Pelangio Exploration Announces $1,540,000 Private Placement Financing

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT
INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN
THE UNITED STATES.


Pelangio Exploration Inc. (TSX VENTURE:PX)(OTCQB:PGXPF) ("Pelangio" or the
"Company") announces a non-brokered Private Placement of up to 11,000,000 common
shares of the Company at a price of $0.14 per share for gross proceeds of up to
$1,540,000. The proceeds will be used for continued exploration at our Ghana
properties and general working capital purposes.


The closing date of the Offering is expected to occur on or about March 15, 2013
and is subject to receipt of all necessary regulatory approvals, including the
TSX Venture Exchange. The common shares issued pursuant to the private placement
will be subject to a four month hold period in accordance with applicable
Canadian securities laws. Subscriptions have been received for 7,964,286 shares
and directors are participating for a total of 1,900,000 shares.


This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of the securities in any
jurisdictions in which such offer, solicitation or sale would be unlawful. Any
offering made will be pursuant to available prospectus exemptions and restricted
to persons to whom the securities may be sold in accordance with the laws of
such jurisdictions and by persons permitted to sell the securities in accordance
with the laws of such jurisdictions.


About Pelangio 

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, 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.


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
private placement, the proposed use of proceeds, 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 our
ability to close the private placement. 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 the ability of the Company to meet the
conditions of closing, 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 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. 


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


Pelangio Exploration Inc.
Warren Bates
Senior Vice President Exploration
905-875-3828 or Toll-free: 1-877-746-1632


Pelangio Exploration Inc.
info@pelangio.com
www.pelangio.com
Twitter @PelangioEx
Pelangio Exploration (TSXV:PX)
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