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Re:   News Release - Wednesday, June 24, 2009
      CANGOLD ACQUIRES 100% OF ARGOSY GOLD MINE
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CANGOLD LIMITED (TSX-V: CLD, the "Company") announces that it has
acquired the 49% interest in the Argosy Gold Mine in the Red Lake
Mining Division of Ontario owned by its joint venture partner, Premier
Gold Mines.  The acquisition of Premier's interest gives Cangold a 100%
interest in this past producing gold mine, subject to a 2.5% NSR.  The
Argosy Gold Mine closed in 1952 after producing 101,875 ounces of gold
from 276,573 tons of ore at an average grade of 0.37oz/t (12.7g/t) gold
and was only mined to a depth of 270 metres. 

Since optioning the property, Cangold has drilled 4,200 metres in 17
holes on this high grade system and has demonstrated the continuity of
the gold zones to depth and by further delineating several of the
near-surface veins.  Furthermore, a new gold zone was discovered on the
property in the Casummit Creek area, where auriferous zones are
characterized by quartz-ankerite veins in silicified, sericitized
intermediate tuffs, argillite and mafic tuffs.  Mineralization
associated with the veining and altered host rock consists of
disseminated arsenopyrite, pyrrhotite and pyrite, with traces of
chalcopyrite and sphalerite.

Terms of the acquisition call for Cangold to issue to Premier a total
of 2 million shares of Cangold at a deemed price of $0.10 and a cash
payment of $10,000.  Premier will retain a 0.5% NSR, which can be
purchased for $500,000.  An underlying 2% NSR will remain in force.

In the current environment of rising gold prices, the Argosy Gold Mine
is a significant asset with potential for substantial resource
delineation.  Consolidating the ownership will allow Cangold the
opportunity to better realize the advancement of the project.

Robert F. Brown, P. Eng and Vice-President of Exploration for Cangold
is designated as the Qualified Person for the Argosy Gold Mine Project
under the meaning of NI 43-101 and has reviewed this news release. 

FURTHER INFORMATION
For further information please visit the Company's website at
www.cangold.ca or contact B&D Capital at telephone 604 685 6465, fax
604 899 4303 or e-mail info@cangold.ca

ON BEHALF OF THE BOARD

"Robert A. Archer"

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

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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Copyright (c) 2009 CANGOLD LIMITED (CLD)  All rights reserved.  For
more information visit our website at http://www.cangold.ca/ or send
mailto:info@cangold.ca
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