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Manfo

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Ownership


The Manfo Property comprises three contiguous concessions named Subriso, Sempekrom and Twabidi, respectively. In August 2011, Pelangio acquired 100% of each of the concessions pursuant to the terms of applicable option agreements by completing cash payments totalling US$435,000, completing US$2 million in work expenditures and granting the option or a 2.5% net smelter royalty ("NSR") on the Manfo Property, subject to Pelangio's right to repurchase 1% of the NSR for a payment of US$4,000,000.

Additionally, Pelangio (or its successor or permitted assign) will pay the Optionor a discovery bonus totaling the sum of (i) US$1,000,000 plus (ii) US$1.00 per ounce of proven and probable gold reserve set out in the first positive feasibility study published or released in respect of the Manfo Property.

The Manfo Agreements are available under Pelangio's profile on www.sedar.com.