Pelangio Exploration Inc. Enters Option Agreement to Acquire Properties in Manitouwadge, Ontarioadmin
Pelangio Exploration Inc. announce that on September 15, 2008, it entered into an option agreement with various vendors pursuant to which it has been granted an option to acquire a 100% interest in (i) the Moshkinabi property, comprising 14 claims, 110 units, 1,760 hectares, located in the Herbert and Roberta Townships of the Thunder Bay Mining Division, Ontario, and (ii) the Fairies Lake and Rawluk properties, comprising 10 claims, 83 units and 1,328 hectares, located in Cecil Township of the Thunder Bay Mining Division, Ontario (the “Fairies Properties”).
The Moshkinabi Property is host to a poly-metallic nickel (Ni), copper (Cu), platinum/palladium (Pt/Pd) rich massive sulphide unit hosted in a metamorphosed suite of volcanics overlain by a sulphide rich ultramafic unit, that can be traced along a strike of two kilometres. Grab samples taken by the Company returned values of up to 3.9 g/t combined Pt/Pd accompanied by up to 1% Cu and 0.2% Ni. All information at this stage indicates good potential for both bulk tonnage Cu-PGM and massive sulphide Ni-Cu type deposits.
The Fairies Properties are both host to Cu and gold massive sulphide showings. The general setting and environment of the Fairies Properties indicates good potential for massive sulphide deposits.
Under the terms of the Option Agreement, Exploration may acquire the interest by making payments totaling $385,000 to the vendors, with such payments to be made on specified dates within four years after the execution of the Option Agreement.
Exploration is a mineral exploration company active in the top-ranked mining jurisdictions in the world, Canada and Ghana. The Company’s main focus is to advance its exploration programs on its premier land position in Ghana totaling 290 square kilometres, located on strike and adjacent to AngloGold Ashanti’s Obuasi gold mine.
For additional information, please visit our website at www.pelangio.com.