Business
Pelangio Exploration Inc. Enters Agreement to Develop the Manfo Project
Strategic Partnership Aims to Advance the Project into Production in Ghana's Sefwi Gold Belt ...
About this update from Pelangio Exploration Inc.
[{"type":"text","content":"Pelangio Exploration Inc. Enters Agreement to Develop the Manfo ProjectStrategic Partnership Aims to Advance the Project into Production in Ghana's Sefwi Gold Belt TORONTO, ON / ACCESSWIRE / August 27, 2024 / Pelangio Exploration Inc. (TSXV:PX) (\"Pelangio\") is pleased to announce that on August 26th, 2024 it has entered a binding Letter of Intent (LOI) with MFD Investment Holdings SA (\"MFD\"), granting MFD the option to earn an undivided 10% interest in the Manfo Project, located on the Sefwi Gold Belt in the Ashanti Region of Ghana. This strategic partnership will accelerate the development of the project, aiming for a first gold pour in 2027.The agreement outlines MFD's commitment to complete a Preliminary Economic Assessment (PEA) and invest up to $1 million in developmental expenditures by December 31, 2025. Upon fulfilling these obligations, or achieving a first gold pour by December 2027, MFD will acquire a 10% interest in the Manfo Project.\"We are excited to collaborate with MFD on this significant project,\" said Ingrid Hibbard, CEO of Pelangio Exploration Inc. \" This partnership aligns with Pelangio's strategy to leverage partnerships to expedite project development while retaining a strong interest in high-potential assets. This agreement provides Pelangio shareholders with a non-dilutive financing partner that will focus on Manfo, allowing us to accelerate development efforts and unlock the project's full potential.\"Under the terms of the agreement, MFD will engage a qualified consultant to conduct the PEA, which will evaluate the economic viability of the Manfo Project in accordance with National Instrument 43-101 standards. The joint venture structure that follows the successful completion of the option will see Pelangio retain a 90% interest in the project, with MFD holding 10%.Pelangio will remain the operator of the joint venture, overseeing the exploration, development and eventual operating activities with the aim of going into production.\"It is rare to find these types of opportunities in the mining sector,\" stated Antonios Maragakis, CEO and Director of MFD Investment Holdings. \"The Manfo Project has extensive drilling, is located in a Tier 1 mining jurisdiction with the potential for significant upside through technical work plus continuing resource and expansion drilling. We look forward to leverag...