Pelangio Files a New NI 43-101 Report on Exploration Results and Mineral Exploration Program for the Obuasi Property, Ghana
Pelangio Mines Inc. (TSX: PLG) ("Pelangio" or the "Company") is pleased to report that today it has filed on SEDAR (
www.sedar.com) an independent National Instrument 43-101 compliant Technical Report on its Obuasi Property in Ghana. The report is also available on the Company's website.
SRK Consulting (Canada) Inc. ("SRK"), the authors of the technical report, reported that the exploration results on the property to date are of sufficient merit to recommend an exploration program including geochemical and geophysical surveys and approximately 12,000 metres of reverse circulation and core drilling. The recommended work program is subdivided into two consecutive work phases. The first phase includes additional mapping, soil sampling and airborne geophysical data interpretation to define selected targets, followed by trenching and approximately 4,000 metres of reverse circulation and core drilling. The second phase, which is partly contingent on results of the first phase, comprises an airborne geophysical survey over the rest of the concessions followed by trenching and drilling. The total costs for the recommended work program are estimated at approximately $2.9 million.
About Pelangio
Pelangio is a gold exploration company active in the top-ranked mining jurisdictions in the world, Canada and Ghana. The Company's main focus is to advance its exploration programs on its premier land position in Ghana totaling 290 square kilometres, located on strike and adjacent to AngloGold Ashanti's Obuasi gold mine.
Pelangio also has a 44.6% equity interest in Detour Gold, which controls the Detour Lake advanced exploration project. The near-term objective of Detour Gold is to advance the Detour Lake project to development and production.
For additional information, please visit our website at www.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. Forward-looking information includes statements regarding our exploration plans with respect to the Obuasi Property and are subject to such 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 information. Such risks include gold price volatility, change in equity markets, the uncertainties involved in interpreting geological data, increase in costs and exchange rate fluctuations and other risks involved in the gold exploration and development industry. See our annual information form, our management information circular and our quarterly and annual 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 Pelangio. Accordingly, readers should not place undue reliance on forward-looking statements or information.
All forward-looking statements and information herein are qualified by this cautionary statement.
Contacts:
Pelangio Mines Inc.
Ingrid Hibbard
President & CEO
(905) 875-3828 or Toll Free: 1-877-746-1632
Pelangio Mines Inc.
Warren Bates
Vice President Exploration
(905) 875-3828 or Toll Free: 1-877-746-1632
(905) 875-3829 (FAX)
Email: info@pelangio.com
Website: www.pelangio.com
