Cangold Engages Investor Relations Consultants; Grants Stock Options

CANGOLD LIMITED (TSX VENTURE:CLD) (the "Company") announces that it entered into
a consulting agreement (the "Agreement") with San Diego Torrey Hills Capital,
Inc. (the "Consultant") on April 15, 2012 for the provision of investor
relations services including developing, coordinating, managing and executing a
comprehensive corporate finance and investor relations campaign for the Company.
The Agreement is for an initial period of 12 months and is renewable.


San Diego Torrey Hills Capital, Inc. is a consulting services company based in
Rancho Santa Fe, California. CANGOLD has no prior relationship with the
Consultant. However, certain principals of the Consultant have previously
purchased shares of the Company.


As compensation for the consulting services provided by the Consultant, CANGOLD
will pay a monthly fee of US$5,000 and has granted the Consultant an option to
purchase a total of 100,000 common shares at $0.15 per share. The options vest
as to 25,000 shares on August 25, 2012 and 25,000 shares every 3 months
thereafter until May 25, 2013. The options expire May 24, 2015.


The Company also announces that it has granted stock options to directors,
senior officers, employees and other consultants to purchase an aggregate of up
to 2,180,000 shares. The options are exercisable at a price of $0.15 per share
and expire five years from the date of grant.


ON BEHALF OF THE BOARD

Robert A. Archer, P. Geo., President & CEO

(TSXV:CLD)
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