Pelangio Exploration Announces Issuance of Shares for Final Litigation Settlement Payment

Pelangio Exploration Announces Issuance of Shares for Final

Litigation Settlement Payment

TORONTO, ON / ACCESSWIRE / July 30, 2024 / Pelangio Exploration Inc. (TSX-

V:PX)(OTC PINK:PGXPF) ("Pelangio" or the "Company") pursuant to the release on July

11, 2023, and January 22, 2024, the Company has agreed to issue 1,500,000 (C$30,000) common

shares in the capital of Pelangio at a deemed per-share price of $0.02, which is equal to the end

of the day price of Pelangio Shares on the TSX Venture Exchange (the "TSXV"). The shares for

debt settlement remain subject to approval by the TSXV . The Pelangio Shares will be subject to a

four-month hold period which will expire on the date that is four months and one day from the

date of issuance.

This is the final settlement payment under the terms of the settlement agreement.

About Pelangio

Pelangio acquires and explores world-class land packages on strategic gold belts in 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 four km on strike and adjacent to AngloGold Ashanti's prolific

high-grade Obuasi Mine, as well as its Dankran property located adjacent to its Obuasi property.

See www.pelangio.com for further detail.

For additional information, please visit our website at www.pelangio.com, or contact:

Ingrid Hibbard, President and CEO

T: 905-336-3828 / TF: 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", "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 satisfaction of the conditions of the Obuasi litigation settlement

and Pelangio's proposed payments and share issuances pursuant to the settlement, and TSX

Venture exchange approval of such share issuances. With respect to forward-looking statements

and information contained herein, we have made numerous assumptions, including assumptions

about applicable court and regulatory approvals for the settlement and the proposed share

issuances. 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 our ability to conduct our exploration programs as planned, changes in equity markets,

share price volatility, volatility of global and local economic climate, gold price volatility,

political developments in Ghana, increases in costs, exchange rate fluctuations, speculative

nature of gold exploration 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.

Neither the 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.

SOURCE: Pelangio Exploration Inc.