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CIM Cagim Real Estate Corp

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Share Name Share Symbol Market Type
Cagim Real Estate Corp TSXV:CIM TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Pelangio Provides Exploration Update on the Manfo Property

30/10/2013 8:30pm

Marketwired Canada


Pelangio Exploration Inc. (TSX VENTURE:PX)(OTCQB:PGXPF) ("Pelangio" or the
"Company") is pleased to provide an update on exploration activities at the
Manfo property in Ghana.


Mechanical Auger Program

Pelangio has completed approximately 3,800 metres of vertical drilling in a 603
hole mechanized auger drill program on two separate areas of the Manfo property
between March and September 2013. Holes were drilled to an average depth of six
metres on a grid spacing of 100 metres by 25 metres, with sampling being done on
a metre-by-metre basis. Southwest of the Pokukrom East resource area, auger
drill holes covering an area of five kilometres by 400 metres have been
completed. These holes were spotted on a magnetic low area along strike from
Pokukrom East. The second area of auger drilling was located approximately one
kilometre north of the Nfante East area and covered one kilometre of strike
length. Assays for this program are pending.


Reverse Circulation (RC), Air Core and Rotary Air Blast (RAB) Drill Commissioning

On September 10th, Pelangio commenced on a combined RC and RAB/Air Core drill
program - the commissioning program of the Grasshopper drill rig, a highly
mobile track-mounted drill rig with a small environmental footprint, which
Pelangio arranged to have delivered to Ghana. The drill program will test some
of the key areas around the Pokukrom East resource area, as well as exploration
targets at the Sika North and Nkansu areas, which were established by diamond
drilling and trenching in 2012 and 2013. The drill program will also test
geophysical targets in the West IP area. Completion of the program is expected
by mid-December, at which time the program will have established cost effective
parameters for RC, RAB and Air Core programs using the Grasshopper drill rig. 


Hole depths for RAB and Air Core drill holes are expected to reach 40 metres,
and RC drill holes are expected to reach up to 150 metres. 


Grant of Options

The Board of Directors has approved the grant of options to purchase 150,000
shares to a director of the Company, which options are exercisable into common
shares of the Company at a price of $0.075 per share. Subject to the rules of
the TSX Venture Exchange and the Company's Stock Option Plan the options have a
term of five years and will expire on October 28, 2018.


Pelangio's Senior Vice President Exploration is Warren Bates, APGeo (APG #0211),
a Qualified Person as defined by Canadian Securities Administrators' National
Instrument 43-101 ("NI 43-101"), who has reviewed the technical content of this
press release.


About Pelangio Exploration Inc.

Pelangio successfully acquires and explores camp-sized land packages in
world-class gold belts, while using innovative corporate restructuring to
maximize shareholder value. 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%-owned camp-sized properties: the 100 km2 Manfo Property,
the site of seven recent near-surface gold discoveries and which currently hosts
a mineral resource of 195,000 ounces of gold in the Indicated category
(3,973,000 tonnes at 1.52 g/t Au) and 298,000 ounces of gold in the Inferred
category (9,666,000 tonnes at 0.96 g/t Au), estimated in conformity with
generally accepted Canadian Institute of Mining, Metallurgy and Petroleum
("CIM") Estimation of Mineral Resource and Reserves Best Practices Guidelines
and are reported in accordance with NI 43-101, the 290 km2 Obuasi Property,
located four kilometres on strike and adjacent to AngloGold Ashanti's prolific,
high-grade Obuasi Mine, which has produced over 30 million ounces of gold since
1897, and the early-stage 160 km2 Akroma Property. 


For additional information, please visit our website at www.pelangio.com or
follow us on Twitter: http://www.twitter.com/PelangioEx 


Cautionary Note Regarding Mineral Resource Estimates

Investors should not assume that any of the indicated or inferred resource
disclosed herein will ever be upgraded to a higher category of mineral resource
or to mineral reserves and that any or all of the indicated or inferred mineral
resource exist or is or will be economically or legally feasible to mine. In
addition, investors should not assume that any of the references herein to
adjacent properties (based on public information) is necessarily indicative of
the mineralization on the Manfo property or that further exploration on the
Manfo property will prove to be successful.


