Pelangio Exploration Reports The Passing Of Chris Pegg
"Our hearts and condolences go out to Chris' family and loved ones," stated Ingrid Hibbard, President and Chief Executive Officer of Pelangio. "Chris was an integral member of our team in Ghana and we will miss him dearly. Those who knew him recognized his love of fieldwork and his incredible commitment. He is a loss to Pelangio and to the broader geological community."
For additional information, contact:
Ingrid Hibbard, President & CEO or
Warren Bates, Senior Vice President Exploration
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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Pelangio Exploration Reports Initial Drill Results From The Obuasi Property
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"The initial results from Tikal are promising and the zone of alteration and quartz veining in PG09-TK-01 certainly warrants further drilling," stated Warren Bates, Senior Vice President Exploration of Pelangio. "On the Mount Kate prospect, we successfully intersected the Cote D'Or structure in drill hole PG09-MK-03, which contained intervals of anomalous gold values. This structure is an important marker for mineralization at the Obuasi Mine. The drill program is still in its early stages, so identifying the position and orientation of the Cote D'Or structure will aid our drilling program going forward."
Tikal
Hole PG09-TK-01 encountered a 0.8 metre white pyritic quartz vein containing a fleck of visible gold surrounded by approximately 6.0 metres of strong alteration at 108 to 115 metres depth . Hole PG09-TK-03 appears to have hit the periphery of this zone of alteration at a depth of 186 metres. Section and plan views of the drilling are presented below.
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Mount Kate
The drilling at Mount Kate encountered multiple zones of strong alteration and quartz veining. In both PG09-MK-01 and PG09-MK-03, sulfide mineralized veins of 5.0 and 8.0 metres, respectively, were encountered, surrounded by strong carbonate-pyrite altered graphitic shale's. A section view of the drilling is presented below. The Company has planned a further eight holes for the Mount Kate prospect, which will be completed during the first phase of the drill program.
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Including the results announced today, Pelangio has now completed 16 holes totaling 5,296 metres of its 30,000+ metre drill program on the Obuasi Property. Follow-up drilling during the ongoing 12,000 metre first phase of the program will test the north and south down-strike extensions of both the Tikal and Mount Kate prospects. Additionally, drilling will be completed on the East Copper, Big Vein, NT1 and Kusa prospects during the next two months.
The following table summarizes assay results from the first 12 holes of the program:
| Area | BHID | From (m) | To (m) | Width (m)1 | Average Au (g/t) | Comments | Hole Length (m) |
| Tikal | PG09-TK-01 | 108 | 115 | 7.0 | 2.00 | Zone of quartz veins and sulfide | 232 |
| Tikal2 | PG09-TK-03 | 186 | 187 | 1.0 | 1.18 | 87 m beneath PG09- TK-01 |
313 |
| Mount Kate | PG09-MK-01 | NSR | NSR | NSR | 473 | ||
| Mount Kate | PG09-MK-02 | 216 | 222 | 6.0 | 0.38 | Anomalous quartz vein interval | 341 |
| Mount Kate | PG09-MK-03 | 398 | 399 | 1.0 | 1.06 | Anomalous quartz vein interval | 602 |
| Schoolhouse West | PG09-ASW-01 | 200 | 201 | 1.0 | 1.30 | Anomalous quartz vein interval | 257 |
| Schoolhouse West | PG09-ASW-02 | NSR | NSR | NSR | 350 | ||
| Schoolhouse West | PG09-ASW-03 | NSR | NSR | NSR | 257 | ||
| Boundary | PG09-BD-01 | NSR | NSR | NSR | 276 | ||
| Boundary | PG09-BD-02 | NSR | NSR | NSR | 268 | ||
| Boundary | PG09-BD-03 | NSR | NSR | NSR | 316 | ||
| Boundary | PG09-BD-04 | 438 | 441 | 3.0 | 0.25 | Anomalous quartz vein interval | 520 |
1 Intervals are core length. True width is unknown at this time.
2 Drill hole PG09-TK-03 was drilled prior to PG-09-TK-02, assays on which are pending.
Quality Assurance/Quality Control and Qualified Person
The drill holes reported in this press release were drilled using HQ (63.5 mm) and NQ (47.6 mm) sized diamond drill bits. Company security is provided at the drill site. Contractors working for Pelangio conducted all logging and sampling. The core was logged, marked up for sampling using standard lengths of one metre, then split into equal halves using a diamond saw. One half of the core was left in the original core box and stored in a secure location at the Pelangio compound in Brofoyedru, Ghana. The other half was sampled, placed into sealed bags and stored at the site until it was shipped to ALS Chemex in Kumasi, Ghana. The core was dried and crushed by ALS Chemex and a 150-gram pulp was prepared from the coarse crushed material. ALS Chemex conducted routine gold analysis using a 50-gram charge and fire assaying with atomic absorption finish. Samples in drill hole PG09-TK-01 were analyzed with metallic screen procedures at ALS Chemex Kumasi. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream at the rate of one per every 20 samples. In addition, ALS Chemex inserted one preparation blank and certified reference material for every 20 samples and one duplicate analysis every 20 samples.
The exploration program at the Obuasi Property is overseen by Warren Bates, P. Geo. (Ont.), and managed by Mr. Chris Pegg, P. Geo. (Sask.), each of whom is a Qualified Person within the meaning of National Instrument 43-101. Mr. Bates and Mr. Pegg have verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information.
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 the Company's exploration plans and exploration results with respect to the Obuasi Property, and are subject to forward-looking risks, uncertainties and other factors which may cause the Company's 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 the Company's 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.
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Pelangio Exploration Provides Exploration Update On The Obuasi Property
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.
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Pelangio Exploration Acquires Option To Repurchase Royalty On The Poirier Gold Property In West Timmins, Ontario
"Thunder Creek is one of the most prospective properties in Canada right now and our Poirier Gold property is the closest thing to it," stated Ingrid Hibbard, President and Chief Executive Officer of Pelangio. "This option reflects our commitment to maximizing shareholder value in creative ways, though our exploration focus remains on the Obuasi property in Ghana, where our ongoing program contemplates over 30,000 metres of drilling by the end of 2010."
Exercise of Warrants
Pelangio is also pleased to announce that it has received $2,170,000 from the exercise of all of its outstanding $0.20 common share purchase warrants (the "Warrants"), which were issued in the Company's February 2009 private placement financing. The Warrants were initially scheduled to expiry on February 27, 2011, but the expiration date was accelerated to November 22, 2009 upon the occurrence of certain events. Following the exercises, the Company's net working capital stands at $8 million and the Company continues to hold 100,000 shares of Detour Gold Corporation.
About Pelangio
Pelangio is a fully financed 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: info@pelangio.com
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.
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Pelangio Exploration Grants Options
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.
| File: | http://www.pelangio.com/i/pdf/2009-11-12_NR.pdf |
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