 800-metre intervals with the results appearing to be related along strike. Further sampling at closer spacing will be conducted in the near future to define the target anomalies for drilling. 

The Company has also retained Geotech Airborne Limited to conduct an airborne electromagnetic, radiometric and magnetic geophysical survey (the "Airborne Survey") of the Manfo Property comprising approximately 1,200 line kilometres at 100-metre spacing. The Airborne Survey will be used in connection with further geochemical surveying to identify areas of prospective gold mineralization on the property, which may be the targets of further drilling during 2011. The Company expects the Airborne Survey to be completed by the end of October 2010. 

Qualified Person

The exploration program at the Manfo Property is overseen by Warren Bates, P. Geo. (Ontario), a Qualified Person within the meaning of National Instrument 43-101. Mr. Bates has verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information. 

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. Pelangio's recently optioned 100 square kilometre Manfo Property, which lies on the Sefwi greenstone belt between the Ahafo and Chirano mines, respectively operated by Newmont and Kinross, is the site of recent near-surface discoveries on four separate targets, including 36.21 g/t gold over 9 metres, 24.7 g/t gold over 5 metres; 1.5 g/t gold over 61 metres and 0.95 g/t gold over 33 metres. The Company is also actively exploring its 290 square kilometre Obuasi Property, located on strike and adjacent to AngloGold Ashanti's Obuasi mine, which has produced over 30 million ounces of gold since 1897.

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 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
    or
    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