Pelangio Exploration Inc (PGXPF)

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Pelangio Grants Earn-in Option on a Portion of the Obuasi Project
by ACCESSWIRE
July 31, 2023 7:30 AM | 9 min read | Make a Comment
TORONTO, ON / ACCESSWIRE / July 31, 2023 /

Pelangio Exploration Inc. PX PGXPF
("Pelangio" or the "Company") is pleased to announce it has entered into an earn-in binding letter of intent granting
TuNya Mineral Resources Ltd. ("TuNya") the right to earn an 80% interest on the southern portion of two of
the four licenses that comprise Pelangio's Obuasi Project
(the southern portion of these two licenses to be referred to as the "TuNya Earn-In Property").

The TuNya Earn-In Property covers predominantly Tarkwaian stratigraphy, including the strike extension of
TuNya's Kyereboso project located to the south. Pelangio will retain a 100% interest in the remainder of
the Obuasi property ("Main Property"), including the strike extension of the Obuasi Mine stratigraphy
("Obuasi Targets") and the main Birimian-Tarkwaian contact ("NGA Targets") where
Pelangio will focus its exploration efforts.

Highlights:

Collaboration with TuNya, a strategic partner with significant technical expertise and considerable experience
at the Obuasi Mine and in the Ashanti Belt.

The TuNya Earn-In Property covers predominantly Tarkwaian stratigraphy, including the strike extension of
TuNya's Kyereboso project.

Pelangio retains 100% of the Main Property, including the strike extension of the Obuasi Mine stratigraphy
("Obuasi Targets") and the main Birimian-Tarkwaian contact ("NGA Targets") where
Pelangio will focus its exploration efforts.

TuNya may acquire up to an 80% interest in the TuNya Earn-In Property by completing a US$250,000
comprehensive technical review of Pelangio's Main Property, completing 2,000 meters of drilling on
the TuNya Earn-In Property, and paying Pelangio US$150,000.

Pelangio will only contribute to expenditures on the TuNya Earn-In area
once a 100,000 oz resource has been delineated.

"We are delighted to enter into the earn-in agreement with TuNya, providing access to its management and
technical team who have a combined 125 years' experience working in senior technical roles at
the Obuasi Mine and elsewhere on the Ashanti Belt.

We believe Pelangio will receive tremendous value from the technical review to be completed by TuNya on our
100% owned Pelangio Main Property and the drill program to be completed by TuNya on
the TuNya Earn-In," commented Ingrid Hibbard, President and CEO of Pelangio.

"The 284 square kilometer Obuasi Project is a district-size land package requiring significant exploration.

This collaboration with TuNya ensures exploration will be completed on both the Main Property and
the TuNya Earn-In Property in the near term at no cost to Pelangio. In this way,

Pelangio will retain its focus on the Obuasi Targets and the NGA Targets and gain exposure to
near term exploration of the Tarkwaian potential of the TuNya Earn-In Property."

Agreement Terms:

https://www.benzinga.com/pressreleases/23/07/ac33466802/pelangio-grants-earn-in-option-on-a-portion-of-the-obuasi-project

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."

https://www.moomoo.com/news/post/24861650/pelangio-exploration-announces-settlement-of-obuasi-litigation?level=1&data_ticket=1714581834631476

https://www.youtube.com/watch?v=g3uLp_64ciE

Pelangio Exploration Completes Diamond Drilling At Manfo Project, Ghana And Provides Assay Results

https://www.linkedin.com/pulse/pelangio-exploration-completes-diamond-drilling-manfo-project

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 https://www.pelangio.com for further details.

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

Ingrid Hibbard, President and CEO

Tel: [phone] / Toll-free: 1-877-746-1632 / Email: [e-mail]