Pelangio Exploration Inc.
TSX VENTURE : PX
OTC PINK : PGXPF

Pelangio Exploration Inc.

May 31, 2016 09:05 ET

Pelangio Reports Annual General Meeting Voting Results and Reports Filing of First Quarter Results for 2016

TORONTO, ONTARIO--(Marketwired - May 31, 2016) - Pelangio Exploration Inc. (TSX VENTURE:PX)(OTC PINK:PGXPF) ("Pelangio" or the "Company") announces the voting results from its Annual General Meeting of Shareholders held on May 26, 2016 (the "Meeting").

Pelangio's shareholders voted in favour of all items of business at the 2016 Annual General Meeting held on May 26, 2016. A total of 98,280,521 (42.83%) of Pelangio's common shares were represented at the meeting.

The six nominees listed in the Management proxy circular were elected as directors of Pelangio. Detailed results of the vote for the election of directors are set out below.

NOMINEE Votes For % For Votes Withheld % Withheld
Ingrid Hibbard 90,072,772 99.91 84,351 0.09
Philip Olson 90,061,772 99.89 95,351 0.11
Thor Eaton 90,059,772 99.89 97,351 0.11
David Mosher 90,054,772 99.89 102,351 0.11
Carl Nurmi 90,082,772 99.92 74,851 0.08
Ian Shaw 90.055,772 99.89 101,351 0.11

First Quarter Results

Also today, Pelangio announces financial and operational results for the three months ended March 31, 2016. Financial reports and Management's Discussion and Analysis are available on both the Company's website (www.pelangio.com) and SEDAR (www.sedar.com).

Q1 2016 Operational Highlights

  • Manfo - in preparation for drilling, a detailed interpretation continued on a laterite covered major structure identified in 2015 lying to the east of the currently explored structure

  • Obuasi - technical review of exploration along a gold and arsenic in soil anomaly (the "NGA trend") underway in preparation for further drilling

  • Akroma - paper studies, including the use of satellite imagery, indicate that substantial galamsey (local artisanal mining) and unregulated mechanized alluvial operations surrounding the project were carried out during 2014-2015. These alluvial operations appear to be sourced by large gold-in-soil anomalies on the Pelangio Dormaa Concession

  • Poirier - prepared a three dimensional geologic model using all available public data and a three dimensional magnetic inversion which indicates that the favourable structure hosting the Rusk and Gap zones dips into the Poirier property

Canadian Mining EXPO 2016 - The Big Event

Pelangio will be presenting and exhibiting at "The Big Event" held Wednesday June 1 and Thursday June 2, 2016 in Timmins, Ontario. Pelangio's President and CEO, Ingrid Hibbard, will be giving a presentation about the Company at the Investors Forum on June 2 at 2:10 pm.

About Pelangio

Pelangio successfully acquires and explores camp-sized land packages in world-class gold belts, while using innovative corporate restructuring to maximize shareholder value. The Company primarily operates in Ghana, West Africa, an English-speaking, common law jurisdiction that is consistently ranked amongst the most favourable mining jurisdictions in Africa. The Company is exploring three 100%-owned camp-sized properties: the 100 km2 Manfo Property, the site of seven recent near-surface gold discoveries, the 264 km2 Obuasi Property, located four kilometres on strike and adjacent to AngloGold Ashanti's prolific, high-grade Obuasi Mine, which has produced over 30 million ounces of gold since 1897, and the early-stage 159 km2 Akroma Property.

For additional information, please visit our website at www.pelangio.com, follow us on Twitter @PelangioEx.

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 private placement, the proposed use of proceeds and the Company's exploration plans and drill program. With respect to forward-looking statements and information contained herein, we have made numerous assumptions, including assumptions about the state of the equity markets. Such forward-looking statements and information are subject to 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 changes in equity markets, share price volatility, volatility of global and local economic climate, gold price volatility, political developments in Ghana, increases in costs, exchange rate fluctuations, speculative nature of gold exploration 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

    Pelangio Exploration Inc.
    Warren Bates
    Vice President Exploration
    905-336-3828
    Toll-free: 1-877-746-1632
    info@pelangio.com