Pelangio Exploration Inc. is a Canadian junior gold exploration company active in two of the top-ranked mining jurisdictions in the world, Canada and Ghana.

The Company focuses on the acquisition and exploration of under-valued or early stage exploration prospects located in world-class gold belts, and aims to make discoveries that will significantly increase shareholder value.

Pelangio Exploration was spun-off from Pelangio Mines Inc. on September 6, 2008,

and currently holds all of Pelangio Mines' former exploration properties (including the highly prospective Obuasi property in Ghana) and one million common shares of Detour Gold Corporation.

Pelangio Exploration commenced trading on the TSX Venture Exchange on September 10, 2008 under the symbol "PX".

http://www.pelangio.com

Pelangio Exploration drills 2 m of 3.4 g/t Au at Obuasi

2008-11-18 09:09 ET - News Release

PELANGIO ANNOUNCES ENCOURAGING RESULTS FROM ITS 2008 DRILLING PROGRAM AT OBUASI, GHANA

Pelangio Exploration Inc. has released the results of its 2008 drilling program on its Obuasi property in Ghana. Pelangio has a 51-per-cent interest in three early stage gold exploration concessions totalling 290 square kilometres on strike and adjacent to AngloGold Ashanti's world-class Obuasi gold mine, in Ghana, West Africa. The company completed 34 diamond drill holes totalling 6,951 metres testing seven gold targets, including the company's first drilling program along the main Obuasi trend.

The best drill results were obtained from the Mount Kate and East Copper targets, where shallow mineralization was intersected along structures forming part of the main Obuasi trend. Hole AMK-08-01 intersected 1.57 grams per tonne (g/t) gold over one metre, within a wider intercept of 0.3 g/t gold over 17 metres, while AMK-08-02 intersected 1.24 g/t gold over four metres within a wider zone of 0.78 g/t gold over nine metres at Mount Kate. The best results from East Copper were in holes AEC-08-04 and AEC 08-03b which intersected 3.4 g/t gold over two metres and 0.8 g/t gold over two metres, respectively. The full results of the program are listed in the attached table.

The company is conducting a continuing surface geological program on four target areas, which includes detailed mobile-metal-ion (MMI) geochemistry surveys, and has led to the identification of the seven targets drilled this year, five of which were along the main Obuasi trend and the other two of which were along the Central trend.

The company has received Condor Consulting Inc.'s interpretation and analysis of the versatile time electromagnetic (VTEM) survey flown along the main Obuasi trend extension. Condor Consulting concluded in its report that the conductors hosting the Obuasi deposit continue onto Pelangio's concessions and particularly highlighted two large high-priority targets along strike with the main Obuasi trend as possible locations for Obuasi-style gold mineralization.

"Results at the Mount Kate, Giant Python and Copper West targets confirm that the VTEM geophysical technique is an excellent method for structural mapping in areas of cover, and coupled with MMI geochemistry, will identify gold-bearing areas along these structures," commented Warren Bates, vice-president of exploration of the company. "I am encouraged by these initial results along the main Obuasi trend. Approximately 3.5 kilometres of structure on the main Obuasi trend is coincident with MMI gold anomalies, which we intend to test further in the coming months. We now have recognized that the main Obuasi trend extends across approximately one-third of the property and expect that further geophysical surveying will triple the known extent of the trend within the project boundaries."

2008 Obuasi drilling program highlights

Mount Kate target

At Mount Kate, Pelangio drilled two holes from the same set-up at different azimuths totalling 548 metres to test the central portion of an 800-metre-long MMI gold anomaly. The best results were in hole AMK-08-01, which intersected 1.57 g/t gold over one metre, within a wider intercept of 0.3 g/t gold over 17 metres, and in hole AMK-08-02, which intersected 1.24 g/t gold over four metres within a wider zone of 0.78 g/t gold over nine metres. The mineralization is located at the contact between graphitic, sheared sediments and a package of altered mafic volcanics, which is typical of the geological setting for gold mineralization in the Obuasi mine. The Mount Kate target is the first test of MMI gold geochemistry on the property and demonstrates the efficacy of this particular surveying method. Prospecting in the south of the main Obuasi trend has also produced grab samples of up to 3.09 g/t gold approximately 450 metres southwest of the drilling station. Further work is planned in the area to follow up on these results.

Giant Python target

Pelangio drilled one 250-metre hole at Giant Python to test a target outlined by the 2006 and 2007 field program and MMI geochemistry. The Giant Python target is located 800 metres to the northwest of the Mount Kate target on a separate structure forming part of the main Obuasi trend. The best result from hole AGP-08-01 was 1.2 g/t gold over two metres. The mineralization occurred within conductive graphitic schist.

Ridge Top target

Pelangio drilled two holes on the Ridge Top target based on good MMI results. The best results were obtained in hole ART-08-01 which hit multiple anomalous low-grade intersections, the best of which assayed 0.95 g/t gold over one metre.

School House target

The School House target is located 0.5 kilometre northwest of the Giant Python target on another parallel structure forming part of the main Obuasi trend. Pelangio drilled three holes totalling 651 metres at the School House and intercepted mineralization in two of three holes, the best of which assayed 1.2 g/t gold over one metre in hole ASW-08-03.

