ONTARIO - PELANGIO MINES of Toronto has completed the sale of its Detour Lake property to DETOUR GOLD CORP., a newly formed company within the HUNTER DICKINSON group. The transaction stipulated that Pelangio receive a cash payment of $5 million and 20 million common shares of Detour Gold for placing the Detour Lake property with Detour Gold. Detour Gold then made an IPO of 10 million common shares at $3.50/share. Pelangio is left with approximately a 50% interest in the new company.
The $35 million raised by the IPO will be used largely to fund a 50,000-m drill program and other work at the Detour Lake property. Pelangio will concentrate its exploration efforts on its property in Ghana.
Additional information about the transaction and the Detour Lake property are available at www.Pelangio.com.