TORONTO, ONTARIO--(Marketwire - Sept. 26, 2012) - Pelangio Exploration Inc. (News - Market indicators)(OTCQB:PGXPF) ("Pelangio" or the "Company") is pleased to provide an exploration update for its properties in Ghana. Highlights of ongoing exploration activities include:

Manfo Property - 100 square kilometres - 22 km Southwest of Giant Ahafo Gold Mine

• Seventh area of mineralization discovered on the Manfo Project at Sika North in diamond drill hole SODD-250, 1.78 grams per tonne (g/t) gold over 15 metres, from 19-34 metres including 6.74 g/t gold over 3.5 metres from 19 metres down-hole. The discovery was drilled within a 700 metre soil geochemical anomaly 3.85 kilometres north of Pokukrom East;

• Pelangio's Manfo property is located on the same fault network as Newmont's Ahafo Mine (proven and probable reserves 12 million ounces gold, measured and indicated resources 3.37 million ounces, inferred resources 3.54 million ounces, and past production of 2.82 million ounces) where annual production for the past 4 years exceeded 500,000 ounces;

• Pelangio's recently discovered mineralization at its Manfo project has similarities with Newmont's Ahafo deposits. As at Ahafo, host rocks at Manfo are classified as magnetic intrusive rocks, and the alteration and mineralization at both mineralized areas are similar sericite-dolomite alteration with pyrite veinlets and disseminations;

• Positive preliminary metallurgical test results show amenability to processing by conventional free milling gold circuit expected to achieve 84% to 94% recoveries when ground to 80% passing 75 micron; metallurgy is similar to that at some deposits in the region currently in production;

• Maiden resource estimation in progress for completion first quarter 2013 covering three areas - Pokukrom East and West, and Nfante West, to include 154 holes totalling 32,333 metres;

• 178 diamond drill holes (37,313 metres) completed since September 2010 at Manfo along a nine kilometre trend with previous results including: 

• 2.98 g/t gold over 40 metres in SPDD-083 from 4 metres down-hole at Pokukrom West including 8.0 g/t over 12 metres from 31 metres down-hole;
• 8.60 g/t gold over 12 metres in SPDD-084 from 27 metres down-hole at Pokukrom West;

• 6.89 g/t gold over 50 metres in SPDD-090 (or 3.89 g/t, cut to 30 g/t) from 1 metre down-hole including 36.21 g/t gold over 9 metres from 14 metres down-hole (or 14.54 g/t, cut to 30 g/t) at Pokukrom West;
• 7.01 g/t gold over 19 metres in SPDD-088 (or 4.00 g/t, cut to 30 g/t) from 35 metres down-hole including 24.68 over 5 metres from 35 metres down-hole (or 13.24 cut to 30 g/t) at Pokukrom East;
• 1.19 g/t gold over 113 metres in SPDD-184 (or 1.15 g/t, cut to 30 g/t) including 9.05 g/t over 7 metres from 215 metres down-hole (or 8.36 g/t cut to 30 g/t) at Pokukrom East;
• 2.60 g/t gold over 64 metres in SPDD-188 (or 2.36 g/t, cut to 30 g/t) from 96 metres down-hole including 11.94 g/t gold over 10 metres (or 10.46 g/t, cut to 30 g/t) from 136 metres down-hole at Pokukrom East;
• 1.35 g/t gold over 70 metres in SFDD-079 from 9 metres down-hole including 3.02 g/t over 18 metres from 26 metres down-hole at Nfante West;

• Surface target generation programs continue with trenching, pitting and geochemical programs around selected targets.

To view a plan containing the new Sika North results, highlighted drill intercepts, and surface exploration areas on the Manfo Property, see: http://pelangio.com/Projects/Ghana/Manfo/Exploration-Results/Sika-North.aspx. All drill intersections are available on the Pelangio website: www.pelangio.com

Obuasi Property - 290 square kilometres - contiguous to AngloGold Obuasi Mine

• Surface exploration program underway (4,000 samples) covering 10 square kilometres surrounding the North Government area where the most recent drill program encountered high grade results:

• 24.5 g/t gold over 1 metre in PG11-NGT-121 from 194 metres down-hole;
• 11.3 g/t gold over 2 metres in PG11-NGT-122 from 193 metres down-hole;
• 6.01 g/t gold over 2 metres in PG11-GT-111 from 118 metres down-hole.

