Cangold Limited TSX VENTURE: CLD

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 25, 2008) - CANGOLD LIMITED (TSX VENTURE: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.

ON BEHALF OF THE BOARD

Kaare G. Foy, Executive Chairman

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.