Cangold Limited
TSX VENTURE : CLD

Cangold Limited

December 21, 2007 14:11 ET

Cangold Appoints New CFO to Management Team: Renews Consulting Contract; Grants Stock Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 21, 2007) - CANGOLD LIMITED (TSX VENTURE:CLD) (the "Company") is pleased to announce the appointment of Raakel Iskanius, CA, to the position of Chief Financial Officer of the Company. Ms. Iskanius also serves as Chief Financial Officer of Great Panther Resources Limited. Prior to that appointment she was the senior financial and regulatory reporting manager at Terasen Gas Inc., a SEDAR filing company with revenues of $1.5 billion-plus. Her responsibilities included managing the financial and regulatory reporting staff of twenty-eight, being responsible for the preparation of the utility's financial statements, Sarbanes-Oxley control documentation, and timely filing of the Company's regulatory reports.

Cangold has renewed its consulting agreement (the "Agreement") with B&D Capital (the "Consultant"), of Vancouver, British Columbia, for the provision to the Company of consulting services in relation to the Company and the Company's business, including introducing the Company, its projects and management to brokers and potential investors, advising on shareholder communication, assisting with presentations at industry meetings, conferences and trade shows, and services associated with such activities. This Agreement is for an initial period of twenty-four months and is renewable.

As compensation for the consulting services provided by the Consultant, the Company will pay a monthly fee and has granted to the Consultant's principals options to purchase a total of 440,000 shares at $0.15 per share. The options vest as to 25% immediately and 25% every three months until September 20, 2008. The options expire on December 20, 2009.

Also, the Company has today granted stock options to senior officers and to staff, employees and other consultants to purchase an aggregate of up to 800,000 shares. These options are exercisable at $0.15 per share for a period of five years.

ON BEHALF OF THE BOARD

Kaare G. Foy, Executive Chairman

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Cangold Limited
    Brad Aelicks
    (604) 685-6465
    or
    Cangold Limited
    Don Mosher
    (604) 685-6465
    (604) 899-4303 (FAX)
    Email: info@cangold.ca
    Website: www.cangold.ca