TORONTO, Ontario, (December 17, 2009)
-- Pelangio Exploration Inc. (PX:TSX-V) ("Pelangio" or the "Company")
is pleased to provide an update on the drilling program on its property
near Obuasi, Ghana (the "Obuasi Property"). The Company has now
completed drilling for the year, having drilled 12 holes totaling 4,200
metres. These holes are part of Pelangio's first phase drilling
program, which now contemplates 40 holes totaling 12,000 metres to be
drilled by the end of the first quarter of 2010. Pelangio expects to
commence the second phase of the program, approximately 20,000 metres,
in the second quarter of 2010.
Pelangio has used VTEM surveying to trace the structures associated with
gold mineralization at the Obuasi Mine through the Obuasi Property. The
drilling completed to date has successfully encountered these
structures, assays on which are pending.
Pelangio expects to release the assays from all drilling completed to date in mid- to late-January 2010.
About Pelangio
Pelangio is a gold exploration company active in two of the top-ranked
mining jurisdictions in the world, Canada and Ghana. The Company's
primary goal is to discover Obuasi Mine-style gold ore shoots on its 290
km2 property located on strike and adjacent to AngloGold Ashanti's
Obuasi Mine, which has produced 30 M oz of gold since 1897 and holds
current reserves and resources of 37 M oz (9.7 M oz reserve in a global
resource comprising: 24.5 M oz measured and indicated; 12.5 M oz
inferred -- as further described in AngloGold Ashanti's Mineral Resource
and Ore Reserve Report 2008).
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.