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Project Summary

Current Status: Technical review of exploration along a gold and arsenic in soil anomaly (the "NGA trend") underway in preparation for further drilling.

Pelangio controls three early-stage gold exploration concessions (Kyereboso 2, Kyereboso 3 and Meduma) totaling 284 square kilometres with an application pending for a Prospecting License covering the remaining 26 square kilometres (Adokwae). The Obuasi property is located contiguous with AngloGold Ashanti's world-class Obuasi gold mine within the prolific 300 kilometre long Ashanti Gold Belt in southwest Ghana, West Africa. The Obuasi mine has produced over 33 million ounces of gold since 1897 and currently hosts a resource of 28.02 million ounces of gold at an average grade of 7.98 g/t (Source: AngloGold Ashanti Mineral Resource and Ore Reserve Report 2015).

Through prospecting, mapping, aerial surveying and drilling, Pelangio has confirmed to date that at least 15 kilometres of the structure that hosts gold mineralization at the Obuasi mine traverses Pelangio's concessions, with the potential for significantly further extensions to be recognized in the near future. Pelangio's aim is to focus on the extension of the mine trend closest to the Obuasi mine, with the goal of hitting near-surface Obuasi style gold mineralization.

A technical review of prior exploration activity along a gold and arsenic in soil anomaly (the "NGA trend") has been completed, using all geologic data available from trenches and drill holes, coupled with EM geophysical data. This technical review improved our understanding in the area in preparation for further drilling.