Pelangio Exploration Inc.
Pelangio Exploration Inc., a development stage company, engages in the acquisition, exploration, and development of mineral property interests. It primarily explores for gold.
The company's principal properties include the Obuasi Property that covers approximately 290 square kilometers and the Manfo Property, which covers approximately 100 square kilometers located on the prolific Ashanti and Sefwi greenstone belts in Ghana, West Africa.
Pelangio Exploration Inc. was incorporated in 2008 and is based in Milton, Canada.
Obuasi gold mine
Pelangio controls three early-stage gold exploration concessions totaling 290 square kilometres on strike and adjacent to AngloGold Ashanti's world-class Obuasi gold mine, in Ghana, West Africa.
The Obuasi mine has produced over 30 million ounces of gold since 1897 and currently hosts an 8.92 million ounce reserve grading 7.05 g/t gold in a measured and indicated resource of 18.13 million ounces and a further 11.40 million ounces of inferred resource.
Through prospecting, mapping, aerial surveying and drilling, Pelangio has confirmed to date that at least 15 kilometres of the structure that hosts gold mineralization at the Obuasi mine traverses Pelangio's concessions, with the potential for significantly further extensions to be recognized in the near future.
Pelangio aims to focus on the extension of the mine trend closest to the Obuasi mine, with the goal of hitting near-surface Obuasi style gold mineralization.
Pelangio's latest acquisition, the Manfo Property, is a 100 sq. km property on the Sefwi greenstone belt, northwest of the Ashanti greenstone belt that hosts the Obuasi property.
The acquisition exemplifies Pelangio's mission of acquiring camp-size land packages on world-class gold belts, as Newmont's Ahafo mine is only 14 kilometres to the north and Kinross Gold Corporation's Chirano mine lies 50 kilometres to the south, on the same fault network as Manfo.
The Manfo Property comprises three contiguous concessions named Subriso, Sempekrom and Twabidi, respectively.
In August 2011, Pelangio acquired 100% of each of the concessions pursuant to the terms of applicable option agreements by completing cash payments totalling US$435,000, completing US$2 million in work expenditures and granting the option or a 2.5% net smelter royalty (“NSR”) on the Manfo Property, subject to Pelangio’s right to repurchase 1% of the NSR for a payment of US$4,000,000.
Pelangio Exploration Inc.
440 Harrop Drive, 2nd Floor
Canada L9T 3H2
Toll Free: 1-877-746-1632