Pelangio Exploration acquires 100% stake in Ghana gold mine

Canadian-based gold mining firm, Pelangio says it has acquired a 100% interest in the 290 km2 Obuasi Property in Ghana.

The company said it recently completed the final payment totaling $750,000 under the option agreements in respect of the Obuasi Property in which the government of Ghana has 10% carried interest.

“Pelangio Exploration Inc. is pleased to announce that it has acquired a 100% interest in the 290 km2 Obuasi Property in Ghana (subject to the Government of Ghana’s legislated 10% carried interest upon commencement of mining operations)”, the company said in a statement on June 16, 2011.

The 290 km2 Obuasi Property is immediately adjacent to AngloGold Ashanti’s Obuasi Mine.

By Ekow Quandzie