Exploration Underway at Pelangio’S Dormaa Project
Pelangio Exploration Inc.
Pelangio Exploration Inc. News Release – March 6, 2017 1
82 Richmond Street East, Toronto, ON M5C 1P1 Tel: 905-336-3828 Fax: 905-336-3899
NEWS RELEASE
EXPLORATION UNDERWAY AT PELANGIO’S DORMAA PROJECT
TORONTO, Ontario (March 6, 2 0 17) – P e l a n g i o E x p l o r a t i o n I n c . ( P X : T S X-V; OTC PINK:PGXPF)
(“Pelangio” or the “Company”) announces that Roscan Minerals Corporation (“Roscan”) has provided
the initial payment of $150,000 to fund exploration expenditures pursuant to the option and joint venture
agreement (the “Option Agreement”), dated November 7, 2016, a n d a m e n d e d February 14, 2017,
pursuant to which the parties established an earn-in arrangement to jointly advance the Dormaa Project
in Ghana, West Africa.
To earn its 50% interest, Roscan shall:
(a) Fund an aggregate of $2,000,000 in exploration expenditures as follows:
Amount Due Date
$150,000 by March 5, 2017; (received)
$150,000 by May 4, 2017;
$700,000 by December 5, 2017; and,
$1,000,000 by December 5, 2018
(b) pay to Pelangio an aggregate of $160,000, as follows:
Amount Due Date
$10,000 on November 7, 2016 (paid)
$50,000 on December 5, 2017; and,
$100,000 by December 5, 2018
“We are very pleased to resume exploration on the Dorma a p r o p e r t y w i t h r e c e i p t o f t h i s $ 1 5 0 , 0 0 0
payment. These funds, along with the second payment due May 4, 2017, will provide for expanded gold-
in-soil geochemical surveys, prospecting, and approximately 3,000 metres of reverse circulation and air
core or rotary air blast drilling to be completed by Pelangio,” stated Ingrid Hibbard, President and CEO.
“This program was designed to follow up on the large gold-in soil anomalies on the property which appear
to be the source of substantial, unregulated artisanal and mechanized alluvial operations carried out
around the property during 2014 and 2015.
About the Dormaa Project
The Dormaa Project is an 86.44 square kilometer (“km2”) concession governed by a Prospecting License
in the Brong-Ahafo Region of Ghana, West Africa. Pelangio, through its indirectly held, wholly -owned
subsidiary Pelangio Ahafo (G) Limited (“Pelangio Ghana”), owns a 100% interest in the Dormaa Project.
The Dormaa Project was originally acquired based on primary regional stream sediment data.
Subsequently, Pelangio completed stream sediment surveys into the secondary and tertiary drainages,
followed by soil sampling on an 800 meter by 100 meter (800m x 100m) grid and assayed using the Bulk
Leach Extractable Gold (BLEG) method.
Follow up closer-spaced soil surveys of 400m x 50m and 100m x 25m spacing were completed on the
northern portion of the Dormaa Project, covering some 33% and 7% respectively (by area), of the
Pelangio Exploration Inc. News Release – March 6, 2017 2
82 Richmond Street East, Toronto, ON M5C 1P1 Tel: 905-336-3828 Fax: 905-336-3899
property area. These soil surveys identified 13 significant gold -in-soil anomalies (95th p e r c e n t i l e g o l d
contours, 70 parts per billion (“ppb”) threshold), which range in size from 300m x 50m to 1200m x 100m.
In the southern 60% of the property, 800m x 100m soil sampling revealed eight significant anomalies (95th
percentile gold contours, greater than 70 ppb gold), which range in size from 800m x 100m up to 4000m x
500m. Three of these anomalies, in cluding the largest, are contourable at the 98 th p e r c e n t i l e , a t
approximately 175 ppb. A 20 km2 f o l l o w-up geochemical program of 200m x 50m soil sampling is
recommended for this area.
The soil sampling program was carried out between 2011 and 2013 under t he supervision of Warren
Bates, P.Geo. Assaying was carried out by Chemex Labs Inc. at their Kumasi, Ghana location. All
certificates and results are available. 1 to 2 kilogram (“kg”) samples were supplied, and in all cases the
entire sample was subjected to the leaching process. Internal blanks and sample duplicates were
included in the sample stream. Standards were not included in the sample stream because of the
difficulty of obtaining such a large (1 to 2 kg) reliable standard at the time.
Newly released satellite imagery indicates that substantial, unregulated artisanal and mechanized alluvial
operations surrounding the property were carried out during 2014-2015. These alluvial operations appear
to be sourced by large gold-in-soil anomalies on the Dormaa Project.
Based on a preliminary work plan approved by the parties for the first year following the Effective Date,
expenditures of approximately $300,000 are planned to be made for expanded gold-in-soil geochemical
surveys, prospecting, and approximately 3,000 metres of reverse circulation and air core or rotary air
blast drilling, to be completed by Pelangio Ghana at the Dormaa Project.
Mr. Warren Bates, P.Geo., (APGO #0211) is a qualified person as defined by NI 43 -101 and has
reviewed and approved the technical contents of this press release.
About Pelangio
Pelangio successfully acquires and explores camp-sized land packages in world-class gold belts. The
Company primarily operates in Ghana, West Africa, an English-speaking, common law jurisdiction that is
consistently ranked amongst the most favourable mining jurisdictions in Africa. The Company is exploring
three 100%-owned camp-sized properties: the 100 km2 Manfo Property, the site of seven recent near-
surface gold discoveries, the 264 km2 Obuasi Property, located 4 km on strike and adjacent to AngloGold
Ashanti’s prolific h i g h-grade Obuasi Mine, and the early-stage 159 km2 A k r o m a P r o p e r t i e s , w h i c h
includes the Dormaa and Wamfie concessions.
In addition, the Company has several gold exploration projects in Ontario, Canada. These include the
properties known as the Birch Lake Property, the Poirier Gold Property and the Lorna Lake Property.
For additional information, please visit our website at www.pelangio.com, follow us on Twitter
@PelangioEx or contact:
Ingrid Hibbard, President & CEO or
Warren Bates, Vice President Exploration
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”, “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 Option Agreement, Roscan’s ability to exercise the option pursuant to the Option Agreement, Roscan and
the Company’s exploration plans for t h e D o r m a a P r o j e c t , a n d t h e t e r m i n a t i o n o f t h e o p t i o n agreements between Pelangio and
Minatura. With respect to forward-looking statements and information contained herein, we have made numerous assumptions,
Pelangio Exploration Inc. News Release – March 6, 2017 3
82 Richmond Street East, Toronto, ON M5C 1P1 Tel: 905-336-3828 Fax: 905-336-3899
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 b y s u c h f o r w a r d-looking
statement or information. Such risks include, but are not limited to: Roscan’s inability to obtain financing to exercise the option,
changes in equity markets, share price volatility, volatility of global and local economic climat e, 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 st atements 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 re liance 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 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.