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Pelangio secures option on claims surrounding Birch Lake gold property

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Pelangio secures option on claims surrounding Birch Lake gold property

Pelangio Exploration Inc. said May 24 that it entered into an option agreement with 2522962 Ontario Inc. to acquire the Keigat Lake Area claims in Ontario's Red Lake Mining Division.

The claims cover approximately 1,856 hectares surrounding Pelangio's early stage Birch Lake gold property. Pelangio recently regained the property from Pacton Gold Inc. and acquired a 1.5% net smelter royalty on the surrounding claims from 2522962 Ontario.

Pelangio is required to issue 4 million shares in four tranches by the third anniversary of the deal's approval by the TSX Venture Exchange and will serve as project operator.

Upon Pelangio's acquisition of the Keigat Lake Area claims, the distribution and royalty agreement with 2522962 Ontario will be terminated.