CANGOLD LIMITED (TSX-V: CLD, the “Company”) announces that its board of directors has approved an advance notice policy (the “Policy”) for the purpose of providing shareholders, directors and management of Cangold with a clear framework for nominating directors of the Company.

The Policy is designed to further Cangold’s commitment to: (i) facilitating an orderly and efficient annual general or, where the need arises, special meeting, process; (ii) ensuring that all shareholders receive adequate notice of the director nominations and sufficient information with respect to all director nominees; and (iii) allowing shareholders to register an informed vote after having been afforded reasonable time for appropriate deliberation.

The Policy contains a provision requiring advance notice to Cangold in certain circumstances where shareholders of Cangold nominate individuals for election to the board of directors. The Policy establishes deadlines by which director nominations must be submitted to Cangold prior to any annual or special meeting of shareholders and also outlines the information that must be included in the notice to Cangold for an effective nomination to occur.

The deadline for notice to Cangold in the case of an annual meeting of shareholders is not less than 30 days nor more than 65 days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement.

In the case of a special meeting (which is not also an annual meeting) of shareholders called for the purpose of electing directors (whether or not called for other purposes), the deadline for notice to Cangold is no later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.

The Policy is effective as of October 30, 2013 and will be placed before shareholders for approval at the annual and special general meeting to be held on December 13, 2013 (the “Meeting”). If the Policy is not approved and ratified by shareholders at the Meeting it shall terminate and be void and of no further force and effect following conclusion of the Meeting. The full text of the Policy is available via SEDAR at www.sedar.com.

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 Argosy Gold Mine in northwestern Ontario and a 100% interest in the Plomo Project in northern Sonora, Mexico. The Company is seeking an advanced stage gold project in Latin America that could be brought forward into production.


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 [email protected].


ON BEHALF OF THE BOARD

“Kaare G. Foy”

Kaare G. Foy
Executive Chairman