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Targeting Strategy and Implementation

Pelangio has completed a 272-hole drill program totaling 42,191-metres on the Manfo Property to date. This comprises 178 diamond drill holes totaling 37,313 meters, 36 RC holes totaling 2638 meters and 58 AirCore holes totaling 2240 meters. The encouraging drilling results encountered to date continue to enhance the Company's ongoing planning of the next phase program.

Pelangio's exploration on the Manfo Property to date has focused on an approximately 10 square kilometre area, though many other targets have been identified or are currently being delineated elsewhere on the property. The Sika North target, for example, located approximately 3.5 kilometres north of Pokukrom West, comprises three separate anomalies measuring 200, 400 and 375 metres along strike, respectively, and is contourable at up to 100 ppb gold. Additionally, the Company has interpreted a 10 kilometre trend of widely spaced anomalies from geochemical and geophysical surveying, approximately two kilometres northwest of the drilling completed to date. Geochemical samples were collected on the trend at 800-metre intervals and appear to be related along strike.

Although geochemical surveying has been very successful in identifying mineralized zones to date, the Manfo Property is predominantly a cover play, with geochemical anomalies being erosional "windows" through cover onto underlying mineralization. In areas of impermeable cover, geochemical sampling is generally ineffective. In the fourth quarter of 2011, we completed an induced polarization geophysical survey of the Manfo Property. The results suggested that gold mineralization on the Manfo Property is associated with areas of high resistivity. The survey identified approximately 20 new targets exhibiting such resistivity highs in areas where cover may mask geochemical anomalies. We have drill-tested nine of these targets for new discoveries.

Detailed interpretation using lidar data, photometry and airborne radiometrics was carried out to investigate the flat lying laterite layer 2-8 metre thick masking areas. Coupled with magnetic and IP data, a major structure to the east of the currently explored structure was found to be relatively unexplored and is mostly covered by laterite. In addition four structures were found to intersect the major structure. Where these subsidiary structures emerge from laterite cover, three of four were found to have gold occurrences.