Pelangio Exploration (PX:TSX-V; OTC PINK:PGXPF) is a mineral exploration company that acquires and explores large land packages in world-class gold belts in both Canada and West Africa, with a strategy designed to capitalize upon acquisition opportunities arising during bear markets and wealth creation occurring during bull markets. To this end the company holds a portfolio of strategically located projects that it categorizes as core and peripheral assets. The peripheral assets are leveraged through a project generator model which aids the company in sustaining its operating costs. The core assets are Pelangio’s principal focus and the subject of thorough geological study and exploration programs in order to make discoveries. Pelangio’s core assets are located within prolific gold belts in both Ontario, Canada and Ghana, West Africa.
In Canada, the company is focusing on the Dome West property located 800 metres from the Dome Mine in Timmins, the Dalton Property located 1.5 km from the Hollinger mine in Timmins, and the 25 km2 Birch Lake Property located in the Red Lake Mining District. In Ghana, the Company is focusing on two 100% owned camp-sized properties: the 100 km2 Manfo Property, the site of seven recent near-surface gold discoveries, and the 284 km2 Obuasi Property, located 4 km on strike and adjacent to AngloGold Ashanti’s prolific high-grade Obuasi Mine. Ghana is an English-speaking, common law jurisdiction that is consistently ranked amongst the most favourable mining jurisdictions in Africa.
The Company’s most well-known success was the acquisition, exploration, re-envisioning, and subsequent sale of the Detour Lake deposit in Northern Ontario to Detour Gold Corporation. This property is now a long life, large-scale open pit mining operation with reserves of over 16 million ounces of gold. Through an innovative approach to corporate structure, Pelangio’s President and CEO, Ingrid Hibbard, negotiated a deal in which Pelangio sold the project for 20 million shares (a 50% interest in Detour Gold Corp). This strategy allowed for Pelangio’s early shareholders to realize extraordinary returns. A purchaser of Pelangio Mines Inc. shares in January 2004 might have paid $0.10 per share. By late 2010, with Detour Gold at $30 and Pelangio Exploration at $1.00, those original shares would have been worth $8.70, a remarkable 8600% return on the initial investment. Those returns illustrate Pelangio’s goal of generating wealth for its shareholders via both the drill bit and intelligent corporate structuring.
To learn more about Pelangio Exploration, please contact:
Ingrid Hibbard, President and CEO