CANGOLD LIMITED (TSX VENTURE:CLD) (the "Company") has granted incentive stock options to directors, officers, staff and employees to purchase an aggregate of up to 2,175,000 common shares. The options are exercisable until April 30, 2013 at an exercise price of $0.15 per share.

The options were granted under the Company's Restated 2002 Incentive Stock Option Plan, which has been approved by shareholders and accepted for filing by the TSX Venture Exchange.

ON BEHALF OF THE BOARD

Kaare G. Foy, Executive Chairman

SOURCE: Cangold Limited

Cangold Limited Don Mosher (604) 685-6465 (604) 899-4303 Email: info@cangold.ca Website: www.cangold.ca