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Pelangio announces sale of Montcalm and Nova Properties

Jul 2, 2020

Pelangio Exploration Inc. has announced that Pancontinental Resources Corporation has agreed to fully exercise the option to earn a 100% interest in the Montcalm and Nova Properties. Pelangio will receive 650,000 common shares of Pancon and retain a 1.25% NSR on the properties.

The Montcalm and Nova Properties are proximal to each other and located approximately 65-70 kilometers ("km") northwest of the City of Timmins Ontario. The Montcalm Property is a nickel-copper-cobalt-prospect that is adjacent and contiguous with Glencore's former producing Montcalm Mine. The 8 km2 Nova property is located in Nova Township and is both a gold and base metal prospect.

Pelangio's CEO Ingrid Hibbard commented, "We are extremely pleased that Pancon has agreed to the full and early exercise of the Montcalm/Nova Option. As a result of this transaction, Pelangio will own a total of 1,200,000 shares of Pancon. We are looking forward to Pancon's upcoming exploration program on its recently acquired Brewer Mine gold project in South Carolina." 

Pelangio acquired the Montcalm and Nova properties in 2018 as part of its acquisition of a private project generator company 5007223 Ontario Inc. (formerly 2252962 Ontario Inc.). In total, Pelangio will have received $17,500 and 1,200,000 shares of Pancon and will retain a 1.25% NSR. Pancon has agreed to sell the Montcalm and Nova properties to Tempus Resources Inc., a private Ontario company.

For further details on the Montcalm and Nova projects ("Montcalm West"), please refer to Pancon press releases dated June 23, 2020 and June 24, 2020.

Pelangio is also pleased to announce that all matters proposed by management, including the election of management's nominees for the board of directors, were approved at Pelangio's Annual General Meeting held Monday June 29, 2020 (the "Meeting"). At the Meeting, shareholders elected Ingrid Hibbard, David Mosher, Carl Nurmi, David Paxton, JC St-Amour, and Kevin Thomson to the board of directors.


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