Pelangio Exploration Inc. (PX:TSX-V; OTC PINK:PGXPF) ('Pelangio' or the 'Company') is pleased to announce that is has entered into an Option Agreement (the 'Agreement') with Jubilee Minerals Inc. ('Jubiliee') on its Birch Lake Property ('BLP') located approximately 110 km northeast of the town of Red Lake, Ontario, in the Red Lake Mining Division.
Ingrid Hibbard, President and CEO of Pelangio commented, 'We are excited to have Jubilee Minerals Inc. agree to spend $2,000,000 in exploration expenditures as part of the earn-in requirements on our Birch Lake Property while we retain a 100% interest on our adjoining Birch Lake West Property. The Birch Lake Property is an extremely prospective and under-explored gold property within the Red Lake Mining District which hosts multiple historical high-grade drill intercepts and numerous surface gold occurrences in both shear zones and banded iron formation. Drilling results from Hole TWD-096, the best hole to date on the property, returned 34.54 g/t gold over 9.85 meters from work completed by previous operators at High Grade Island. This exceptional hole demonstrates the high-grade potential of this project.'
Birch Lake Property Details In the Birch Lake area, Pelangio's land holding consists of the BLP (23.6 km2 ), now under option to Jubilee Minerals, and its Birch Lake West Property (10.4 km2 ) contiguous and immediately west of the BLP. These properties are located 110 km northeast of town of Red Lake, Ontario in the Birch Uchi Greenstone Belt. The BLP is contiguous with First Mining Gold's property which hosts the 4.67 million ounce Springpole Deposit (Reference: First Mining Gold PR June 11, 2020). More specifically, the BLP boundary is located approximately 3200 meters ('m') north of the actual deposit. Renewed interest in First Mining Gold's Springpole project is anticipated to generate exploration interest for junior exploration companies with established, prospective large-scale land holdings in this emerging new exploration camp.
About Pelangio
Pelangio acquires and explores world-class gold belt land packages in Canada and Ghana, West Africa. Its key properties in Ontario, Canada, are the Grenfell property, located 10 km from Kirkland Lake, and the Dome West property, situated some 800m from the Dome Mine in Timmins. In Ghana, the Company is exploring its two 100% owned camp-sized properties: the 100 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.
Contact:
Tel: 1-877-746-1632
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. See the Company's annual and quarterly financial statements and 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 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.
FIRST MINING GOLD CORP. 
