TORONTO, ONTARIO--(Marketwire - Feb. 24, 2011) -

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Pelangio Exploration Inc. (News - Market indicators)(OTCBB:PGXPF) ("Pelangio" or the "Company") is pleased to announce the closing of its previously announced private placement (the "Offering") of units (the "Units") at a price of $0.80 per unit for gross proceeds of $4,000,000. NCP Northland Capital Partners Inc. ("NCP") on behalf of a syndicate of agents led by NCP and including Fraser Mackenzie Limited and Pope & Company Limited (collectively, the "Agents") brokered a total of $3,710,000 of the gross proceeds raised in the Offering (the "Brokered Offering").

Pelangio intends to use the net proceeds from the Offering to fund exploration activities at its Manfo and Obuasi Properties in Ghana as well as for general working capital and other corporate purposes. Directors and officers of the Company purchased a total of 318,000 Units pursuant to the Offering and now hold, in the aggregate, approximately 8.20% of the issued and outstanding common shares of the Company.

Each Unit issued pursuant to the Offering consists of one common share (a "Common Share") and one-half of one common share purchase warrant (each whole purchase warrant, a "Warrant"). Each Warrant entitles the holder to acquire one Common Share at a price of $1.10 on or prior to August 24, 2012.

The Agents and their selling agents received a total cash commission of approximately $222,600 from the proceeds of the Brokered Offering and were issued a total of 278,250 broker compensation options ("Broker Options"). Each Broker Option entitles the holder to purchase one Common Share at a price of $0.90 per Common Share on or prior to February 24, 2012. 

All securities issued pursuant to the Offering are subject to customary securities legislation hold periods and will not become freely tradeable until June 25, 2011.

The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdictions in which such offer, solicitation or sale would be unlawful. Any offering made will be pursuant to available prospectus and registration exemptions and restricted to persons to whom the securities may be sold in accordance with the laws of such jurisdictions and by persons permitted to sell the securities in accordance with the laws of such jurisdictions.

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 Ghana's 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.

For additional information, please visit our website at www.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. With respect to forward-looking statements and information contained herein, we have made numerous assumptions. Forward-looking statements and information include statements regarding the proposed use of proceeds, the Company's exploration plans and exploration results with respect to the Obuasi Property and the Manfo Property, and are subject to forward-looking 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 gold price volatility, changes in equity markets, political developments in Ghana, increases in costs, exchange rate fluctuations 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.