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 Cangold Limited (CLD.V)

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cvac01
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Registration date : 2008-03-29

PostSubject: Re: Cangold Limited (CLD.V)   Fri Sep 12, 2008 8:45 am

September 8, 2008
Cangold Reports on Phase I Drilling Program at Plomo
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 8, 2008) - CANGOLD LIMITED (TSX VENTURE:CLD) (the "Company") has completed the Phase I core drilling program on the Plomo Project in northwestern Sonora, Mexico. The objective of the first-pass drilling was to gain a better understanding of the structural control of the gold mineralization within the 5 by 3 kilometre structural corridor identified by surface mapping and sampling, and to look for areas where the flat-lying gold-bearing structures coalesce into a larger zone with resource potential.

The Phase 1 drilling program comprised 1,498.5 metres in 10 widely spaced holes. Targets tested in this program included the gold-bearing, altered, low angle structures of Banco de Oro (1 hole), Pavorreal (6 holes), San Perfecto (2 holes), and Bonancita (1 hole) zones. In most holes, the targeted structures were intersected as planned and, to some degree, were gold-bearing.

Hole SP08-001, drilled immediately below the Banco de Oro workings (up to 298.0g/t gold), did not intersect the structure, likely due to a fault offset. Drill holes SP08-002 and SP08-003 were drilled at San Perfecto (see drill-hole map on the Company web-site at www.cangold.ca). The low angle structural zones noted on surface were intersected and show variable intensity of fracturing, brecciation, chloritization, quartz veining, silicification and disseminated pyrite. SP08-002 intersected 4.0 metres grading 0.92g/t gold starting at 5.7 metres. SP08-003 was more intensely fractured and altered and intersected 11.65 metres grading 0.66g/t gold starting at 18.3 metres, including 2.28g/t over 2.0 metres. Drill intersections are believed to represent true widths.

Core holes SP08-004 to SP08-009 were drilled in the Pavorreal area and intersected wide sections of intense alteration. SP08-006 intersected 30 metres of well foliated rock with tourmaline and hematite-jarosite alteration but yielded no significant assays. Holes SP08-005 and SP08-008 intersected wide intervals of silicified, fractured, and pyritic diorite but contained only narrow intervals of gold mineralization with anomalous copper, lead and zinc (see table below). SP08-010 was drilled at Bonancita with the objective of hitting the very fractured/sheared pyritic zone observed on surface. It intersected 130 metres of sheared and crackle-brecciated andesite, with disseminated pyrite and sporadic brecciated quartz veins but returned no significant assays.

The Phase I widely spaced drilling at Plomo has demonstrated that the flat lying structures observed on surface play an important role in localizing gold mineralization. It would appear that another set of controls, such as cross-cutting structures, is required in order to upgrade the gold. As such, detailed geological mapping and rock sampling continued in the San Perfecto area after the drilling was completed, with a particular effort towards identifying major structures, alteration types and geological units in order to better discern the spatial relationships and controls of the gold mineralization. This work continues to outline significant gold mineralization, over an area approximately 400 metres across, associated with tourmaline-sericite alteration, gossan, and low angle structures in diorite and granodiorite east of SP08-003. Of 21 new chip channel samples collected across veins, structures, and more intensely altered areas, 13 assayed greater than 0.3g/t gold, and of those 5 were greater than 1.0g/t gold.

At Pavorreal, where widespread gold was encountered in surface sampling yet no significant values encountered in the subsequent drilling, a similar program of detailed geological, alteration and structural mapping is proposed. A new compilation of all this data will then be used to generate new targets for future drilling.




Highlights of Phase I Drilling:

------------------------------------------------------------
Drill Hole From (m) To (m) Interval (m) Au g/t
------------------------------------------------------------

------------------------------------------------------------
SP08-002 5.70 9.70 4.00 0.92
------------------------------------------------------------
including 7.70 9.70 2.00 1.60
------------------------------------------------------------

------------------------------------------------------------
SP08-003 18.30 29.95 11.65 0.66
------------------------------------------------------------
including 21.00 23.00 2.00 2.28
------------------------------------------------------------

------------------------------------------------------------
SP08-005 30.00 32.00 2.00 1.06
------------------------------------------------------------

------------------------------------------------------------
SP08-008 9.30 11.30 2.00 0.59
------------------------------------------------------------




In a regional context, gold mineralization at the Plomo Project is believed to be related to the Mojave-Sonora Megashear (MSM). The MSM is a northwest-trending left-lateral, strike slip fault zone up to 5 kilometres wide and extending for hundreds of kilometres through northern Sonora, southern California and Arizona, and is interpreted to transect the southwest corner of the Plomo Project area. Many of the gold mines and prospects in Sonora occur within or are adjacent to the boundary of this regionally extensive structure, including Mexico's largest gold mine, the Penoles / Newmont La Herradura deposit, which lies 25 kilometres to the west of Plomo and contains a global resource of 104,063,824 tonnes averaging 0.84 g/t gold (Penoles 2006 Annual Report). Other gold mines along the MSM include La Choya, and El Chanate in the Caborca region of north-western Sonora, and Mesquite and Picacho in the Yuma area of south-western Arizona and south-eastern California. The targets at Plomo are low grade, high-tonnage fault-related gold deposit amenable to open pit mining and heap leaching, similar to the aforementioned mines. The relationship of gold mineralization to flat-lying structures is typical of deposits within the MSM and the Company is encouraged by the confirmation of this relationship on the Plomo Property.

