Cangold Limited announces a non-brokered private placement of up to 5,000,000 units with each unit comprising one common share and one half warrant at a price of $0.15 per unit, for gross proceeds of up to $750,000. Each full warrant will be exercisable for one common share of the Company at a price of $0.25 for a period of one year from the date of issue provided, however, that should the closing price of the common shares on the TSX Venture Exchange be at least $0.33 per share for 10 consecutive trading days (at any time at or following the expiry of the four month resale restriction period), the Company may, by notice to the holder (supplemented by a news release of general dissemination) reduce the remaining exercise period applicable to the warrants to not less than 30 days from the date of such notice.