Financial Press: Pelangio Expands the High Grade Potential of its Gold Discoveries on Ghana’s Prolific Sefwi Gold Belt

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NEW YORK (Financial Press): Canadian gold explorer Pelangio Exploration just confirmed its growing gold discovery is bigger and higher-grade than earlier results had indicated.

(Source: Pelangio Exploration Presentation)

Canadian gold explorer Pelangio Exploration just confirmed its growing gold discovery is bigger and higher-grade than earlier results had indicated.

Today’s results are very positive and are in line with a string of recent successes for Pelangio Exploration. The company was originally created in September 2008 as a spin-off from Pelangio Mines – the company that re-envisioned the Detour Lake Deposit, now the flagship project of Detour Gold currently valued at $2.8 billion.

Pelangio Exploration, meanwhile, has proven its potential to become another big gold discovery success story.

Pelangio has acquired large stakes on Ghana’s legendary greenstone belts, some of the most prolific gold-producing regions in the world. It has 390 square kilometers of prospective gold targets and discoveries spread across two 100% owned properties – Obuasi and Manfo, as well as an option to acquire 100% of a third, 100 square kilometer property, Akroma. And it’s aggressively exploring those projects.

Its Manfo project, located between Newmont Mining’s 16.75 million ounce Ahafo gold mine and Kinross Gold’s 2.81 million ounce Chirano gold mine, has already had five separate discoveries on it.

Pelangio’s latest drilling results, released on January 17th, 2012, are from the Pokukrum East discovery on the Manfo property. And they demonstrate the project has the potential to be on par with many of the surrounding successful gold deposits and mines.

The results include:
1.19 grams per tonne (g/t) gold over 113 metres (or 1.15 g/t gold, cut to 30 g/t) in SPDD-184 from 131 metres down-hole, including 9.05 g/t gold over 7 metres (or 8.36 g/t gold, cut to 30 g/t)
2.60 g/t gold over 64 metres (or 2.36 g/t gold, cut to 30 g/t) in SPDD-188 from 96 metres down-hole, including 11.94 g/t gold over 10 metres (or 10.46 g/t gold cut to 30 g/t)
16.72 g/t gold over 4 metres (or 13.50 g/t gold, cut to 30 g/t) in SPDD-192 from 49 metres down-hole

The higher grade, shallow north plunging core of the Pokukrom East zone has now been identified from section 49350 to 49900 with an open plunge of 600 metres from near surface in SPDD-088 (7.01 g/t gold over 19 metres) to 210 metres depth in SPDD-184

The results are strong and indicate there could be much more at this project.

These results, however, are just the latest series in a string of successful exploration results over the last few months on the Pokukrum East zone at Manfo.

The image shows that the Pokukrum East zone host significant gold mineralization, with a number of high-grade intersections supported by a broad bulk tonnage zone of greater than one g/t gold.
Warren Bates, Pelangio’s Senior VP of Exploration said, “Drill holes SPDD-184 and SPDD-188 are our best holes on the Manfo Property to date. These holes represent the north-plunging core of higher grade mineralization at Pokukrom East, now demonstrating an open plunge length of 600 metres.”

In short, the project has big potential and its getting bigger.

Pelangio has a long history of success and today’s results may confirm what could be the company’s next big “company-maker” discovery.
It has set out an aggressive drill program, it has the cash it needs ($4.6 million cash on hand at last report in its September 2011 quarterly filing, with a further $8 million having been raised in a public offering that closed in late December 2011), and has the projects and knowledge to rapidly develop its discoveries.

If Pelangio continues to report similar drilling results, the company has a very bright future. And the professional gold investing community is starting to take Pelangio’s potential seriously. In a recently released analyst report, Fraser Mackenzie Limited has put an official target price of $1.80 on Pelangio’s shares – currently trading for CDN 42 cents per share.
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