Pelangio Exploration Grants Options
TORONTO, ONTARIO -- (Marketwire) -- 12/16/10 -- Pelangio Exploration Inc. (TSX VENTURE: PX)(OTCBB: PGXPF)('Pelangio' or the 'Company') is pleased to announce that the Board of Directors has approved the grant of 2,245,000 options to directors, officers, employees and geological consultants of the Company, which options are exercisable into common shares of the Company at a price of $0.90 per share. Subject to the rules of the TSX Venture Exchange and the Company's Stock Option Plan the options have a term of five years and will expire on December 16, 2015.
About Pelangio
Pelangio is a junior gold exploration company that acquires and explores camp-sized land packages in world-class gold belts, while using innovative corporate restructuring to maximize shareholder value. Pelangio's 100 square kilometre Manfo Property, which lies on the Sefwi greenstone belt between the Ahafo and Chirano mines, respectively operated by Newmont and Kinross, is the site of recent near-surface discoveries on four separate targets, including 36.21 g/t gold over 9 metres, 24.7 g/t gold over 5 metres; 1.5 g/t gold over 61 metres and 0.95 g/t gold over 33 metres. The Company is also actively exploring its 290 square kilometre Obuasi Property, located on strike and adjacent to AngloGold Ashanti's Obuasi Mine, which has produced over 30 million ounces of gold since 1897.
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.
Contacts:
Pelangio Exploration Inc.
Ingrid Hibbard
President & CEO
905-875-3828
Toll-free: 1-877-746-1632
Pelangio Exploration Inc.
Brendan Cahill
VP Corporate Development
905-875-3828/Toll-free: 1-877-746-1632
info@pelangio.com
www.pelangio.com