Pelangio Mines Inc.

Pelangio Mines Inc.

January 29, 2008 16:22 ET

Pelangio Files NI 43-101 Report on Mineral Resource Estimate for the Detour Lake Project, Ontario, Canada

TORONTO, ONTARIO--(Marketwire - Jan. 29, 2008) - Pelangio Mines Inc. (TSX:PLG) ("Pelangio" or the "Company") is pleased to report that today it has filed on SEDAR ( the independent NI 43-101 compliant Technical Report on the Detour Lake Project. The report is also available on the Company's website. Pelangio had reported Detour Gold's in-pit mineral resource estimate on December 11, 2007, which stated 4.8 million ounces in the measured and indicated categories and 3.0 million ounces in the inferred category.

Watts, Griffis and McOuat Limited ("WGM"), the authors of the technical report, reported that the Detour Lake project shows excellent potential for a large open pit mine. The Phase II drilling of approximately 110,000 m is expected to expand the current mineral resource. The exploration potential in surrounding areas is very good, particularly to the west of the Calcite Zone, and the mineralized corridor has potential to be widened to the north. To the east of the pit, geological mapping indicates a possibility of mineralization along the Sunday Lake Deformation Zone, and other areas of interest include the Block A, M Zone and North Walter Lake Zone. WGM believes that once all of the results have been received from the Phase II drill program, the categorization of the mineral resources can be improved in an updated block model.

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.

Pelangio also has a 49.4% equity interest in Detour Gold, which controls the Detour Lake advanced exploration project. The near-term objective of Detour Gold is to advance the Detour Lake project to development and production.

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. Forward-looking information includes statements regarding Detour Gold's exploration plans with respect to the Detour Lake Property and the estimation of mineral resources and are subject to such 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 information. Such risks include gold price volatility, change in equity markets, the uncertainties involved in interpreting geological data, increase in costs and exchange rate fluctuations and other risks involved in the gold exploration and development industry. See our annual information form, and our quarterly and annual 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 Pelangio. Accordingly, readers should not place undue reliance on forward-looking statements or information. All forward-looking statements and information herein are qualified by this cautionary statement.

Information Concerning Estimates of Mineral Resources

This news release uses the terms 'measured', 'indicated' and 'inferred' resources. Pelangio advises investors that although these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects), the U.S. Securities and Exchange Commission does not recognize them. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, 'inferred resources' have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for Preliminary Assessment as defined under 43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.

Contact Information

  • Pelangio Mines Inc.
    Ingrid Hibbard
    President & CEO
    (905) 875-3828 or Toll Free: 1-877-746-1632
    Pelangio Mines Inc.
    Warren Bates
    Vice President Exploration
    (905) 875-3828 or Toll Free: 1-877-746-1632