Ms. Ingrid Hibbard reports

PELANGIO EXPLORATION CLOSES PRIVATE PLACEMENT FOR A TOTAL RAISE OF $1.2 MILLION

Pelangio Exploration Inc. has closed the final tranche of its non-brokered private placement of up to $1.2-million announced on Dec. 6, 2017. This tranche has raised gross proceeds of $675,000 from the issuance of 13.5 million units at a price of five cents per unit. This completes the total $1.2-million private placement for the issuance of 24 million units.

Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of seven cents until Dec. 15, 2020.

The company paid finder's fees to Zuri-Invest AG totalling an aggregate of $54,000 in cash and 1.0 million non-transferable finder's warrants, with each such warrant entitling the holder thereof to acquire one common share at a price of five cents per share until Dec. 15, 2020. All finder's fees are subject to compliance with applicable securities legislation and TSX Venture Exchange policies. All securities issued in this closing of the private placement are subject to statutory four-month hold periods expiring on May 18, 2018. The private placement remains subject to obtaining final approval of the TSX Venture Exchange.

The company intends to use the proceeds from the private placement to continue a planned $2-million multiphase exploration program and for working capital purposes, all as further described in the company's news release dated Oct. 11, 2017.

About Pelangio Exploration Inc.

Pelangio 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 km 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 properties, which include the Dormaa and Wamfie concessions.