TORONTO, Ontario, (September 24, 2009)
-- Pelangio Exploration Inc. (PX:TSX-V) ("Pelangio" or the "Company")
is pleased to announce that it has commissioned a 7,500 metre drill
program on the Company's property in Obuasi, Ghana (the "Obuasi
Property"), which will be the first phase of an intended 27,500 metre
program. The Company expects the program to commence by early-October.
The first phase drill program will focus on eight-kilometres of the Main
Obuasi Mine Trend, particularly near the Mount Kate, East Copper and
Boundary showings (see location of planned drill targets via the
following link: 2009-09-24_NRM.pdf).
Pelangio has identified numerous drill targets on the Main Obuasi Mine
Trend through structural mapping, geophysical and geochemical surveying
and prospecting. The Company will review assays received during the
first phase program and optimize the 20,000 metre second phase program
accordingly, with the intention to commence the second phase program in
early 2010.
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
Warren Bates, Senior Vice President Exploration
Tel: 905-875-3828 / Toll-free: 1-877-746-1632 / Email: info@pelangio.com
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. Forward-looking
statements and information include statements regarding our exploration
plans and exploration results with respect to our Obuasi property, and
are subject to forward-looking 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 gold price volatility,
changes in equity markets, political developments in Ghana, increases in
costs, exchange rate fluctuations and other risks involved in the gold
exploration industry. See our 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.