Ms. Ingrid Hibbard reports

PELANGIO EXPLORATION ANNOUNCES FIRST CLOSING OF PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $113,500

Pelangio Exploration Inc. has closed the first tranche of a non-brokered private placement of up to $500,000 announced on Feb. 28, 2024. The first tranche raised gross proceeds of $113,500 from the issuance of 7,566,666 units at a price of 1.5 cents per unit.

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 five cents until March 27, 2029.

The company paid finders' fees to Raymond James totalling $500 in cash and 33,333 warrants. Each finder's warrant entitles the holder to purchase one common share at a price of five cents until March 27, 2029. All findes' 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 July 28, 2024. The private placement remains subject to obtaining final approval of the TSX Venture Exchange.

Certain insiders of the company participated in the private placement for an aggregate total of $85,500. The participation by such insiders constituted a related party transaction as such term is defined by Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company was exempt from the MI 61-101 valuation and minority approval requirements for related party transactions in connection with the Offering under sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves the related parties, exceeds 25 per cent of the company's market capitalization (as determined under MI 61-101).

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 km Obuasi property, located four km on strike and adjacent to AngloGold Ashanti's prolific high-grade Obuasi mine, as well as the 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 km southwest of Timmins, and at its Mann polymetallic project, located between two discoveries recently made by Canada Nickel at the Mann Northwest property and the Newmarket property.

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