Pelangio Exploration Inc. Enters Agreement to Develop the Manfo Project
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. (TSXV:PX) ha firmato una Lettera di Intenti vincolante con MFD Investment Holdings SA per il Progetto Manfo nella Sefwi Gold Belt in Ghana. MFD può guadagnare un interesse del 10% completando una Valutazione Economica Preliminare (PEA) e investendo fino a 1 milione di dollari in spese di sviluppo entro il 31 dicembre 2025, oppure raggiungendo il primo oro fuso entro dicembre 2027.
Il partenariato ha l'obiettivo di accelerare lo sviluppo del progetto, puntando al primo oro fuso nel 2027. Pelangio manterrà un interesse del 90% e rimarrà l'operatore. Il Progetto Manfo, situato in una regione storicamente produttiva di oro, consiste in tre concessioni: Subriso, Twabidi e Sempekrom. Una stima SRK del 2013 ha indicato 195.000 once (a 1.5 g/t Au) di risorse Indicate e 298.000 once (a 0.96 g/t Au) di risorse Inferite.
Pelangio Exploration Inc. (TSXV:PX) ha firmado una Carta de Intención vinculante con MFD Investment Holdings SA para el Proyecto Manfo en la Sefwi Gold Belt de Ghana. MFD puede ganar un 10% de interés completando una Evaluación Económica Preliminar (PEA) e invirtiendo hasta 1 millón de dólares en gastos de desarrollo antes del 31 de diciembre de 2025, o logrando la primera fundición de oro antes de diciembre de 2027.
La asociación tiene como objetivo acelerar el desarrollo del proyecto, con la meta de la primera fundición de oro en 2027. Pelangio conservará un 90% de interés y seguirá siendo el operador. El Proyecto Manfo, ubicado en una región históricamente productiva de oro, consta de tres concesiones: Subriso, Twabidi y Sempekrom. Una estimación de SRK en 2013 indicó 195,000 onzas (a 1.5 g/t Au) de recursos Indicados y 298,000 onzas (a 0.96 g/t Au) de recursos Inferidos.
펠란지오 탐사 주식회사 (TSXV:PX)는 가나 세프위 골드 벨트에 있는 만포 프로젝트를 위해 MFD 투자 홀딩스 SA와 구속력 있는 의향서를 체결했습니다. MFD는 10%의 지분을 획득하기 위해 2025년 12월 31일까지 예비 경제성 평가(PEA)를 완료하고 최대 100만 달러를 개발 비용에 투자하거나 2027년 12월까지 첫 금을 생산해야 합니다.
이번 파트너십의 목표는 프로젝트 개발 가속화로, 2027년 첫 금 생산을 목표로 하고 있습니다. 펠란지오는 90%의 지분을 유지하며 운영자로 남게 됩니다. 만포 프로젝트는 역사적으로 생산성이 높은 금 지역에 위치하며, 세 개의 권리(서 브리소, 트와비디, 세멘프롬)로 구성되어 있습니다. 2013년 SRK 추정에 따르면, 195,000온스 (1.5g/t Au)로 표시된 확인 자원과 298,000온스 (0.96g/t Au)로 표시된 추정 자원이 있었습니다.
Pelangio Exploration Inc. (TSXV:PX) a signé une lettre d'intention contraignante avec MFD Investment Holdings SA pour le Projet Manfo dans la Sefwi Gold Belt au Ghana. MFD peut obtenir un intérêt de 10% en réalisant une Évaluation Économique Préliminaire (PEA) et en investissant jusqu'à 1 million de dollars dans des dépenses de développement d'ici le 31 décembre 2025, ou en atteignant la première coulée d'or d'ici décembre 2027.
Le partenariat vise à accélérer le développement du projet, avec un objectif de première coulée d'or en 2027. Pelangio conservera un intérêt de 90% et restera opérateur. Le Projet Manfo, situé dans une région historiquement productive en or, se compose de trois concessions : Subriso, Twabidi et Sempekrom. Une estimation de SRK en 2013 a indiqué 195 000 onces (à 1,5 g/t Au) de ressources Indiquées et 298 000 onces (à 0,96 g/t Au) de ressources Inférées.
