Cangold Limited
TSX VENTURE : CLD

Cangold Limited

February 17, 2009 13:41 ET

Cangold Announces $300,000 Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 17, 2009) - Cangold Limited (TSX VENTURE:CLD) (the "Company") announces a non-brokered private placement financing of up to Cdn$300,000 consisting of up to 6 million units at Cdn$0.05 per unit. Each unit comprises one common share and one-half non-transferable share purchase warrant.

Each full warrant entitles the holder to acquire, upon exercise, one additional common share at Cdn$0.10 for a period of one year, provided, however, that should the closing price of the Company's shares on the TSX Venture Exchange be at least Cdn$0.20 per share for 20 consecutive trading days (at any time at or following the expiry of the four month resale restriction period), the Company may, by notice to the holder (supplemented by a new release of general dissemination) reduce the remaining exercise period applicable to the warrants to not less than 30 days from the date of such notice.

Finder's fees may be paid on portions of the private placement.

The private placement shares, any shares acquired upon exercise of the warrants and any securities issued in payment of finder's fees will be subject to a four-month hold period.

The financing proceeds will be used for further property acquisition investigations, and for general working capital.

ON BEHALF OF THE BOARD

Kaare G. Foy: Executive Chairman

CANGOLD LIMITED

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

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