Cangold Limited
TSX VENTURE : CLD

Cangold Limited

December 02, 2010 12:00 ET

Cangold Amends Warrant Terms

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 2, 2010) - CANGOLD LIMITED (TSX VENTURE:CLD) (the "Company") is amending the terms of the 10,900,000 non-transferable share purchase warrants (Series P) issued on December 21, 2009.

Subject to TSX Venture Exchange approval, the expiry date of the warrants will be extended from December 20, 2010 to December 20, 2011; provided that the exercise period will be reduced to 30 calendar days if, for any 10 consecutive trading days during the unexercised term of the warrant (the "Premium Trading Days"), the closing price of the common shares of the Company is at least $0.20. The reduced exercise period of 30 days will begin 7 calendar days after the 10th Premium Trading Day. There is no change in the exercise price, which remains $0.10.

ON BEHALF OF THE BOARD

Robert A. Archer, President and CEO

CANGOLD LIMITED

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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