Pelangio Exploration Inc. (TSXV:PX) hat eine verbindliche Absichtserklärung mit MFD Investment Holdings SA für das Manfo-Projekt im Sefwi Gold Belt in Ghana unterzeichnet. MFD kann ein 10%iges Interesse erwerben, indem es eine Vorläufige Wirtschaftlichkeitsuntersuchung (PEA) durchführt und bis zu 1 Million Dollar in Entwicklungsausgaben bis zum 31. Dezember 2025 investiert oder die erste Goldproduktion bis Dezember 2027 erreicht.
Die Partnerschaft zielt darauf ab, die Projektentwicklung zu beschleunigen, mit dem Ziel, 2027 die erste Goldproduktion zu erreichen. Pelangio wird 90% des Interesses behalten und die Betriebsführung übernehmen. Das Manfo-Projekt, das sich in einer historisch ergiebigen Goldregion befindet, besteht aus drei Konzessionen: Subriso, Twabidi und Sempekrom. Eine Schätzung von SRK aus dem Jahr 2013 wies 195.000 Unzen (bei 1,5 g/t Au) nachgewiesene und 298.000 Unzen (bei 0,96 g/t Au) geschätzte Ressourcen aus.
- Strategic partnership with MFD Investment Holdings SA to accelerate Manfo Project development
- Non-dilutive financing of up to $1 million for project development
- Potential for first gold pour by 2027
- Pelangio retains 90% interest and operational control of the project
- Project located in historically productive Sefwi Gold Belt, near Newmont's Ahafo mine
- Pelangio will give up 10% interest in the Manfo Project to MFD upon meeting conditions
- Potential share dilution if MFD achieves specified resource estimates
Strategic Partnership Aims to Advance the Project into Production in Ghana's Sefwi Gold Belt
TORONTO, ON / ACCESSWIRE / August 27, 2024 / Pelangio Exploration Inc. (TSXV:PX) ("Pelangio") is pleased to announce that on August 26th, 2024 it has entered a binding Letter of Intent (LOI) with MFD Investment Holdings SA ("MFD"), granting MFD the option to earn an undivided
The agreement outlines MFD's commitment to complete a Preliminary Economic Assessment (PEA) and invest up to
"We are excited to collaborate with MFD on this significant project," said Ingrid Hibbard, CEO of Pelangio Exploration Inc. " This partnership aligns with Pelangio's strategy to leverage partnerships to expedite project development while retaining a strong interest in high-potential assets. This agreement provides Pelangio shareholders with a non-dilutive financing partner that will focus on Manfo, allowing us to accelerate development efforts and unlock the project's full potential."
Under the terms of the agreement, MFD will engage a qualified consultant to conduct the PEA, which will evaluate the economic viability of the Manfo Project in accordance with National Instrument 43-101 standards. The joint venture structure that follows the successful completion of the option will see Pelangio retain a
Pelangio will remain the operator of the joint venture, overseeing the exploration, development and eventual operating activities with the aim of going into production.
"It is rare to find these types of opportunities in the mining sector," stated Antonios Maragakis, CEO and Director of MFD Investment Holdings. "The Manfo Project has extensive drilling, is located in a Tier 1 mining jurisdiction with the potential for significant upside through technical work plus continuing resource and expansion drilling. We look forward to leveraging Pelangio's extensive experience and excellent reputation in West Africa to sustainably develop this with the local and federal authorities."
Additional Information
The Manfo Project, located in the Sefwi Gold Belt, is situated in one of the most historically productive gold regions in West Africa. The Sefwi Belt is home to several significant gold deposits and mining operations, including Newmont's nearby Ahafo mine which produces more than 500,000 ounces of gold annually. The Manfo Project consists of three key concessions: Subriso, Twabidi, and Sempekrom. Subriso is the primary focus due to its advanced exploration status and potential for resource expansion, while Twabidi and Sempekrom serve as buffer zones with future exploration potential. There was a historic resource on the property done by SRK in 2013 which estimated the project hosts a gold mineral resource of 195,000 ounces (at 1.5 g/t Au) Indicated and 298,000 (at .96 g/t Au) Inferred.1
As part of the agreement, MFD's role includes procuring a Preliminary Economic Assessment on the Manfo Project, a critical step towards determining the project's economic feasibility.
