Pelangio Exploration Announces Settlement of Obuasi Litigation Accesswire · Jul 11, 2023 06:27 PGXPF TORONTO, ON / ACCESSWIRE / July 11, 2023 /
Pelangio Exploration Inc. (TSX-V:PX)(OTC PINK:PGXPF) ("Pelangio" or the "Company") is pleased to announce that settlement agreements have been reached to resolve all outstanding litigation with respect to an action commenced in 2009 in the Ghana High Court involving the vendor of two of the four prospecting licenses comprising Pelangio's Obuasi property.
The two prospecting licenses involved in the litigation and referenced as Kyereboso 2 License and Kyereboso 3 License in the attached Figure 1 are hereinafter referred to as the "Property". The litigation related to a dispute between the Property vendor's corporate history and the estate of one of its founding shareholders (the "Plaintiff). Pelangio was subsequently added as a co-defendant in 2012. Although no monetary consideration was claimed from Pelangio by the Plaintiff in the litigation, an interlocutory injunction had been granted which had the effect of preventing all parties from selling any interest in or conducting mining on the Property pending final determination of the matter.
"This settlement is a positive development for Pelangio," stated Ingrid Hibbard President and CEO. "It avoids the continued uncertainty, expense, and burden associated with litigation and removes the injunction preventing the sale of any interest in or mining of the Property. We are excited to have these impediments removed and planning for the next phase of exploration at the Property is underway."
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 https://www.pelangio.com for further details.
For additional information, please visit our website at www.pelangio.com, or contact:
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