Akroma

The Akroma Property is a 159.5 km2 concession governed by a reconnaissance license in the Brong-Ahafo Region of Ghana. The property is an early stage exploration property, but with initial prospecting, geochemical and geophysical surveys indicating significant exploration promise.

 

Surveying work by the optionor of the Akroma Property included detailed geochemical drainage sampling. The drainage sampling comprised 65 pan concentrate and 42 silt samples. Field panned concentrates were analyzed for gold using one kilogram BLEG analysis. Gold values were returned from 56 out of 65 samples from 1 g/t gold up to 23 g/t gold. Anomalous gold values ranging between 0.037 g/t gold to 0.71 g/t gold were returned from 28 out of the 42 silt samples.

 

Since optioning the Akroma Property, Pelangio has completed geochemical sampling on three areas of the property, with a total of 3,712 soil samples (including 266 QA/QC samples) collected for BLEG analysis and a further 126 orientation samples (including 11 QA/QC samples) submitted for Leachwell gold analysis. Assay results from these soil sampling programs are pending. 

 

Pursuant to the option agreement on the Akroma Property, in order to acquire a 100% interest in the property, Pelangio must pay US$50,000 and issue 200,000 common shares to the optionor over a three-year period, pursuant to the following schedule:

1. US$50,000 and issue 35,000 common shares (completed on June 15, 2011);

2. on or before June 15, 2012, issue 40,000 common shares (completed on June 18, 2012;

3. on or before June 15, 2013, issue 55,000 common shares;

4. on or before June 15, 2014, issue 70,000 common shares.

Pelangio must also grant the optionor a 2% NSR upon making the payment and share issuances described above, of which 1% may be repurchased at any time for a cash payment of US$2 million.