To view a plan showing the North Government and Government Area, see:

http://pelangio.com/Projects/Ghana/Obuasi/Exploration-Results/North_Government_and_Government_Area.aspx

Akroma Property - 160 square kilometres

• Soil geochemistry program (3,300 samples) completed covering all of this early stage prospect in an under-explored area of Ghana.

"Pelangio has successfully acquired three under-explored camp-sized land packages in Ghana," stated Ingrid Hibbard, President and Chief Executive Officer. "With immediate exploration success at Manfo, seven near-surface discoveries have been made along a nine kilometre trend. Drilling for our maiden resource estimate is complete and the estimate, which will encompass only three of the discovery areas, is scheduled for completion in the first quarter of 2013. This provides us three exploration projects with a spectrum of targets ranging from very early stage at Akroma, to more advanced at Obuasi, to resource estimation and advanced-stage exploration at Manfo."

Manfo Property Outlook

At Manfo, seven near-surface discoveries have been made since Pelangio acquired the property in August 2010. During this time, over 37,300 metres of diamond drilling in 178 holes have been completed.

The gold mineralization encountered at Manfo to date are granitoid-hosted, sericite-carbonate pyrite gold deposits, similar to those at Newmont's Ahafo Mine in the Sefwi greenstone belt. The Ahafo deposits host multi-million ounce, near-surface, bulk tonnage gold mineralization in a series of pits at grades between 1 g/t and 2.5 g/t, but also host higher grade underground deposits. Underground development is in progress under the Subika pit at Ahafo.

The bulk tonnage grades and widths that Pelangio has encountered at Manfo compare with these open pit Ahafo deposits, while certain of the results encountered at Pokukrom West and East also demonstrate potential for high grade gold mineralization similar to underground deposits found at Ahafo.

A maiden resource estimation is scheduled for completion in the first quarter of 2013 on Pokukrom East and West and Nfante West. The resource estimate will include 154 drill holes (32,333 metres), with the majority of that drilling, 91 holes (20,086 metres) being drilled at Pokukrom East. 

The scoping metallurgical test results have been received. Four samples were submitted for metallurgical analyses comprising composites made up from quartered one metre HQ diamond drill core intervals taken from previously sampled exploration drill core. The samples are from over a strike length of 700 metres at the Pokukrom East gold zone, with the saprolite (weathered) sample containing about 20% of its weight from the Pokukrom West zone, 600 metres to the west. Sample weights averaged 70 kilograms and were taken from the four main types of mineralization: hematitic granitoid (sulphide), weathered granitoid, and both high grade sulphide and low grade sulphide sericitic granitoid. The average actual head assay for each sample was 1.32 g/t, 1.22 g/t, 12.5 g/t and 2.71 g/t respectively. SGS Mineral Services in Lakefield completed the testwork and Orway Mineral Consultants of Mississauga, (a subsidiary of Lycopodium Ltd.) author of the testwork report notes that the "composite samples present mineralization that is amenable to processing by means of a conventional free milling gold circuit to achieve recoveries of 84% to 94% when ground to 80% passing 75 micron. The mineralization is not preg robbing, and has quite low concentrations of elements that have a deleterious effect on economic gold recovery. The metallurgy of the material appears amenable to a standard free milling gold flowsheet and is similar to some deposits in the region currently in production."

The recent discovery at Nkansu validated Pelangio's exploration techniques in areas of weak geochemical response. The area of mineralization extends along 700 metres between the Pokukrom East and Nfante West zones. Highlights from the drill results at Nkansu include:

• 0.57 g/t gold over 70 metres (including 1.00 g/t gold over 12 metres) in SGDD-201 from 39 metres down-hole;
• 0.77 g/t gold over 23 metres (including 1.06 g/t gold over 12 metres) in SGDD-203 from 42 metres down-hole.

