TORONTO, Ontario (October 30, 2009) -- Pelangio Exploration Inc. (PX:TSX-V) ("Pelangio" or the "Company") is pleased to announce that it has made the first payments totaling six million common shares and US$750,000 pursuant to its options to acquire the remaining 49% of its three concessions totaling 290 km2 in Obuasi, Ghana (the "Obuasi Property"). The Company currently holds a 51% interest in the Obuasi Property and, following today's payments, may acquire the remainder by making further payments totaling US$1,500,000 (US$750,000 on or before June 19, 2010 and US$750,000 on or before June 19, 2011).
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
Brendan Cahill, Vice President Corporate Development
Tel: 905-875-3828 / Toll-free: 1-877-746-1632 / Email:
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.
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