TORONTO, Ontario (May 20, 2009)
- Pelangio Exploration Inc. (PX:TSX-V) ("Pelangio" or the "Company") is
please to announce that it has amended the terms of its option
agreement in respect of the Page Lake property near Marathon, Ontario
(previously announced in a press release of Pelangio Mines Inc.
("Mines") on March 25, 2008). Under the terms of the original option
agreement, Pelangio was required to spend $536,000 on the property and,
over a period of four years, pay the optionors a total of $120,000 and
issue a total of 24,000 common shares of Mines. Mines issued 6,000
common shares and expended $86,000 on the property prior to Pelangio's
assumption of the original agreement. Pursuant to the amendment to the
original agreement, Pelangio is required over the next three years to
expend $450,000 on the property, pay the optionors a total of $120,000
and issue a total of 464,976 common shares in order to obtain a 100%
interest in the property.
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.
For additional information, please visit our website at www.pelangio.com or contact:
Ingrid Hibbard, President & CEO or
Brendan Cahill, Corporate Secretary
Tel: 905-875-3828 / Toll-free: 1-877-746-1632 / Email: info@pelangio.com
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.