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June 20, 2012

Cangold Extends and Re-Prices Warrants

CANGOLD LIMITED (TSX-V: 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.

FURTHER INFORMATION
For further information, please visit the Company's website at www.cangold.ca or contact BD Capital at telephone 604 685 6465, fax 604 669 0384 or e-mail info@cangold.ca.

ON BEHALF OF THE BOARD

"Kaare G. Foy"

Kaare G. Foy
Executive Chairman

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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VanEck Vectors Global Alternative Energy ETF

	PRODUCER
	CODE : CLD.V
	ISIN : CA1375881093
	CUSIP : 137588109

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Cangold is a gold exploration company based in Canada.

Cangold holds various exploration projects in Canada and in Mexico.

Its main asset in production is CASUMMIT-ARGOSY in Canada and its main exploration properties are ARGOSY and CASUMMIT LAKE in Canada and LOS VENADOS and PLOMO in Mexico.

Cangold is listed in Canada. Its market capitalisation is 1.4 millions as of today (US$ 1.1 millions, € 1.0 millions).

Its stock quote reached its lowest recent point on December 24, 2008 at 0.01, and its highest recent level on December 17, 2010 at 0.75.

Cangold has 47 442 200 shares outstanding.

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