TORONTO, ONTARIO -- (Marketwired) -- 05/07/13 -- Pelangio Exploration Inc. (TSX VENTURE: PX)(OTCQB: PGXPF) ("Pelangio" or the "Company") is very pleased to announce the preparation of an initial mineral resource statement for the Company's Manfo Property ("Manfo" or the "Property"). Mineral resources have been estimated in conformity with generally accepted Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Estimation of Mineral Resource and Reserves Best Practices Guidelines and are reported in accordance with Canadian Securities Administrators' National Instrument 43-101 ("NI 43-101") by SRK Consulting (Canada) Inc. ("SRK"). The announcement of the first resource statement for Manfo constitutes an important milestone in the long-term exploration strategy for Pelangio's gold properties in Ghana.
Highlights
The results of the initial gold resource indicate:
-- 40% of the estimated Gold Resource is in the Indicated category;-- Pittable Mineral Resource reported at cut-off grades of 0.40 grams of gold per tonne ("gpt") for oxide material and of 0.50 grams of gold per tonne ("gpt") for transitional / fresh material in relation to a conceptual pit shell: -- Indicated Resource of 3.973 million tonnes at 1.52 gpt gold, and -- Inferred Resource of 9.666 million tonnes at 0.96 gpt gold; and-- Gold mineralization remains open along strike and at depth as suggested by the out-of-pit resources.The Mineral Resource Statement(i) is presented below:Mineral Resource Statement(i) Manfo Gold Project, Ghana - SRK Consulting(Canada) Inc., May 6, 2013-------------------------------------------------------------------------------------------------------------------------------------------------------- Indicated Inferred ---------------------------------------------------- Quantity Grade Contained Quantity Grade Contained Cut-off (000' Au Au (000' Au AuCategory (Au gpt) tonnes) (gpt) (000'oz) tonnes) (gpt) (000'oz)----------------------------------------------------------------------------Inside PitOxide 0.40 49 0.96 2 458 1.07 16Transitional 0.50 382 1.96 24 876 1.13 32Fresh 0.50 3,543 1.49 169 918 1.09 32----------------------------------------------------------------------------Total 3,973 1.52 195 2,253 1.10 80----------------------------------------------------------------------------Outside PitOxide 0.40 50 0.68 1Transitional 0.50 217 0.72 5Fresh 0.50 7,146 0.93 213----------------------------------------------------------------------------Total 7,413 0.92 218----------------------------------------------------------------------------Combined Inside and Outside PitOxide 0.40 49 0.96 2 508 1.05 17Transitional 0.50 382 1.96 24 1,093 1.05 37Fresh 0.50 3,543 1.49 169 8,064 0.94 245----------------------------------------------------------------------------Total 3,973 1.52 195 9,666 0.96 298--------------------------------------------------------------------------------------------------------------------------------------------------------(i)Mineral resources are not mineral reserves and do not have a demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates. The cut-off grades are based on a gold price of US$1,450 per ounce and metallurgical recovery of 94 percent for oxide, and 86 percent for fresh and transitional material. Mineral resources are reported in relation to an elevation determined from optimized pit shells. All composites have been capped where appropriate.
