StockGuru Shines its Spotlight on Pelangio Exploration Inc. (OTCBB: PGXPF) Upon Announcment of Results from Eight Additional Diamond Drill Holes – July 11, 2011

StockGuru Shines its Spotlight on Pelangio Exploration Inc. (OTCBB: PGXPF) Upon Announcment of Results from Eight Additional Diamond Drill Holes – July 11, 2011

Dallas, Texas (July 11 , 2011) – StockGuru shines its Spotlight on Pelangio Exploration Inc. (TSX VENTURE:PX)(OTCBB: PGXPF) (“Pelangio” or the “Company”) upon today’s announcment of results from eight additional diamond drill holes.  Pelangio Exploration Inc. closed at $0.5947 on Friday, July 8, 2011, trading on volume of 19,000 shares.

The eight additional diamond drill holes total 1,434 metres at the Pokukrom West and Pokukrom East gold zones on the Manfo Property in Ghana. Highlights of the results reported today include:

Pokukrom West

  • 1.00 grams per tonne (g/t) gold over 50 metres in SPDD-136 from 10 metres down-hole, including 4.10 g/t gold over 5 metres from 39 metres down-hole;
  • 1.12 g/t gold over 23 metres in SPDD-138 from surface, including 2.53 g/t gold over 7 metres from 13 metres down-hole, extending the near surface strike of the Pokukrom West zone to 150 metres;
  • 1.85 g/t gold over 17 metres in SPDD-139 from 129 metres down-hole, including 7.00 g/t gold over 4 metres from 136 metres down-hole at 100 metres vertical depth.

Pokukrom East

  • 1.01 grams per tonne (g/t) gold over 38 metres in SPDD-129 from 11 metres down-hole in a broader intersection of 0.81 g/t gold over 54 metres from 5 metres down-hole, on the same section as previously announced SPDD-089 (1.03 g/t gold over 46 metres), SPDD-127 (1.53 g/t gold over 42 metres) and SPDD-128 (1.59 g/t gold over 16 metres).

“We are defining a north plunging, steeply dipping high-grade gold zone at Pokukrom West,” stated Warren Bates, Senior Vice President Exploration. “The holes announced today primarily intersected the periphery of the high-grade zone, but confirm the strike and dip of the zone intersected in previously reported SPDD-130 (5.79 g/t gold over 8 metres) and SPDD-131 (14.10 g/t gold over 7 metres) and the potential for further high grade intersections as we continue to trace the mineralization down plunge.”

Mr. Bates continued, “At Pokukrom East, we continue to intersect very good bulk tonnage widths and grades. The results reported today from surface, along with SPDD-128 may represent a splay of the main zone intersected in SPDD-089 and SPDD-127. We are currently awaiting results from drilling to the south of the currently defined 660 metre long zone in the 1,300 metre long Pokukrom East anomaly, as we test the strike to the south with 100 metre step-outs.”

Geological Setting

The following table summarizes significant assay results reported herein:

Core Hole
From To Length Au Length
Area DHID1 (metre) (metre) (metres)2 (g/t) (metres)
Pokukrom
West
SPDD-136 10 60 50 1.00 108
including 34 45 11 2.52
including 39 44 5 4.10
SPDD-138 1 24 23 1.12 140
including 13 20 7 2.53
SPDD-139 129 146 17 1.85 216
including 136 140 4 7.00
Pokukrom
East
SPDD-129 5 59 54 0.81 103
including 11 49 38 1.01
  1. Of the holes released today, SPDD-129 and -136 to -142 were drilled at azimuth 117°and a -45°dip and SPDD-135 was drilled at azimuth 297°and a -70°dip. SPDD-135 and -140 to -142 did not contain significant mineralization. SPDD-137 was abandoned at 70 metres depth due to poor ground conditions and not sampled.
  2. Intervals are core length. Intersections drilled on Pokukrom West at azimuth 117°and -45°dip are estimated to be 70-75% of true width, while those drilled at azimuth 297°and -45°dip are estimated to be approximately true width. True widths of intersections from Pokukrom East will be defined with additional drilling. Unless otherwise indicated, a cut-off grade of 0.2 g/t gold was used in calculating intervals with allowance for up to five metres of internal dilution.

The Company interprets that Pokukrom West gold mineralization is contained within a steep east-dipping northeasterly striking shear zone hosted within a granitoid. Gold is hosted within an intensely sericitic zone with associated pyrite mineralization. Today’s intersections appear to encounter the lower grade periphery of the zone, with certain higher grade intersections potentially representing intersections of the high-grade zone previously identified.

To view a plan view of drilling at Pokukrom West to date, see: http://media3.marketwire.com/docs/Image1px.pdf

SPDD-136 and -139 were drilled on section 49500, along with SPDD-130 (5.79 g/t gold over 8 metres) and SPDD-131 (14.10 g/t gold over 7 metres), to confirm the dip of the Pokukrom West zone along strike. Both holes reported today intersected zones of high-grade gold mineralization, with SPDD-136 intersecting 4.10 g/t gold over 5 metres from 39 metres down-hole and SPDD-139 intersecting 7.00 g/t gold over 4 metres from 136 metres down hole to 100 metres vertical depth. The holes confirmed the steep east-dip of the high-grade zone, which remains open at depth.

To view section 49500 at Pokukrom West, see: http://media3.marketwire.com/docs/Image2dpx.pdf

SPDD-138 was drilled on section 49550 and intersected a zone of moderate grade gold mineralization from surface (1.12 g/t gold over 23 metres including 2.53 g/t gold over 7 metres) that was not intersected by SPDD-140 and -141 at depth.

At Pokukrom East, SPDD-129 was drilled on section 49850, which also included SPDD-089 (1.03 g/t gold over 46 metres), SPDD-127 (1.53 g/t gold over 53 metres) and SPDD-128 (1.59 g/t gold over 16 metres). SPDD-129 was drilled as a 50-metre step forward from SPDD-128. The mineralization was intersected from surface within a quartz-carbonate and sericite-pyrite altered metagranitoid. This zone may be connected to the zone intersected in holes SPDD-089 and -127 or may be a splay of that zone, along with SPDD-128. Further holes will be drilled on the section to further define the zone(s).

To view a plan view of drilling at Pokukrom East to date, see: http://media3.marketwire.com/docs/Image3px.pdf

To view section 49850 at Pokukrom East, see: http://media3.marketwire.com/docs/Image4dpx.pdf

By way of correction, the Company’s press release dated May 24, 2011 contained a typographical error in reference to the azimuth of holes SPDD-130 and -132 to -134. These holes were drilled at azimuth 297°, rather than azimuth 117°as stated.

Drilling Progress and Exploration Outlook

Including the eight holes totaling 1,434 metres reported today (including one hole abandoned for 70 metres), Pelangio has completed 57 drill holes totaling 9,684 metres (including two holes abandoned for 134 metres) in its second phase program on the Manfo Property, of which 47 drill holes have been reported to date. Further assay results will be released in due course.

Pelangio’s exploration focus on the Manfo Property is to identify near-surface, drill ready targets through geochemical sampling and to test and extend such targets with drilling and geophysical surveying. The Company’s aim during 2011 is to discover and delineate as many gold mineralized zones on the Manfo Property as possible.

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, then split 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 per every 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 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, or 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. 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 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.

Neither 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.

 

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