The 4,279 hectare Plomo Project lies within the Altar desert of north-western Sonora, approximately 320 kilometres northwest of Hermosillo, Sonora. It is easily accessible by paved highway and secondary gravel roads. Cangold is earning a 100% interest in the Plomo Property, subject to a 2% NSR.

Robert F. Brown, P. Eng and Vice-President of Exploration for Cangold and its wholly owned subsidiary, Coboro Minerales de Mexico, S.A. de C.V., is designated as the Qualified Person for the Plomo Project under the meaning of NI 43-101 and has reviewed this news release. Samples were assayed at SGS Labs in Durango. The Company's QA/QC program includes the regular insertion of blanks, splits, and standards into the sample shipments.

ON BEHALF OF THE BOARD

Robert A. Archer, P. Geo., President & CEO


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



CONTACT INFORMATION:
Cangold Limited
Brad Aelicks
(604) 685-6465

or

Cangold Limited
Don Mosher
(604) 685-6465
Fax: (604) 899-4303
Email: info@cangold.ca
Website: www.cangold.ca
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cvac01
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PostSubject: Re: Cangold Limited (CLD.V)   Wed May 28, 2008 12:49 pm

Hi all,

The Drills continue to turn on Plomo and they are working Los Venados.

I am hearing they like what they are seeing from the drills so far. It is an early stage project, but they have found some good mineralization near surface all over the property and are actively searching for economic grades and continuity. Pretty early stage stuff and its no gurantee they will hit, but I like their chances and the risk/reward.

If you do a little digging on the internet (google searches) you will find that the Plomo property is on Trend with La Herradura (Mexico's biggest gold mine).

I follow OCO and CLD both very closely and talk to people about them reguarly. OCO is a sure a bet as them come on the venture from my due dilligence, experience and research. As for CLD it is a good risk/reward scenario with their current drill program and as they continue to explore their properties.

Cheers,

cvac01
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PostSubject: Re: Cangold Limited (CLD.V)   Tue Apr 22, 2008 8:39 am

Hi all,

I took a closer look at the latest news release on CLD.V and looked at some of the targets to be drilled and like the fact we'll be testing the Banco de Oro.

------------------------------------------------------------------------------------------------------------

Phase I mapping and sampling on the Plomo property in Sonora, Mexico have identified two new gold zones, thereby expanding the prospective area to five kilometres long by three kilometres wide.

The Phase 1 core drilling program, now underway, will comprise approximately 1,500 metres in 9 holes. Targets to be tested in this program include the Banco de Oro, Pavorreal, San Perfecto, and Bonancita zones.

Details of the Banco de Oro, San Perfecto, Pavorreal, San Crecencio, and Bonancita zones are described in the Cangold news release dated January 22, 2008:

From January News Release:

The gold mineralization at Banco de Oro is related to brecciated quartz veins hosted in foliated sericitized rhyolite at the intersection of a low angle northwest striking fault with a northeast trending strike-slip fault. Historic, small scale mine workings extend over 70 metres and of the 36 samples taken to date, the vast majority is anomalous in gold. Initial rock chip sampling across the low angle fault in this area returned 298.0g/t Au over 2.35 metres, 15.1g/t Au over 0.65 metres, 14.5g/t Au over 0.80 metres and 11.0g/t Au over 0.60 metres, while 7 other samples assayed higher than 1.0g/t Au and an additional 7 returned grades above 0.1g/t Au. Copper oxides have also been noted at Banco de Oro, filling or staining the strike slip faults, with the same 36 samples assaying up to 0.53% copper.

----------------------------------------------------

We can't forget there is 6 more zones in addtion to Banco de Oro within the 5km x 3km prospective area with the addition of the two new zones identified and have all showed good promise from intial results. I just like the nice high grade samples found at Banco de Oro (especially the 298g/t Au over 2.35 meters) and think we should hit some nice rock. Hopefully over some nice widths. The copper % is interesting on the property as well.

Looking forward to the results and still suprised to see us trading under the .18 PP

Cheers,

cvac01
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PostSubject: Cangold Limited (CLD.V)   Tue Apr 22, 2008 8:38 am

Cangold Identifies New Gold Zones and Commences Phase I Drilling Program at Plomo; Sells Interest in Thorn to Rimfire

VANCOUVER, BRITISH COLUMBIA, Apr 14, 2008 (MARKET WIRE via COMTEX News Network) --
CANGOLD LIMITED (TSX VENTURE: CLD) (the "Company") is pleased to announce that Phase I mapping and sampling on the Plomo property in Sonora, Mexico have identified two new gold zones, thereby expanding the prospective area to five kilometres long by three kilometres wide. As part of the Company's efforts to quickly advance the Plomo project, a 1,500 metre Phase I diamond drilling program has commenced on the property.

