TORONTO - Pelangio Exploration Inc. (PX: TSX-V; OTC PINK: PGXPF) ('Pelangio' or the 'Company') is pleased to provide an update of activities on its Manfo gold project located in Ghana, West Africa.
HIGHLIGHTS
Completed considerable data recompilation, reinterpretation and target generation for the 96 square kilometer ('km2') Manfo project which hosts three deposits that constitute the current maiden resource estimate; Designed programs of soil sampling and RAB drilling for the Manfo project covering multiple targets with RC drill testing of favourable results proposed to follow and Commenced the soil sampling program - July 15, 2020
Ingrid Hibbard, President and CEO of Pelangio, commented, 'We are very pleased to commence our newly generated work programs at the Manfo project after a long hiatus. We feel confident that with the current stronger gold price, and renewed interested in gold exploration, Pelangio is poised to create value for our shareholders by our renewed exploration on the Manfo project. We approach these newly designed programs after having spent a great deal of time re-evaluating and reinterpreting the vast amount of data generated from previous exploration. Should these initial programs be successful in further discovery at Manfo, resource definition drilling will follow with the aim to add to the current resource base that was established by SRK in 2013'.
Pelangio holds two large property positions totalling 380 km2 in the highly gold endowed Sefwi-Bibiani and Ashanti greenstone belts of southwestern Ghana. The Manfo Project, in the Sefwi-Bibiani belt, is located within 17 kilometers ('km') of Newmont's recently expanded 10 million tonne per annum Ahafo plant. Pelangio's Obuasi Project is situated immediately adjacent to AngloGold Ashanti's recently restarted 31 million ounce Obuasi Mine in the most gold fertile greenstone belt of West Africa, the Ashanti Belt. Note: Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's property.
Both projects saw considerable exploration work conducted by Pelangio during the period of 2007 through 2012, including the discovery and definition of the maiden gold resource on the Manfo Project. However, minimal work has been conducted on either project since the gold price decline in 2012.
With the strengthening gold price and increasing appetite for investment in quality gold projects, the Company believes that a resumption of exploration activities on its Ghana projects is now warranted. Both projects hold a number of robust exploration targets which have remained untested since the downturn.
In addition, Pelangio geologists have completed considerable data recompilation, reinterpretation and target generation, with additional targets identified for exploration testing. Initial exploration work programs have been designed for the Manfo project and have recently commenced, while the review of data and target generation is in progress for the Obuasi project.
About Pelangio
Pelangio acquires and explores land packages in world-class gold belts in Canada and Ghana, West Africa. In Canada, the company is focusing on the 6.7 km2 Grenfell property located approximately 10 km from the Macassa Mine in Kirkland Lake, the Dome West property located 800 meters from the Dome Mine in Timmins, the 34 km2 Birch Lake and Birch Lake West properties located in the Red Lake Mining District and the Dalton Property located 1.5 km from the Hollinger Mine in Timmins. In Ghana, the Company is focusing on two 100% owned camp-sized properties: the 96 km2 Manfo Property, the site of seven near-surface gold discoveries, and the 284 km2 Obuasi Property, located 4 km on strike and adjacent to AngloGold Ashanti's prolific high-grade Obuasi Mine. Ghana is an English speaking, common law jurisdiction that is consistently ranked amongst the most favourable mining jurisdictions in Africa.
Contact:
Ingrid Hibbard
Tel: 905-336-3828
Email: info@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 statements and information include statements regarding the Company's ability to complete the planned work programs, the Company's strategy of acquiring large land packages in areas of sizeable gold mineralization, the Company's plans to follow-up on previous work, and the Company's exploration plans. With respect to forward-looking statements and information contained herein, we have made numerous assumptions, including assumptions about the state of the equity markets. Such forward-looking statements and information are subject to 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 statement or information. Such risks include the changes in equity markets, share price volatility, volatility of global and local economic climate, gold price volatility, political developments in Ghana, and Canada, increases in costs, exchange rate fluctuations, speculative nature of gold exploration, including the risk that favourable exploration results may not be obtained, and other risks involved in the gold exploration industry. 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 the Company. Accordingly, readers should not place undue reliance on forward- looking statements or information. We undertake no obligation to reissue or update any forward-looking statements or information except as required by law. All forward-looking statements and information herein are qualified by this cautionary statement.
ANGLOGOLD ASHANTI LIMITED 