East Copper and West Copper targets

The company drilled nine holes totalling 2,393 metres at East and West Copper (four holes and five holes, respectively). These holes were drilled after encouraging MMI geochemistry as well as a VLF (very-low-frequency) survey. East and West Copper are located on the same structure as the School House target and are part of the main Obuasi trend. The best results were intersected in holes AEC-08-3b, which returned 0.8 g/t gold over two metres, and AEC-08-04, which returned 3.4 g/t gold over two metres.

Brofoyedru East and Brofoyedru South

Brofoyedru East and Brofoyedru South occur along the Central trend, which also hosts the Chireboso deposit located approximately 4.7 kilometres to the southwest of Brofoyedru South. Brofoyedru East occurs five kilometres to the northeast of the Chireboso deposit. Pelangio drilled 12 holes at Brofoyedru East totalling 1,884 metres and four holes at Brofoyedru South totalling 843 metres. The best results were intersected in holes BE-08-02, which had multiple intersections of two metres of 1.6 g/t gold, four metres of 0.51 g/t gold and one metre of 3.39 g/t gold, and holes BSD-08-01, BSD-08-06 and BSD-08-08, which intersected one metre of 0.9 g/t gold, one metre of 3.4 g/t gold and two metres of 0.9 g/t gold, respectively.

VTEM survey of main Obuasi trend

Pelangio has now received the analysis and interpretation of the VTEM survey flown by Pelangio Mines Inc. in the fourth quarter of 2007. The analysis corresponds well with the MMI surveying conducted on the main Obuasi trend by the company, and more importantly, confirms the presence on the company's concessions of conductors that are also seen in the Obuasi mine. The analysis identified two high-priority, large single-peak-response targets, indicating the presence of structures consistent with the orebodies currently being mined at the Obuasi mine. These anomalies, both in excess of 2.5 kilometres in length along strike, are located on the Anyinabirim and Mount Kate targets.

Current exploration activities

Pelangio is currently conducting the following exploration programs:

• Detailed prospecting and mapping along the main Obuasi trend, particularly the Mount Kate and Giant Python areas, with the objective of better understanding the size and structure of the contact between the mafic volcanic bodies and the sheared sediments in these areas;
• The MMI survey at Dinkyie produced promising results and a hand-augering program is currently under way to test the anomalies pinpointed by the survey. Other promising targets in the area are being trenched;
• New showings have been discovered along the Gyabunsu trend and are being investigated, particularly around NT 1 and NT 3. Detailed geochemistry and prospecting are planned for these areas;
• A detailed geochemistry program is planned for the Old Akrofoum area to follow up on mapping and reconnaissance work;
• A surface program is planned to trace the structure between Brofoyedru South and Brofoyedru East and to determine the extent of mineralization along this part of the Central trend.
  

The exploration program at the Obuasi property is managed by Chris Pegg, PGeo, a qualified person within the meaning of National Instrument 43-101. Mr. Pegg has verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information.

Expiration of Trade Winds Ventures Inc.'s option on Birch Lake property

On Sept. 30, 2008, Trade Winds Ventures' option in respect of Pelangio's Birch Lake property expired, and consequently,

Pelangio continues to hold a 100-per-cent interest in the property. Pelangio Mines Inc. (Pelangio's predecessor) entered into an option agreement with Trade Winds in July, 2003, and extended the option to Sept. 30, 2008, in July, 2007.

Pursuant to the agreement, Trade Winds had been entitled to earn a 60-per-cent interest in the property by, among other things, spending $1.7-million in exploration expenditures on the property. Trade Winds spent approximately $1.2-million on the property during the term of the option.

The Birch Lake property comprises 28 contiguous unpatented mining claims (1,120 acres) located in the Keigat Lake area, approximately 120 kilometres northeast of Red Lake, Ont.

The property is subject to an underlying agreement whereby Goldcorp retains a 2-per-cent net smelter return on all of the claims. There are currently no obligations to Goldcorp other than payment of the royalty on production.

Trade Winds completed its most recent drilling activities on High Grade Island at the Birch Lake property during winter 2005. The previous 2004 drilling program consisted of four holes, TWBL-094/095/096/097, totalling 1,102.60 metres, testing the continuity and downdip extension of the central gold zone located on High Grade Island. Trade Winds reported multiple occurrences of visible and coarse gold, with the best assay results reported from the 2004 drilling program being:

• 115.89 g/t gold over 2.90 metres (estimated true width 1.86 metres) from 239.35 to 242.10 metres (TWBL-096);
• 21.22 g/t gold over 2.35 metres (estimated true width 1.51 metres);
• 229.96 g/t gold over 2.45 metres (estimated true width 1.58 metres) between 300 and 360 metres (TWBL-097).
  

Trade Winds 2005 drilling program consisted of three holes, TWBL-098/099/100. Coarse and visible gold was reported in holes TWBL-098 and TWBL-100, with the best results from those holes being:

• 14.7 g/t gold over 1.2 metres contained within a broader zone of mineralization of 4.8 g/t gold over 4.4 metres (TWBL-098);
• 11.8 g/t gold over 0.5 metre and 19.7 g/t gold over one metre (TWBL-100).

Sale of Detour Gold shares

Pelangio disposed of 640,100 common shares of Detour Gold Corp. during October and November, 2008, and currently holds a further 359,900 Detour shares for investment purposes.

The company sold Detour shares during this period to finance the repayment of $3.15-million owing under the terms of a total principal amount of $3-million 10-per-cent promissory notes issued on May 21, 2008, which are due for repayment on Nov. 21, 2008. The board and management remain otherwise satisfied with the company's investment in Detour.

Hg