Cangold Advances Metallurgical Program to Pre-Feasibility Level for Ixhuatan Gold-Silver Project

CANGOLD LIMITED (TSX VENTURE:CLD) (the "Company") is pleased to announce that
metallurgical testing for the Ixhuatan Gold-Silver Project in Chiapas, Mexico
has been advanced to a pre-feasibility level. Phase 1 metallurgical testing at
SGS Lakefield, Canada consisted of a scoping level gold recovery test program to
define the plant process flowsheet. Testwork results indicated recoveries
averaging 87% (range of 82-93%). The average grade obtained by SGS Lakefield for
the four drill core samples tested (see news release May 1, 2012) was 2.77g/t
gold. 


"This is a very positive development for the Ixhuatan Project," stated Robert
Archer, Cangold's President & CEO. "The higher recoveries compared to previous
testwork using conventional processes, and the possibility of obtaining
recoveries in excess of 90% bode well for the future of the project."


Phase 2 of the metallurgical testwork has been initiated to compare gold
recoveries for three alternative gold recovery flowsheets using a composite
sample of material on hand. The activities will also include testwork for
grindability and abrasion for each of the 4 samples. It is expected to take 8 to
10 weeks to complete the Phase 2 program, for which the Company is fully funded.


This work will guide plant and tailings design work at a pre-feasibility level.
A formal pre-feasibility study with a resulting NI 43-101 report is slated to
commence in September 2012 when the appropriate and respectively disciplined
professional engineers are in place. At that point, the timeframe and cost of
the pre-feasibility work will be determined. 


The Campamento Deposit at the Ixhuatan Project contains a NI 43-101 compliant
mineral resource comprising 17.6 million tonnes at average grades of 1.84g/t
gold and 7.79g/t silver in the Measured and Indicated categories (1,041,000
ounces of gold and 4,400,000 ounces of silver) and 21.8 million tonnes at
average grades of 1.01g/t gold and 3.23g/t silver in the Inferred category
(703,000 ounces of gold and 2,260,000 ounces of silver), both using a 0.5g/t
gold cutoff. Cangold is earning a 75% interest in the Ixhuatan project through
its own wholly-owned Mexican subsidiary, Coboro Minerales de Mexico, S.A. de
C.V.


Robert Brown, P. Eng., Director and VP Exploration for Cangold is the Qualified
Person for the Company. He has reviewed the technical information referenced
above and has approved this news release.


Cangold Limited is a junior exploration company engaged in the exploration and
development of gold projects in Mexico and Canada. The option to acquire a
majority stake in the Ixhuatan Project for the development of the Campamento
Deposit is in furtherance of the Company's strategy to build a profitable gold
producer.


ON BEHALF OF THE BOARD

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

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