03:12:55 EDT Sat 20 Apr 2024
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Pelangio Exploration Inc
Symbol PX
Shares Issued 235,538,329
Close 2017-05-30 C$ 0.045
Market Cap C$ 10,599,225
Recent Sedar Documents

Pelangio appoints Thomson to board, files Q1 results

2017-05-31 11:53 ET - News Release

Ms. Ingrid Hibbard reports

PELANGIO REPORTS APPOINTMENT OF ADDITIONAL DIRECTOR, ANNUAL GENERAL MEETING VOTING RESULTS, AND FILING OF FIRST QUARTER RESULTS FOR 2017

Pelangio Exploration Inc. has appointed an additional director, has released the voting results from its annual general meeting of shareholders held on May 30, 2017, and has filed its first quarter financial results for 2017.

Appointment of additional director

Pelangio is pleased to announce the appointment of Kevin P. Thomson, PGeo, to the board of directors. The appointment is effective immediately following the meeting and expands the board to six directors, five of whom are independent. Mr. Thomson is a senior mining professional with 29 years experience, including international technical, corporate and project management experience in West Africa and Canada. His experience ranges from project generation and grassroots exploration to resource development, project assessment and due diligence. Mr. Thomson previously resided in Ghana for 12 years, during which time he served as group exploration manager at Perseus Mining Ltd. and regional exploration manager at Newmont Mining Corp. Mr. Thomson holds an honours BSc, geology and physical geography, from McMaster University and is a member of the Association of Professional Geoscientists of Ontario (No. 0191). Mr. Thomson has been a non-executive director of Australian Securities Exchange-listed Amani Gold Ltd. since 2011.

"We are thrilled that Kevin has joined the Pelangio board. Kevin has an exceptional track record in mining exploration, discovery and project advancement as well as extensive knowledge of Ghana," commented Pelangio's president and chief executive officer, Ingrid Hibbard.

AGM voting results

Pelangio's shareholders voted in favour of all items of business at the meeting held on May 30, 2017. A total of 104,981,495 (44.57 per cent) of Pelangio's common shares were represented at the meeting.

The five nominees listed in the management proxy circular dated April 13, 2017, were re-elected as directors of Pelangio. Detailed results of the vote for the election of directors are set out in the table.

Nominee          Votes for  % for  Votes withheld  % withheld

Ingrid Hibbard  96,060,984  99.86         131,850        0.14   
Philip Olson    95,554,484  99.34         638,350        0.66   
David Mosher    95,566,484  99.35         626,350        0.65   
Carl Nurmi      95,566,484  99.35         626,350        0.65   
Ian Shaw        95,554,772  99.34         638,350        0.66

Appointment of officers

Following the meeting, the board of directors appointed Sam Torkornoo as vice-president, Africa, and appointed Warren Bates as senior vice-president, exploration.

Mr. Torkornoo has 22 years of professional experience as a geologist and project manager for a number of multinational exploration companies. Mr. Torkornoo has a BSc in geological engineering from Kwame Nkrumah University of Science and Technology in Kumasi, Ghana, and an MBA in international management of resources and environment from Technische Universitat Bergakademie Freiberg, Germany. Mr. Torkornoo is a member of the Association of Professional Geoscientists of Ontario, the Australasian Institute of Mining and Metallurgy, the Ghana Institute of Geoscientists, and the Society of Economic Geologists. Mr. Torkornoo is currently the chair of the exploration committee of the Ghana Chamber of Mines.

In addition, the following were reappointed as officers of the company: Carl J. Nurmi as non-executive chairman, Ms. Hibbard as president and chief executive officer, Paul Rokeby as chief financial officer, and Andrew Todd as corporate secretary. Biographies for all officers of the company other than Mr. Torkornoo and Mr. Todd can be found on the company's website.

First quarter results

Also, Pelangio announces financial and operational results for the three months ended March 31, 2017. Financial reports and management's discussion and analysis are available on both the company's website and SEDAR.

Q1 2017 operational highlights

Africa -- Dormaa project -- option agreement with Roscan Minerals Corp.

Pelangio received the first and second payments of $150,000 each on March 6, 2017, and May 4, 2017, pursuant to the option and joint venture agreement with Roscan Minerals to jointly advance the Dormaa project in Ghana, West Africa.

Canada -- Birch Lake property -- option agreement with Noka Resources Inc. (now Pacton Gold Inc.)

Pelangio received $75,000 and 900,000 common shares of Pacton Gold pursuant to the option agreement with Pacton, which may acquire a 100-per-cent interest in the Birch Lake property in Ontario's Red Lake district.

Canadian Mining EXPO 2017 -- The Big Event

Pelangio will be presenting and exhibiting at The Big Event held Wednesday, May 31, and Thursday, June 1, 2017, in Timmins, Ont. Ms. Hibbard will be giving a presentation about the company at the investor forum on Thursday, June 1, 2017, at 1:30 p.m.

About Pelangio Exploration Inc.

Pelangio successfully acquires and explores camp-sized land packages in world-class gold belts. The company primarily operates in Ghana, West Africa, an English-speaking, common-law jurisdiction that is consistently ranked amongst the most favourable mining jurisdictions in Africa. The company is exploring three 100-per-cent-owned camp-sized properties: the 100-square-kilometre Manfo property, the site of seven recent near-surface gold discoveries, the 264-square-kilometre Obuasi property, located four km on strike and adjacent to AngloGold Ashanti's prolific high-grade Obuasi mine, and the early-stage 159 square km Akroma property.

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