PELANGIO EXPLORATION - PGXPF STOCK NEWS

Pelangio Exploration has initiated a high-resolution UAV airborne magnetics survey on its Obuasi property in Ghana, adjacent to AngloGold Ashanti's Obuasi Mine. The survey, covering approximately 20 square kilometers, is being conducted in collaboration with TuNya Mineral Resources as part of their earn-in agreement on the southern Tarkwaian portion.

The project involves flying a GEMS Systems AIRBIRD magnetometer along 50-meter spaced lines, totaling 400 line-kilometers. SEMS Exploration of Ghana will conduct the survey, expected to take 3-4 weeks. The survey targets an 8-kilometer long area with historical anomalous rock chip samples exceeding 1 g/t Au, much of which remains untested by trenching and drilling.

Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) has closed the first tranche of a non-brokered private placement, raising gross proceeds of $280,000 through the issuance of 11,200,000 units at $0.025 per unit. Each unit consists of one common share and one purchase warrant, with warrants exercisable at $0.05 for three years. The company expects a second and final closing around October 16th, 2024. The total private placement aims to raise up to $400,000. Securities issued are subject to a four-month hold period, expiring on February 11, 2025. The private placement is pending final approval from the TSX Venture Exchange.

Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) has commenced work on updating the Mineral Resource Estimate (MRE) for its Manfo Project in Ghana's Sefwi Gold Belt. The updated MRE, expected to be completed by December 2024, is a important step in advancing the project. SRK Consulting Ghana has already conducted a site visit.

The Manfo Project's previous assessment in 2013 showed a historic resource of 195,000 ounces of gold (Indicated) and 298,000 ounces (Inferred), using a $1450 gold price. With the current higher gold price and renewed exploration focus, Pelangio aims to increase the resource and set the stage for future development.

Ingrid Hibbard, President and CEO, emphasized the importance of this update in enhancing understanding of the asset and guiding future exploration and development efforts.

Pelangio Exploration Inc. (TSX-V:PX)(OTC PINK:PGXPF) has announced a non-brokered private placement to raise up to $400,000. The offering consists of units priced at $0.025, each comprising one common share and one purchase warrant. Warrants allow holders to buy one common share at $0.05 within three years of the initial closing date.

Proceeds will fund working capital, including exploration, metallurgical work, and general corporate purposes such as land maintenance costs. The offering, expected to close around September 30th, 2024, is subject to regulatory approvals and may occur in multiple tranches. Securities will have a four-month and one-day hold period, and the offering is open to insider participation.

Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) has announced significant changes in its financial leadership. The company has appointed Ms. Donna McLean as its new Chief Financial Officer, effective immediately. Ms. McLean brings over 30 years of experience in financial reporting, controls, and administration, with a specialization in junior mineral exploration companies. This appointment coincides with Pelangio's engagement of Grove Corporate Services for corporate finance, accounting, and administrative support.

The new CFO replaces Sabino Di Paola, who served in the role from May 2023 to September 2024. Pelangio's CEO, Ingrid Hibbard, expressed gratitude for Mr. Di Paola's contributions and enthusiasm for Ms. McLean's mining sector expertise. The company is currently focusing on its Manfo Project, collaborating with MFD Investment Holdings SA, which has the opportunity to earn a 10% interest in the project through significant investment and development milestones.

Pelangio Exploration Inc. (TSXV:PX) has entered a binding Letter of Intent with MFD Investment Holdings SA for the Manfo Project in Ghana's Sefwi Gold Belt. MFD can earn a 10% interest by completing a Preliminary Economic Assessment (PEA) and investing up to $1 million in developmental expenditures by December 31, 2025, or achieving first gold pour by December 2027.

The partnership aims to accelerate project development, targeting first gold pour in 2027. Pelangio will retain a 90% interest and remain the operator. The Manfo Project, located in a historically productive gold region, consists of three concessions: Subriso, Twabidi, and Sempekrom. A 2013 SRK estimate indicated 195,000 ounces (at 1.5 g/t Au) Indicated and 298,000 ounces (at 0.96 g/t Au) Inferred resources.

Pelangio Exploration Inc. (PX:TSX-V)(OTC PINK:PGXPF) is evaluating the potential for near-term gold production at its Manfo project in Southwest Ghana. The company is reviewing resource models of three deposits to determine gold content and mineralization at shallow depths suitable for open-pit mining. This assessment aims to capitalize on record-high gold prices, which have increased by 70% since the 2013 NI43-101 maiden mineral resource estimate.

The 2013 estimate, using a gold price of $1,450 USD, reported 195,000 oz Au Indicated plus 298,000 oz Au Inferred. Pelangio believes the current gold price has significantly improved the project's economics. The company is exploring possibilities for smaller-scale near-term production and will conduct an economic assessment of potential development plans. Ongoing drilling efforts continue, with successful outcomes potentially complementing profitable near-term production.

Pelangio Exploration Inc. (TSX-V:PX, OTC PINK:PGXPF) has announced the issuance of 1,500,000 common shares at a deemed price of $0.02 per share, totaling C$30,000, as the final litigation settlement payment. This share issuance, subject to TSX Venture Exchange approval, follows previous announcements on July 11, 2023, and January 22, 2024. The shares will be subject to a four-month hold period from the date of issuance. This action marks the conclusion of the settlement agreement, potentially impacting the company's financial structure and shareholder equity.

Pelangio Exploration has appointed Kamar Jones to its Board of Directors. Mr. Jones brings nearly three decades of expertise in capital markets and mining consulting, including involvement in turnaround mining projects. This strategic move aligns with Pelangio's aim to advance its Ghanaian projects. The company also expressed gratitude to Albert Gourley, who is stepping down from the board.