Pelangio Exploration : Commences Diamond Drill Program at Hailstone, Saskatchewan

TORONTO - Pelangio Exploration Inc. (TSX-V: PX; OTC PINK: PGXPF) ('Pelangio' or the 'Company') is pleased to announce that it has commenced the initial diamond drill program on its 75 square kilometer ('km2') Hailstone gold project in the La Ronge Gold Belt, Saskatchewan.

Highlights of the Hailstone Gold Project

Initial diamond drill program commenced at the Hailstone gold project

Drill program focussed on the Asbell Bay target area, which represents a small portion (3%) of the entire 75 km2 property

Eight high priority drill targets to test 1 km of the 1.8 km Asbell Bay trend

Bornite zone occurrence to be tested

Crocodile Zone occurrence to be tested

Project located proximal to several former gold producers and deposits in geological environments similar to the Hailstone project.

Pelangio's CEO Ingrid Hibbard commented, 'Our exploration programs at Hailstone continue to deliver high priority targets. We're delighted to have moved the project to a drill ready state within the small portion of the 75 km2 project that we have evaluated to date. The entire La Ronge Gold Belt region is demonstrating great value as an emerging gold camp which we believe will offer tremendous opportunity for new gold and base metal discoveries. We look forward to continuing our evaluation and reporting results.'

Hailstone Project Summary and Geological Description

The Hailstone property is surrounded by a number of historical gold mines and occurrences in geological environments similar to that at Hailstone. The property is located within the Central Metavolcanic Belt of the La Ronge Domain of north-central Saskatchewan, which represents a portion of the Paleoproterozoic Trans-Hudson Orogeny. The property comprises a southwest-northeast trending metavolcanic succession intruded by multi-phase intrusive rocks of the Berven Lake Pluton. Gold and copper ('Cu') mineralization on the property is hosted within quartz veins and quartz-rich pegmatite dikes associated with southwest-northeast trending shear zones subsidiary to the terrane-bounding McLennan Lake Tectonic Zone.

The Asbell Bay target area is characterized by variably strained monzonite that locally hosts meter-scale pegmatite intrusions and associated quartz veins that contain significant grades of gold and copper. Grab samples collected by Pelangio during 2019 highlighted significant grades of 15.9 g/t Au and 2.68% Cu in and around the Bornite Zone in the northern portion of the Asbell Bay area. Limited prospecting in late 2020 over the North Copper Zone, 225m northeast of the Bornite Zone, returned 0.79 g/t Au and 2.14% Cu. The recent addition of the North Copper Zone to the other six surface showings in the Asbell Bay area resulted in the extension of total prospective strike length of the Asbell Bay trend to 1,800m.

Note, the reader is cautioned that selected grab samples are not necessarily representative of mineralization on the property.

About Pelangio

Pelangio acquires and explores world-class gold belt land packages Ghana, West Africa and Canada. 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, as well as the newly optioned Dankran property located adjacent to its Obuasi property. In Canada, the Company is currently focused in Ontario on its Grenfell property, located 10 km from Kirkland Lake, at its Dome West property, situated some 800 meters from the Dome Mine in Timmins and is advancing its Hailstone property in Saskatchewan.

Contact:

Ingrid Hibbard

Tel: [phone]

Email: [e-mail]

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 strategy of acquiring large land packages in areas of sizeable gold mineralization, and the Company's ability to complete the planned exploration programs. 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, delays due to COVID-19 safety protocols, 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.

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