Cangold Extends December 21, 2009 Warrants

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

(TSXV:CLD)
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