 | |
| |
| | Wed May 20, 2009
Pelangio Exploration Amends Page Lake Option Agreement | 
view PDF | 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. |
|
| |
| | You can view the Next News Releases item: Fri Jun 5, 2009, Pelangio Exploration Receives Extension On The Kyereboso Concessions, Ghana
You can view the Previous News Releases item: Tue Apr 7, 2009, Pelangio Exploration Commences 2009 Aerial Survey Of Obuasi Property, Ghana
You can return to the main News Releases page, or press the Back button on your browser.
|
| | |
