PELANGIO EXPLORATION - PGXPF STOCK NEWS

Pelangio Exploration Inc. has agreed to issue 285,715 common shares in the capital of Pelangio at a deemed per-share price of $0.035 as part of a debt settlement. The shares are subject to approval by the TSX Venture Exchange and will be subject to a four-month hold period. Pelangio will also be required to issue additional shares on the six-month and twelve-month anniversaries of the settlement agreement.

Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) announces an earn-in agreement with TuNya Mineral Resources Ltd., granting TuNya an 80% interest in the southern portion of two licenses at Pelangio's Obuasi Project. TuNya will complete a technical review and drilling, while Pelangio retains 100% interest in the main property.

Pelangio Exploration Inc. plans to extend the expiry date of certain outstanding warrants. The warrants were initially issued in May 2020 and were previously extended in April 2022. The new expiry date for the warrants is December 3, 2024. If the company's common shares reach a volume weighted average price of $0.30 for 15 consecutive trading days, the expiry date of the warrants may be accelerated. The warrant extension is subject to approval by the TSX Venture Exchange.

Pelangio Exploration Inc. (OTC PINK:PGXPF) announced a 1,000-meter diamond drilling program at its Manfo Project in Ghana, set to commence in March 2023. This program follows a successful phase in late 2021, which discovered a new gold lode in the Pokukrom West deposit, returning 3.19 g/t Au over 12 meters. The new drilling aims to explore extensions of the Pokukrom East and West deposits, as well as test a confirmed gold anomaly. The Manfo Project has a reported gold resource of 195,000 oz Indicated and 298,000 oz Inferred. The drilling is expected to take 4 to 5 weeks, with assay results anticipated shortly after.

Pelangio Exploration Inc. has successfully closed the second and final tranche of a non-brokered private placement, raising $485,000 from the issuance of 16,166,667 units at $0.03 per Unit. This follows the first tranche that raised $235,000. Each Unit consists of one common share and one warrant, with warrants priced at $0.05 until December 16, 2025. The total gross proceeds from the private placement reached $720,000. Finder's fees include $21,180 in cash and 706,000 warrants.