Pelangio Announces IT is Not Acquiring an Interest IN Abansuaso Property
Pelangio Exploration Inc.
Pelangio Exploration Inc. News Release – February 5, 2020 1
82 Richmond Street East,
Toronto, ON M5C 1P1
Tel: 905-336-3828
Fax: 905-336-3899
NEWS RELEASE
PELANGIO ANNOUNCES IT IS NOT ACQUIRING AN INTEREST IN ABANSUASO PROPERTY
TORONTO, Ontario (February 5, 2020) – Pelangio Exploration Inc. (PX:TSX-V; OTC PINK:PGXPF) (“Pelangio” or the
“Company”) announces it is not proceeding with the purchase of an interest in the Abansuaso Prospecting License.
The Company’s news release dated November 26, 2019 announced that it had entered into a term sheet with
Supercare Group Limited (“Supercare”) to acquire a 90% interest in the 60 square kilometer Abansuaso Prospecting
License (“Abansuaso”). The term sheet was subject to a number of conditions, including the negotiation of a
definitive agreement. The Company and Supercare were not able to arrive at a definitive agreement, and
consequently the acquisition will not be proceeding at this time.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Pelangio
Pelangio acquires and explores large land packages in world-class gold belts in Canada and Ghana, West Africa. In
Canada, the company is focusing on the Dome West property located 800 metres from the Dome Mine in Timmins,
the 25 km2 Birch Lake Property located in the Red Lake Mining District, the Grenfell Property located 10 km from the
Macassa Mine in Kirkland Lake, 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 100 km2 Manfo Property, the site of seven
recent 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.
For additional information, please visit our website at www.pelangio.com, or contact:
Ingrid Hibbard, President and CEO
Tel: 905-336-3828 / Toll-free: 1-877-746-1632 / Email: [email protected]
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”, “antic ipates” 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 the planned work programs, the Company’s strategy of acqui ring 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 indu stry 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, inability to obtain necessary approvals or permits in
Ghana, gold price volatility, political developments in Ghana, and Canada, increases in costs, exchange rate fluctuations, sp eculative
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.