In order for MFD to fully acquire the
Subject to approval of the TSXV, Pelangio shall issue MFD a bonus of common shares based on results from the next MRE completed on the Project and funded by MFD as follows:
If the base case estimate is at least 1,000,000 ounces and less than 1,500,000 ounces, 1,000,000 common shares;
If the base case estimate is at least 1,500,000 ounces and less that 2,000,000 ounces, 1,500,000 common shares; or
If the base case estimate is at least 2,000,000 ounces, 2,000,000 common shares.
Qualified Person
Mr. Kevin Thomson, P.Geo. (Ontario, #0191), is a qualified person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Thomson approved the technical data disclosed in this release.
About MFD Investment Holdings
MFD is a private investment company that focuses on developing quick-to-cashflow mining assets with significant exploration upside. With a global team of experts in geology, metallurgy, project management, and finance, MFD specializes in early-stage investments and operational efficiencies that maximize value for its stakeholders. MFD leverages advanced technology and systems to improve mine development and operational management, addressing inefficiencies within the mining industry. The company aims to generate substantial returns by identifying and advancing high-potential mining projects across diverse geographies and commodities.
About Pelangio Exploration Inc.
Pelangio Exploration Inc. is a Canadian-based mineral exploration company focused on advancing its portfolio of gold projects in West Africa and Canada. The company's strategy is centered on acquiring and developing highly prospective projects with the potential for significant returns. Pelangio holds a
1The Manfo mineral resource estimation was conducted by SRK Consulting and published in June 2013. (Refer to the Mineral Resource Evaluation Technical Report, Manfo Gold Project, by SRK Consulting (Canada) Inc., released on June 21, 2013 and available on Pelangio's website). The resource estimation was made in accordance with National Instrument 43‐101 ‐ Standards of Disclosure for Mineral Projects at the time of the mineral resource estimation in 2013. NI 43-101 standards for disclosure have been amended multiple times since 2013 and as a result, Pelangio's 2013 resource estimate is no longer NI 43-101 compliant under the current standards.
For further information, please contact:
Ingrid Hibbard, CEO
Pelangio Exploration Inc.
Email: ihibbard@pelangio.com
Forward Looking Statements
Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Forward-looking statements or information appear in a number of places and can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information include statements regarding the Company's strategy of acquiring large land packages in areas of sizeable gold mineralization, and the Company's ability to complete the planned exploration programs. Regarding forward-looking statements and information contained herein, we have made many assumptions, including about the state of the equity markets. Such forward-looking statements and information are subject to risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Such risks include the changes in equity markets, share price volatility, volatility of global and local economic climate, gold price volatility, political developments in Ghana, and Canada, increases in costs, exchange rate fluctuations, speculative nature of gold exploration, including the risk that favourable exploration results may not be obtained, the option may not be exercised, near-term production may not be viable, delays due to COVID-19 or other safety protocols, and other risks involved in the gold exploration industry. See the Company's annual and quarterly financial statements and management's discussion and analysis for additional information on risks and uncertainties relating to the forward-looking statement and information. There can be no assurance that a forward-looking statement or information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward- looking statements or information. We undertake no obligation to reissue or update any forward-looking statements or information except as required by law. All forward-looking statements and information herein are qualified by this cautionary statement. Neither the 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.
SOURCE: Pelangio Exploration Inc.
View the original press release on accesswire.com
FAQ
What is the Manfo Project and where is it located?
What are the terms of the agreement between Pelangio Exploration Inc. (TSXV:PX) and MFD Investment Holdings SA?
What is the historical resource estimate for the Manfo Project?
When is the target date for first gold pour at the Manfo Project?
