Cangold Extends and Re-Prices Warrants

CANGOLD LIMITED (TSX VENTURE:CLD) (the "Company") is amending the terms of
1,838,000 Series P share purchase warrants ("P Warrants") issued on December 21,
2009, 2,596,000 Series Q share purchase warrants ("Q Warrants") issued on July
13, 2011 and 2,404,000 Series R share purchase warrants ("R Warrants") issued on
August 25, 2011.


Subject to TSX Venture Exchange ("Exchange") approval, the exercise price of the
P Warrants will be changed from $0.50 to $0.20 and the expiry date will remain
at December 20, 2012, the exercise price of the Q Warrants and R Warrants will
be changed from $0.75 to $0.20 and the expiry date of the Q Warrants and R
Warrants will be changed to December 31, 2012. Provided that, in each case, the
exercise period will be reduced to 30 calendar days if, for any 10 consecutive
trading days during the unexercised term of the warrants (the "Premium Trading
Days"), the closing price of the common shares of the Company is at least $0.30.
The reduced exercise price of 30 days will begin 7 calendar days after the 10th
Premium Trading Day.


Robert Archer, President & CEO, stated, "In light of depressed market
conditions, we view this warrant re-pricing and extension as a token of
appreciation to our shareholders for their patience and loyalty as we advance
the Ixhuatan Project in Mexico towards pre-feasibility."


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

Kaare G. Foy, Executive Chairman

(TSXV:CLD)
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