Pelangio Exploration Signs Term Sheet to Acquire Abansuaso Property Adjacent to Its Manfo Project

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[{"type":"text","content":"Pelangio Exploration Signs Term Sheet to Acquire Abansuaso Property Adjacent to Its Manfo ProjectTORONTO, ON / ACCESSWIRE / November 26, 2019 / Pelangio Exploration Inc. (TSXV:PX)(OTCPINK:PGXPF) (\"Pelangio\" or the \"Company\") is pleased to announce it has entered into a binding Term Sheet with Supercare Group Limited (\"Supercare\") to acquire a 90% interest in the 60 square kilometer Abansuaso Prospecting License located adjacent to Pelangio's Manfo project.Highlights of the Abansuaso Propertystrike extensions of Pelangio's Nfante mineralized zones, all open to the southwestsite of significant artisanal mining workings over an area striking 1,500 meters and up to 800 meters widehistorical exploration by AngloGold Ashanti including results up to 4.03 g/t Au over 19 meters and 19.64 g/t over 5m from trenching and 1.52 g/t Au over 37 meters in Reverse Circulation drillingat least 2 kilometers strike of mineralization in multiple zones delineated by limited historic Anglogold Ashanti exploration and artisanal mining, plus an additional 2.5 kilometers of untested strike within the property\"We are very pleased that our collaboration with Supercare would allow the Manfo Project and the Abansuaso Property to be explored together,\" commented Ingrid Hibbard, President and CEO of Pelangio. \"Planning is underway for a first-phase drill program to begin as soon as possible.\"Term SheetIn order to acquire a 90% interest in the Abansuaso property, Pelangio would transfer to Supercare a 10% interest in Pelangio's Manfo property. Upon completion of the transfer, a Joint Venture would be formed to hold title to both the Manfo and Abansuaso properties. Pelangio would incur initial expenditures of US$2.5 million and thereafter each party may contribute funding on a pro rata basis (initially, 90% Pelangio and 10% Supercare) or have its participating interest diluted in accordance with a standard dilution formula. The Term Sheet is subject to approval of Pelangio's Board of Directors and satisfactory receipt of all regulatory and governmental approvals.The Abansuaso PropertyThe 60 square kilometer Abansuaso Prospecting License, contiguous to and immediately south of Pelangio's Manfo Project, covers the possible strike extensions of Pelangio's Nfante, Nfante West and Nfante East mineralized zones. Refer to Figures 1 and 2. Pelangio's Nfante Wes...

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