The disclosure herein uses mineral resource classification terms that comply
with reporting standards in Canada and the disclosure of mineral resource
estimates are made in accordance with National Instrument 43-101 - Standards of
Disclosure for Mineral Projects. NI 43-101 is a rule developed by the Canadian
Securities Administrators that establishes standards for all public disclosure
an issuer makes of scientific and technical information concerning mineral
projects that are considered material to the issuer. 


All resource estimates contained herein are based on the definitions adopted by
CIM and recognized under NI 43-101. These standards differ significantly from
the mineral reserve disclosure requirements of the U.S. Securities and Exchange
Commission set out in Industry Guide 7. Consequently, resource information
contained in this press release is not comparable to similar information that
would generally be disclosed by U.S. companies in accordance with the rules of
the SEC. The SEC's Industry Guide 7 does not recognize mineral resources and US.
companies are generally not permitted to disclose mineral resources in documents
they file with the SEC. Investors are specifically cautioned not to assume that
any part or all of the mineral resources disclosed above will ever be converted
into SEC defined mineral reserves. Further, "inferred mineral resources" have a
great amount of uncertainty as to their existence and as to whether they can be
mined legally or economically. In accordance with Canadian rules estimates of
inferred mineral resources generally cannot form the basis of an economic
analysis. 


Forward Looking Statements

Certain statements herein may contain forward-looking statements and
forward-looking information within the meaning of applicable securities laws.
Forward-looking statements or information appear in a number of places and can
be identified by the use of words such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate" or "believes" or variations of
such words and phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements and information include statements regarding the
mineral resource estimate, the timing of exploration programs and filing of
technical reports and the Company's exploration plans and exploration results
with respect to the Obuasi Property and the Manfo Property. With respect to
forward-looking statements and information contained herein, we have made
numerous assumptions, including assumptions about gold price, cut-off grades,
metallurgical recoveries, operating and other costs and technical assumptions
used in the estimate.


Such forward-looking statements and information are subject to risks,
uncertainties and other factors which may cause the Company's actual results,
performance or achievements, or industry results, to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statement or information. Such risks include discrepancies
between actual and estimated mineral resources, subjectivity of estimating
mineral resources and the reliance on available data and assumptions and
judgments used in the interpretation of such data, speculative and uncertain
nature of gold exploration, exploration costs, capital requirements and the
ability to obtain financing, volatility of global and local economic climate,
share price volatility, estimate gold price volatility, changes in equity
markets, political developments in Ghana, increases in costs, exchange rate
fluctuations and other risks involved in the gold exploration industry. See the
Company's annual information form and annual and quarterly financial statements
and management's discussion and analysis for additional information on risks and
uncertainties relating to the forward-looking statement and information. There
can be no assurance that a forward-looking statement or information referenced
herein will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements or information.
Also, many of the factors are beyond the control of the Company. Accordingly,
readers should not assume that any of the indicated or inferred resource will
ever be upgraded to a higher category or to mineral reserves and any or all
exist or is economically or legally feasible to mine or place undue reliance on
forward-looking statements or information. We undertake no obligation to reissue
or update any forward-looking statements or information except as required by
law. All forward-looking statements and information herein are qualified by this
cautionary statement. 


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Pelangio Exploration Inc.
Ingrid Hibbard
President and CEO
905-875-3828 or Toll-free: 1-877-746-1632
(905) 875-3829 (FAX)


Pelangio Exploration Inc.
Warren Bates
Senior Vice President Exploration
905-875-3828 or Toll-free: 1-877-746-1632
(905) 875-3829 (FAX)
info@pelangio.com
www.pelangio.com

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