Cangold Limited
TSX VENTURE : CLD

Cangold Limited

December 02, 2011 12:09 ET

Cangold Extends December 21, 2009 Warrants

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 2, 2011) - CANGOLD LIMITED (TSX VENTURE:CLD) (the "Company") is amending the terms of the 2,180,000 (following a 1:5 consolidation effective May 27, 2011) non-transferable Series P share purchase warrants (the "Warrants"). The Warrants were originally issued on December 21, 2009 for a one year period and were then extended until December 20, 2011.

Subject to TSX Venture Exchange approval, the expiry date of the warrants will be extended from December 20, 2011 to December 20, 2012; 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 $1.00 (post-consolidation). The reduced exercise period of 30 days will begin 7 calendar days after the tenth Premium Trading Day. There is no change in the exercise price, which remains $0.50 (post-consolidation).

For further information, please visit the Company's website at www.cangold.ca.

ON BEHALF OF THE BOARD

Kaare G. Foy, Executive Chairman

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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