=======================================================================
   Cangold Closes Over-Subscribed Private Placement
=======================================================================
 
CANGOLD LIMITED (TSX-V: CLD, the "Company") reports that the Company
has closed the non-brokered private placement financing announced on
January 30, 2008.
 
On closing, the Company issued 5,925,000 units at Cdn$0.18 per unit for
gross proceeds of Cdn$1,066,500.  Each unit comprises one common share
and one-half of one non-transferable share purchase warrant.
 
Each full warrant entitles the holder to acquire, upon exercise, one
additional common share at Cdn$0.25 until March 24, 2009, provided,
however, that should the closing price of the Company's shares on the
TSX Venture Exchange be at least Cdn$0.35 per share for 20 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 new 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.
 
The Company paid cash finder's fees totalling $43,920, issued 128,072
finder's shares and issued 465,090 finder's warrants.  The finder's
warrants have the same attributes as the warrants above described.  All
securities issued and issuable under the private placement are subject
to hold periods expiring on July 26, 2008.
 
The financing proceeds will be used for further exploration of the
Company's Los Venados and Plomo properties, for property acquisition
investigations, and for working capital.
 
For further information please visit the Company's website at
www.cangold.ca or contact Don Mosher, at telephone 604 685 6465, fax
604 899-4303 or e-mail info@cangold.ca
 
ON BEHALF OF THE BOARD
 
signed: "Kaare G. Foy"
 
Kaare G. Foy
Executive Chairman