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TORONTO, ONTARIO--(Marketwire - Feb. 10, 2011) -




THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.



Pelangio Exploration Inc. (TSX VENTURE:PX)(OTCBB:PGXPF) ("Pelangio" or the "Company") has amended the terms of the previously announced engagement agreement (the "Agreement", see press release dated February 1, 2011) with NCP Northland Capital Partners Inc. ("NCP") on behalf of a syndicate of agents led by NCP and including Fraser Mackenzie Limited and Pope & Company Limited (collectively, the "Agents").


Pursuant to the amended terms of the Agreement, the Agents now agree to sell by private placement on a best efforts basis up to 5,000,000 units ("Units") of Pelangio at a price of $0.80 per Unit for gross proceeds of up to $4 million (the "Offering"). Each Unit will consist of one common share (a "Common Share") and one-half of one common share purchase warrant (each whole purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share at a price of $1.10 for a period of 18 months from the closing date of the Offering (the "Closing Date"). The securities are subject to a four month hold period in accordance with applicable Canadian securities laws.


Pelangio intends to use the net proceeds from the Offering to fund exploration activities at its Manfo and Obuasi Properties in Ghana as well as for general working capital and other corporate purposes.


The Closing Date of the Offering is expected to occur on or about February 24, 2011, subject to receipt of all necessary regulatory approvals, including the TSX Venture Exchange.



The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdictions in which such offer, solicitation or sale would be unlawful. Any offering made will be pursuant to available prospectus and registration exemptions and restricted to persons to whom the securities may be sold in accordance with the laws of such jurisdictions and by persons permitted to sell the securities in accordance with the laws of such jurisdictions.




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. Pelangio's 100 square kilometre Manfo Property, which lies on Ghana's Sefwi greenstone belt between the Ahafo and Chirano mines, respectively operated by Newmont and Kinross, is the site of recent near-surface discoveries on four separate targets, including 36.21 g/t gold over 9 metres, 24.7 g/t gold over 5 metres; 1.5 g/t gold over 61 metres and 0.95 g/t gold over 33 metres. The Company is also actively exploring its 290 square kilometre Obuasi Property, located on strike and adjacent to AngloGold Ashanti's Obuasi Mine, which has produced over 30 million ounces of gold since 1897.


For additional information, please visit our website at >www.pelangio.com