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

Pelangio Exploration Inc.

May 31, 2017 09:53 ET

Pelangio Reports Appointment of Additional Director, Annual General Meeting Voting Results, and Filing of First Quarter Results for 2017

TORONTO, ONTARIO--(Marketwired - May 31, 2017) - Pelangio Exploration Inc. (TSX VENTURE:PX)(OTC PINK:PGXPF) ("Pelangio" or the "Company") announces the appointment of an additional director, the voting results from its Annual General Meeting of Shareholders held on May 30, 2017 (the "Meeting"), and its filing of the first quarter financial results for 2017.

Appointment of Additional Director

Pelangio is pleased to announce the appointment of Kevin P. Thomson, P.Geo. to the board of directors. The appointment is effective immediately following the Meeting and expands the board to six directors, five of whom are independent. Kevin is a senior mining professional with 29 years' experience, including international technical, corporate and project management experience in West Africa and Canada. His experience ranges from project generation and grass-roots exploration to resource development, project assessment and due diligence. Kevin previously resided in Ghana for 12 years, during which time he served as Group Exploration Manager at Perseus Mining Limited and Regional Exploration Manager at Newmont Mining Corp. Kevin holds an Hons. BSc. Geology & Physical Geography from McMaster University, and is a member of the Association of Professional Geoscientists of Ontario (#0191). Kevin has been a non-executive director of ASX-listed Amani Gold Limited since 2011.

"We are thrilled that Kevin has joined the Pelangio Board. Kevin has an exceptional track record in mining exploration, discovery and project advancement as well as extensive knowledge of Ghana," commented Pelangio's President and CEO, Ingrid Hibbard.

AGM Voting Results

Pelangio's shareholders voted in favour of all items of business at the Meeting held on May 30, 2017. A total of 104,981,495 (44.57%) of Pelangio's common shares were represented at the Meeting.

The five nominees listed in the management proxy circular dated April 13, 2017, were re-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 96,060,984 99.86 131,850 0.14
Philip Olson 95,554,484 99.34 638,350 0.66
David Mosher 95,566,484 99.35 626,350 0.65
Carl Nurmi 95,566,484 99.35 626,350 0.65
Ian Shaw 95,554,772 99.34 638,350 0.66

Appointment of Officers

Following the Meeting, the board of directors appointed Sam Torkornoo as Vice-President Africa, and appointed Warren Bates as Senior Vice President Exploration.

Sam Torkornoo has 22 years of professional experience as a geologist and project manager for a number of multinational exploration companies. Sam has a BSc. in Geological Engineering from Kwame Nkrumah University of Science and Technology in Kumasi, Ghana, and an MBA in International Management of Resources and Environment from Technische Universität Bergakademie Freiberg, Germany. Sam is a member of the Association of Professional Geoscientists of Ontario, the Australasian Institute of Mining and Metallurgy, the Ghana Institute of Geoscientists, and the Society of Economic Geologists. Sam is currently the chair of the Exploration Committee of the Ghana Chamber of Mines.

In addition, the following were re-appointed as officers of the Company: Carl J. Nurmi as Non-Executive Chairman, Ingrid J. Hibbard as President & Chief Executive Officer, Paul Rokeby as Chief Financial Officer, and Andrew Todd as Corporate Secretary. Biographies for all officers of the Company other than Sam Torkornoo and Andrew Todd can be found on the Company's website, www.pelangio.com.

First Quarter Results

Also, Pelangio announces financial and operational results for the three months ended March 31, 2017. 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 2017 Operational Highlights:

Africa - Dormaa Project - Option Agreement with Roscan Minerals

Pelangio received the first and second payments of $150,000 each on March 6, 2017, and May 4, 2017, pursuant to the option and joint venture agreement with Roscan Minerals Corporation to jointly advance the Dormaa Project in Ghana, West Africa.

Canada - Birch Lake Property - Option Agreement with Noka Resources Inc. (now "Pacton Gold Inc.")

Pelangio received $75,000 and 900,000 common shares of Pacton Gold Inc. ("Pacton") pursuant to the option agreement with Pacton, which may acquire a 100% interest in the Birch Lake Property in Ontario's Red Lake District.

Canadian Mining EXPO 2017 - The Big Event

Pelangio will be presenting and exhibiting at "The Big Event" held Wednesday May 31 and Thursday June 1, 2017, in Timmins, Ontario. Pelangio's President and CEO, Ingrid Hibbard, will be giving a presentation about the Company at the Investor Forum on Thursday June 1, 2017, at 1:30 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 or 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. 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
    905-336-3828 / Toll-free: 1-877-746-1632

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