Pelangio sale transaction of Detour Lake Property closing on January 31, 2007

    TORONTO, Jan. 30 /CNW/ - Pelangio Mines Inc. (PLG: TSX) ("Pelangio" or
the "Company") reports that Detour Gold Corporation ("Detour Gold") filed its
Final Prospectus on for its Initial Public Offering (the "Offering") of Common
Shares on January 24, 2007. Completion of the Offering is expected on January
31, 2007. Consequently, the completion of the sale of the Detour Lake Property
to Detour Gold has been extended to January 31, 2007.

    About Pelangio

    Pelangio is a gold exploration company active in the top-ranked mining
jurisdictions in the world, Canada and Ghana. The Company focuses on the
acquisition and exploration of under-valued or early stage exploration
prospects located on world-class gold belts, where the potential for discovery
can provide a significant return on investment.

    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 our exploration plans and exploration results with respect to our
Obuasi gold property, the estimation of mineral resources, the sale of the
Detour Lake Property and the issuance of shares in connection with the sale
and are subject to such forward-looking 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 gold price volatility, change in equity
markets, political developments in Ghana, the uncertainties involved in
interpreting trenching and channel sampling results and other geological data,
increase in costs and exchange rate fluctuations, failure to satisfy the
conditions of closing and other risks involved in the gold exploration and
development industry. See our management information circular dated
September 25, 2006, our 43-101Technical Report dated September 21, 2006, our
annual information form 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:

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890