The seventh area of mineralization was discovered 3.85 kilometres north of Pokukrom East, at Sika North. Results received from the one hole (SODD-250) drilled at azimuth 212 in the southern end of a geochemical anomaly extending over 700 metres, returned:

• 1.78 g/t gold over 15 metres from 19 to 34 metres, including 6.74 g/t gold over 3.5 metres;
• 0.44 g/t gold over 23 metres from 69 to 92 metres.

To date, Pelangio has been successful drilling soil anomalies along a nine kilometre trend running through the Manfo property. In addition, the drilling at Nkansu established the validity of using magnetics as a targeting tool. Currently more than 12 targets have been identified for further testing with surface work and drilling on this same trend. Twenty-four holes remain to be released as the results are received and evaluated. In addition, widely spaced soil geochemistry and initial prospecting have provided indications that there may be another trend to the west extending through our property. The surface exploration program will extend to this area as well. 

Obuasi Property Outlook

The Obuasi Property is located immediately adjacent to and on strike with AngloGold Ashanti's Obuasi Mine, which has produced over 30 million ounces of gold since 1897 and currently holds a further 31.86 million ounces of gold in reserves and resources (9.37 million ounces of proven and probable reserves grading 7.07 g/t gold in a global resource grading 6.41 g/t comprising 19.64 million ounces of measured and indicated resources and 12.22 million ounces of inferred resources - refer to AngloGold Ashanti's Mineral Resource and Ore Reserve Report 2011 (the "Obuasi Resource Report")).

Exploration is currently focused around the North Government area where the most recent diamond drill program encountered high grade results:

• 24.5 g/t over 1 metre, in PG11-NGT-121 from 194 metres down-hole;
• 11.3 g/t over 2 metres in PG11-NGT-122 from 193 metres down-hole;
• 6.0 g/t over 2 metres in PG11-GT-111 from 118 metres down-hole.

A large surface exploration program consisting of soil geochemistry and trenching is underway covering ten square kilometres around the North Government area.

Akroma Property Outlook

The Akroma property is a very early stage prospect in an area of Ghana that has undergone very little previous exploration. It was acquired based on a stream sediment sampling program and some prospecting. A soil geochemistry program has been completed covering the entire property and over 3,000 samples have been submitted for analysis. 

Quality Assurance/Quality Control and Qualified Person

The drill holes reported in this press release were drilled using HQ (63.5 mm) and NQ (47.6 mm) sized diamond drill bits. Company security is provided at the drill site. Contractors working for Pelangio conducted all logging and sampling. The core was logged, marked up for sampling using standard lengths of one metre, and divided into equal halves using a diamond saw. One half of the core was left in the original core box and stored in a secure location at the Pelangio compound in Tepa, Ghana. The other half was sampled, placed into sealed bags and securely stored at the site until it was shipped to the ALS Chemex laboratory in Kumasi, Ghana. The core was dried and crushed by ALS Chemex, and a 150 gram pulp was prepared from the coarse crushed material. ALS Chemex conducted routine gold analysis using a 50 gram charge and fire assaying with atomic absorption finish. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream at the rate of one duplicate and either one certified reference blank or standard per 20 samples. In addition, ALS Chemex inserted one preparation blank and a certified reference sample in for every 20 samples, and ran one duplicate analysis every 20 samples.

The exploration program at the Manfo Property is overseen by Warren Bates, P. Geo. (Ontario), a Qualified Person within the meaning of National Instrument 43-101. Mr. Bates has verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information.

About Pelangio

Pelangio successfully acquires and explores camp-sized land packages in world-class gold belts, while using innovative corporate restructuring to maximize shareholder value. The Company primarily operates in Ghana, West Africa, an English-speaking, common law jurisdiction that is consistently ranked amongst the most favourable mining jurisdictions in Africa. The Company is exploring two 100%-owned camp-sized properties: the 100 km² Manfo Property, the site of seven recent near-surface, high grade and bulk tonnage, gold discoveries, and the 290 km² Obuasi Property, located four kilometres 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, follow us on Twitter @PelangioEx.

Forward-Looking Statements

Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws and such statements and information may be based on numerous assumptions. Forward-looking statements and information include statements regarding the Company's exploration plans and exploration results with respect to the Manfo Property and the Obuasi 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. Accordingly, readers should not place undue reliance on forward-looking statements or information. See the Company's annual information form, 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. The Company undertakes 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.