Pelangio Explora - PGXPF STOCK NEWS

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.

Pelangio Exploration announced the results of its annual meeting held on June 28, 2024. All matters proposed by management were approved by shareholders. Key decisions included the re-election of board members Ingrid Hibbard, JC St. Amour, David Mosher, Kevin Thomson, and Al Gourley.

Additionally, shareholders approved the reappointment of the company's auditor and the reapproval of the stock option plan. No new business was introduced during the meeting.

Pelangio Exploration Inc. has successfully closed the second and final tranche of a non-brokered private placement, raising $500,000 in gross proceeds. The private placement involved the issuance of 33,333,332 units at a price of $0.015 per unit. Each unit includes one common share and one common share purchase warrant. The company completed the first tranche earlier, raising $113,500. The proceeds from the private placement will be utilized for working capital, general corporate purposes, and land maintenance costs. Insiders of the company participated in the private placement, with certain insiders contributing $85,500. The securities offered have not been registered under the U.S. Securities Act of 1933.

Pelangio Exploration Inc. closes the first tranche of a non-brokered private placement, raising $113,500 from the issuance of 7,566,666 units at $0.015 per unit. The private placement includes common shares, warrants, and finder's fees. Insiders participated in the placement, with total insider participation of $85,500. The offering is subject to TSX Venture Exchange approval and statutory hold periods. The securities offered are not registered under the U.S. Securities Act of 1933.

Pelangio Exploration Inc. announces a non-brokered private placement to raise up to $500,000 through the sale of units at $0.015 per unit. Each unit includes a common share and a warrant. The company plans to use the proceeds for working capital and general corporate purposes. The offering is subject to regulatory approvals and may occur in multiple tranches, with insiders eligible to participate.