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Pelangio Exploration acquires 100% stake in another Ghana gold mine

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Canadian-based gold mining firm, Pelangio Exploration says it has acquired a 100% interest in the 100 km2 Manfo Property in Ghana subject to government’s legislated 10% carried interest upon commencement of mining operations.

The Company said on September 1, 2011 that it recently completed the final payment and granted the applicable royalties under the option agreements in respect of the Manfo Property.

On June 16, 2011 Pelangio announced that it has acquired a 100% interest in the 290 km2 Obuasi gold mine. It says if Ghanaian authorities okay the move, “title to the Manfo Property will be transferred to Pelangio in due course.”

“The Manfo Property continues to prove itself as a company-maker and we plan to build on this asset during the coming year,” said Ingrid Hibbard, President and Chief Executive Officer of Pelangio.

The mine is located on the Sefwi greenstone belt between the Ahafo and Chirano mines operated by Newmont and Kinross respectively.

By Ekow Quandzie

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One comment

  1. There we go again Mills and where is the benefit. Tell me how Ghana is going to benefit out of this. interesting when poor judgement made by sitting leader such as this.