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Cangold Exercises Option for 100% of Plomo Project
Published : December 03, 2012
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 3, 2012) - CANGOLD LIMITED (News - Market indicators) (the "Company") is pleased to announce that it has formally exercised its option for a 100% interest on the 4,279 hectare Plomo gold project in northern Sonora, Mexico. Pursuant to the terms of the option agreement, Cangold has made the final cash payment and share issuance to the vendor, who will retain a 2% Net Smelter Return royalty on any future production from the property.

Recent geological mapping and detailed surface rock sampling has identified several new areas of gold mineralization, such that the Plomo project now has nine gold zones associated with low angle faulting within a one and a half by five kilometre area.

A two month follow up program has been initiated, including detailed channel sampling of altered and mineralized structural zones, further geological and structural mapping and a review of satellite imagery. Upon completion of this program, the most promising targets will be evaluated for potential drill-testing in 2013 in search of low grade bulk tonnage gold mineralization.

In a regional context, gold mineralization at the Plomo Project is believed to be related to the Mojave-Sonora Megashear ("MSM"). The MSM is a northwest-trending left-lateral, strike slip fault zone up to five kilometres wide and extending for hundreds of kilometres through northern Sonora, southern California and Arizona, and is interpreted to transect the southwest corner of the Plomo Project area. Many of the gold mines and prospects in Sonora occur within or are adjacent to the boundary of this regionally extensive structure, including Mexico's largest gold mine, the Peñoles/Newmont La Herradura deposit, which lies 25 kilometres to the west of Plomo and contains a global resource of 6.7 million ounces gold (Newmont website, reserves and resources as of Dec 31, 2011). Other gold mines along the MSM include Noche Buena (new), La Choya, and El Chanate in the Caborca region of north-western Sonora, and Mesquite and Picacho in the Yuma area of south-western Arizona and south-eastern California. The targets at Plomo are low grade, high-tonnage fault-related gold deposits amenable to open pit mining and heap leaching, similar to the aforementioned mines. The relationship of gold mineralization to low angle structures is typical of deposits within the MSM.

The Plomo project lies within the Altar desert of north-western Sonora, approximately 320 kilometres northwest of Hermosillo, Sonora. It is easily accessible by paved highway and secondary gravel roads.

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 Company owns a 100% interest in the past-producing Argosy Gold Mine in northwestern Ontario and is seeking an advanced stage gold project in Latin America that could be brought forward towards production.

ON BEHALF OF THE BOARD

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.

B&D Capital
604 685 6465
604 699 0384 (FAX)
info@cangold.ca
www.cangold.ca
Data and Statistics for these countries : Canada | Mexico | All
Gold and Silver Prices for these countries : Canada | Mexico | All
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Cangold Limited

PRODUCER
CODE : CLD.V
ISIN : CA1375881093
CUSIP : 137588109
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Financings of Cangold Limited
2/24/2014Announces Non-Brokered Financing
8/29/2011Closes $5 Million Private Placement Fully Subscribed
7/18/2011Closes First Tranche of Private Placement
5/30/2011 Cangold Effects Share Consolidation
12/22/2009CLD - CANGOLD CLOSES PRIVATE PLACEMENT OVERSUBSCRIBED
3/16/2009CLD - CANGOLD CLOSES PRIVATE PLACEMENT
3/26/2008 Closes Over-Subscribed Private Placement
Option Grants of Cangold Limited
5/2/2008 Grants Stock Options
Nominations of Cangold Limited
4/18/2013CLD - Cangold Announces Resignation of Director
6/23/2008Appoints New Director, Announces Resignations
2/22/2008 Appoints Malcolm Burne To Board
Project news of Cangold Limited
1/16/2014CLD - CANGOLD SIGNS LETTER OF INTENT FOR OPTION TO ACQUIRE A...
12/3/2012(Plomo)Exercises Option for 100% of Plomo Project
9/11/2012CLD - CANGOLD TERMINATES OPTION ON IXHUATAN GOLD-SILVER PROJ...
6/11/2012Advances Metallurgical Program To Pre-Feasibility Level For ...
5/1/2012(Plomo)Commences Field Work At Plomo And Updates Ixhuatan Metallurg...
3/20/2012CLD - CANGOLD COMMENCES METALLURGICAL PROGRAM FOR IXHUATAN G...
1/9/2012CLD - CANGOLD ADVANCES IXHUATAN GOLD-SILVER PROJECT AND PROV...
10/18/2011CLD - Cangold Completes Acquisition Transaction for Option o...
6/13/2011CLD - Cangold Provides Update on Option of Ixhuatan Gold Pro...
6/25/2009(Argosy)Acquires 100% of Argosy Gold Mine
9/9/2008(Plomo)CLD - Cangold Reports On Phase I Drilling Program At Plomo
4/14/2008(Plomo) Identifies New Gold Zones And Commences Phase I Drilling Pr...
1/24/2008(Plomo) Samples Up To 298.0G/T Gold On Plomo Project
Corporate news of Cangold Limited
1/22/2014Re-Engages Investor Relations Consultants; Grants Stock ...
12/3/2013CLD - CANGOLD EXTENDS WARRANTS
11/7/2013CLD - Cangold Adopts Advance Notice Policy
12/4/2012Extends Warrants
10/30/2012(Plomo)CLD - Cangold Discovers Four New Gold Zones At Plomo
10/30/2012(Plomo)Discovers Four New Gold Zones at Plomo
7/3/2012CLD - CANGOLD FURTHER AMENDS WARRANTS
6/21/2012Extends and Re-Prices Warrants
12/2/2011CLD - CANGOLD EXTENDS DECEMBER 21, 2009 WARRANTS
4/26/2011CLD - CANGOLD TO OPTION ADVANCED STAGE GOLD PROJECT IN MEXIC...
4/26/2011to Option Advanced Stage Gold Project in Mexico; Announces S...
12/13/2010Provides Shareholder Update
11/26/2009CLD - CANGOLD ANNOUNCES $450,000 FINANCING
3/6/2009AMENDS WARRANT TERMS
2/17/2009CLD - CANGOLD ANNOUNCES $300=2C000 FINANCING
1/30/2008 Announces $1,008,000 Financing
6/5/2007Strengthens Management Team
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