Pelangio Exploration (TSX:V -- PX) is a junior gold exploration company that successfully acquires and explores camp-sized land packages in world-class gold belts. The Company primarily operates in Ghana, West Africa, an English-speaking, common law jurisdiction that is consistently ranked amongst the most favourable mining jurisdictions in Africa.
The Company's most well known success was the acquisition, exploration, re-envisioning, and subsequent sale of the Detour Lake deposit in Northern Ontario to Detour Gold Corporation. This property is now a long life, large-scale open pit mining operation with reserves of over 16 million ounces of gold.
As at Detour Lake, Pelangio consistently focuses on acquiring large land packages in existing gold camps. The Company is now seeking even greater success on its current projects: the Manfo, Akroma and Obuasi Properties in Ghana, West Africa.
Pelangio's 100% owned, 100 square kilometre Manfo Property, which lies on the Sefwi greenstone belt between Newmont's flagship Ahafo mine and Kinross's Chirano mine, is the site of near-surface discoveries, both high grade and bulk tonnage, on multiple targets. The 159 square kilometer Akroma property (which includes the Dormaa and Wamfie concessions) is located north of the Sefwi belt and has large geochemical anomalies to be followed up on. The Dormaa property is currently under option with Roscan Minerals to earn a 50% interest by funding an aggregate of $2 Million in exploration expenditures. Pelangio remains the operator for this project. The Company owns 100% of the 264 square kilometre Obuasi Property, located on strike and adjacent to AngloGold Ashanti's prolific high-grade Obuasi mine, which has produced over 30 million ounces of gold since 1897.
In addition, the Company has several gold exploration projects in Ontario, Canada. These include the properties known as the Birch Lake Property (currently under option to Pacton Gold Inc.), the Poirier Gold Property and the Lorna Lake Property.