Pelangio Mines Inc.

Pelangio Mines Inc.

June 27, 2008 13:45 ET

Pelangio Provides Further Update on Closing Date of Arrangement

TORONTO, ONTARIO--(Marketwire - June 27, 2008) - Pelangio Mines Inc. (TSX:PLG) ("Pelangio" or the "Company") advises shareholders that it now expects to complete the previously announced (January 29, 2008, March 25, 2008, April 22, 2008 and May 30, 2008) spin-off by way of a plan of arrangement (the "Arrangement") of all of its assets, other than 19 million common shares of Detour Gold Corporation and certain working capital, to Pelangio Exploration Inc. ("Newco") by the middle to end of July 2008, assuming all conditions are met. These conditions include the receipt of: conditional listing approval of the Newco common shares on the TSX Venture Exchange (the "TSX-V"), an advance tax ruling from the Canada Revenue Agency (the "CRA") and final court approval of the Arrangement. The Company will announce the effective date of the Arrangement by press release once the conditions have been met. Upon the Arrangement becoming effective, shareholders of Pelangio will hold one common share in Newco and one common share in PDX Resources Inc. (the new name of Pelangio) for each common share held in Pelangio prior to the plan of Arrangement.

There is no assurance that the TSX-V or any other exchange or market will provide conditional listing approval for the common shares of Newco or that the CRA will provide an advance tax ruling. Under the terms of the Arrangement, Pelangio may waive the requirement that it obtain an advance tax ruling and may therefore proceed with the Arrangement in such ruling's absence.

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 44.6% equity interest in Detour Gold, which controls the Detour Lake advanced gold 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 statements and information include statements regarding the implementation of the Arrangement. With respect to forward-looking statements and information contained herein, we have made numerous assumptions, including the ability of the Company to meet the conditions to implement the Arrangement. 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. Such risks include the failure to meet the conditions to implement the Arrangement. See our annual information form, our management information circular dated March 19, 2008 (the "Circular") 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 or in the Circular 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 or Newco. 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.

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