Pelangio announces private placement


    TORONTO, April 2 /CNW/ - Pelangio Mines Inc. (PLG: TSX) ("Pelangio" or
the "Company") is pleased to announce that it has agreed to offer by way of
private placement (the "Flow-Through Private Placement") an aggregate of up to
358,000 flow-through common shares of the Company at a price of $1.40 per
share to private placees in Canada. The funds raised under the Flow-Through
Private Placement will be used to advance exploration at Pelangio's Hemlo
Seeley Lake Project and Black Township Project. Closing is expected to occur
on or about April 12, 2007.
    Pelangio also announces that it has agreed to offer by way of private
placement (the "Private Placement") an aggregate of up to 175,000 common
shares of the Company at a price of $0.99 per share to certain private
placees. The funds raised under the Private Placement will be used for working
    The Flow-Through Private Placement and Private Placement are subject to
certain approvals, including any necessary regulatory and stock exchange
    Pelangio further announces that it has released its audited financial
statements for the year ended December 31, 2006. The audited financial
statements together with the related management's discussion and analysis and
Pelangio's annual information statement for the period ended December 31, 2006
is available on SEDAR under the company's name, Pelangio Mines Inc.

    Pelangio is a gold exploration company active in the top-ranked mining
jurisdictions in the world, Canada and Ghana. The Company's main focus is to
advance its exploration programs on its premier land position in Ghana
totaling 411 square kilometers, located on strike and adjacent to AngloGold
Ashanti's Obuasi gold mine.

    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 the issuance of
shares in connection with the private placements and the use of the funds
raised thereunder. With respect to forward-looking statements and information
contained herein, we have made numerous assumptions, including the closing of
the private placements. Forward-looking statements and information are by
their nature based on assumptions and involve known and unknown risks,
uncertainties and other factors which may cause our 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 the failure
to close the private placements. See our annual information form, management
information circular, and our quarterly and annual 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 Pelangio. Accordingly, readers should not place
undue reliance on forward-looking statements or information. All
forward-looking statement and information herein are qualified by this
cautionary statement.

For further information:

For further information: please visit our website at or
contact: Ingrid Hibbard, President & CEO - Pelangio Mines Inc., Tel: (905)
875-3828, Fax: (905) 875-3829, Email:; Laurie Gaborit,
Investor Relations - Pelangio Mines Inc., Tel: (416) 350-2112, Fax: (905)
875-3829, Email:; Martti Kangas, Investor Relations -
The Equicom Group Inc. (Toronto), Tel: (416) 815-0700 ext. 243, Fax: (416)
815-0080, Email:

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