TORONTO, ONTARIO--(Marketwire - April 14, 2011) - Pelangio Exploration Inc. (News - Market indicators)(OTCBB:PGXPF) ("Pelangio" or the "Company") is pleased to announce that it has received $5,667,305 since January 1, 2011 from the exercise of outstanding $0.65 common share purchase warrants, which were issued in the Company's October 2009 private placement financing (the "2009 Financing"). The Company also received a further $310,350 from the exercise of broker compensation options and underlying warrants issued in connection with the 2009 Financing. Following the exercises, the Company is well-funded with approximately $11.6 million on hand.
"We are now well financed to execute our ambitious 2011 drilling programs," stated Ingrid Hibbard, President and Chief Executive Officer. "Each of Pelangio's Ghana properties, Manfo and Obuasi, is a potential company-maker, and we look forward to furthering their potential in the coming months."
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. Drilling is currently underway on two properties with company-making potential in Ghana, West Africa: the 100 square kilometre Manfo Property on the Sefwi greenstone belt between the Ahafo and Chirano mines, respectively operated by Newmont and Kinross, is the site of four recent near-surface gold discoveries; and the 290 square kilometre Obuasi Property on the Ashanti greenstone belt is located on strike and adjacent to AngloGold Ashanti's prolific, high-grade Obuasi Mine, which has produced over 30 million ounces of gold since 1897.
For additional information, please visit our website at www.pelangio.com.