Ms. Ingrid Hibbard reports

PELANGIO EXPLORATION ANNOUNCES CLARIFICATION TO PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT FOR GROSS PROCEEDS UP TO $500,000

Pelangio Exploration Inc. has clarified details of the previously announced non-brokered private placement for gross proceeds of up to $500,000. The offering will consist of the sale of units of the company at a price of three cents per unit. Each unit consists of one common share of the company and one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at a price of five cents for a period of five years from the initial closing date of the offering. The company intends to use the gross proceeds for working capital, including up to 10 per cent for settling non-arm's-length payables, as well as general corporate purposes, including land maintenance costs.

The offering is subject to customary closing conditions, including, but not limited to, receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange. The closing of the offering may occur in one or more tranches, with the initial closing date of the offering expected to occur on or around Sept. 25, 2023, and is not subject to receipt of a minimum amount of gross proceeds. The securities issued pursuant to the offering will be subject to a four-month-and-one-day hold period in accordance with applicable Canadian securities laws and TSX-V policies. The offering is open to participation by insiders.

About Pelangio Exploration Inc.

Pelangio acquires and explores prospective land packages located in world-class gold belts in Ghana, West Africa, and Canada. In Ghana, the company is focused on its two 100-per-cent-owned camp-sized properties: the 100-square-kilometre Manfo property, the site of eight near-surface gold discoveries; and the 284-square-kilometre Obuasi property, located four kilometres on strike and adjacent to AngloGold Ashanti's prolific high-grade Obuasi mine, as well as the newly optioned Dankran property, located adjacent to its Obuasi property. In Canada, the company is currently focused in Ontario: at its newly acquired gold, silver, zinc polymetallic Kenogaming project, located 63 kilometres southwest of Timmins, its Dome West property, situated approximately 800 metres from the Dome mine in Timmins; and at its Gowan polymetallic project, located 16 kilometres east of the Kidd Creek mine.

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