TORONTO, Ontario, (November 12, 2009) - Pelangio Exploration Inc. (PX:TSX-V) ("Pelangio" or the "Company") is pleased to announce that the Board of Directors has approved the grant of 2,050,000 options to directors, officers, employees and consultants of the Company, which options are exercisable into common shares of the Company at a price of $0.58 per share. Subject to the rules of the TSX Venture Exchange and the Company's Stock Option Plan the options have a term of five years and will expire on November 10, 2014.
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, VP 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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