The first new area of gold mineralization, within the Pavorreal area, is located between the Pavorreal and San Perfecto structures, and has been mapped along a 600 metre trend with widths to 100 metres. The Pavorreal gold mineralization is associated with gossanous, sericitic, schistose andesite with local quartz-tourmaline-hematite breccias, related to a series of parallel NW trending low angle NE dipping shears (thrusts?). Initial rock sampling along the new structures included values to 10.8g/t gold (grab sample) and 5.82g/t gold over 2.0 metres, with 13 of the 25 samples taken assaying greater than 0.3g/t gold (see geology map on web-site at www.cangold.ca.

The second new area, named the Culebra zone, is associated with the south bounding, NE trending, moderately NW dipping shear which presently defines the southeast side of the prospective area. The Culebra zone is an 800 metre long by 300 metre wide gossan along the sheared contact between andesite and a monzonite intrusion. Historic workings contain secondary copper mineralization and sampling has demonstrated the presence of gold. Initial rock sampling returned values to 4.28g/t gold and 0.21% copper over 0.85 metres, 0.25g/t gold and 3.43% copper (grab sample) and 0.93g/t gold and 1.65% copper over 3.0 metres. Of the initial 25 rock chip samples, gold was greater than 0.3g/t in 9 samples, while copper was greater than 1% in 13 of 25 samples.

The Phase 1 core drilling program, now underway, will comprise approximately 1,500 metres in 9 holes. Targets to be tested in this program include the Banco de Oro, Pavorreal, San Perfecto, and Bonancita zones. The idea of the first-pass drilling is to gain a better understanding of the structural control of the gold mineralization and to look for areas where the flat-lying gold-bearing structures coalesce into a larger zone with resource potential.

Property scale geological mapping and rock sampling is continuing with a particular effort in identifying major structures, and associated alteration and mineralized zones. To date, this work has outlined seven zones of alteration and gold mineralization on the Plomo project. Details of the Banco de Oro, San Perfecto, Pavorreal, San Crecencio, and Bonancita zones are described in the Cangold news release dated January 22, 2008. All zones are associated with shearing and thrust faulting within a 5 kilometre (NE-SW) by 3 kilometre area. Within this structural corridor, gold mineralization is related to brecciated quartz veining with sericite, tourmaline, and hematite alteration, associated with shallow NE dipping thrust faults. The identification of such widespread gold mineralization within a complex structural environment is an excellent indication of the potential of the Plomo Property. As mapping proceeds, specific attention will also be paid to areas where the NW and NE structures intersect as these areas are particularly suitable structural traps for gold mineralization.

In a regional context, gold mineralization at the Plomo Project is believed to be related to the Mojave-Sonora Megashear (MSM). The MSM is a northwest-trending left-lateral, strike slip fault zone up to 5 kilometres wide and extending for hundreds of kilometres through northern Sonora, southern California and Arizona, and is interpreted to transect the southwest corner of the Plomo Project area. Many of the gold mines and prospects in Sonora occur within or are adjacent to the boundary of this regionally extensive structure, including Mexico's largest gold mine, the Penoles / Newmont La Herradura deposit, which lies 25 kilometres to the west of Plomo and contains a global resource of 104,063,824 tonnes averaging 0.84 g/t gold (Penoles 2006 Annual Report). Other gold mines along the MSM include La Choya, and El Chanate in the Caborca region of north-western Sonora, and Mesquite and Picacho in the Yuma area of south-western Arizona and south-eastern California. The targets at Plomo are low grade, high-tonnage fault-related gold deposit amenable to open pit mining and heap leaching, similar to the aforementioned mines. The relationship of gold mineralization to flat-lying structures is typical of deposits within the MSM.

The 4,279 hectare Plomo project lies within the Altar desert of north-western Sonora, approximately 320 kilometres northwest of Hermosillo, Sonora. It is easily accessible by paved highway and secondary gravel roads. Cangold is earning a 100% interest in the Plomo Property, subject to a 2% NSR.

In other news, Cangold has signed an agreement with Rimfire Minerals Corp. whereby the latter will purchase Cangold's 51% interest in the Thorn Property in northern British Columbia. While Cangold still views the Thorn Property as prospective, the Company's focus in Mexico precludes the near term funding of any exploration at Thorn. As Rimfire is focused on exploration in British Columbia, the project can now move forward with Cangold potentially benefiting from the advancement of the project.

Terms of the sale call for Rimfire to pay $100,000 and issue 100,000 shares of Rimfire to Cangold upon signing, and for Cangold to receive 25% of any cash payments and share issuances resulting from the future option and/or sale of the property to a third party. In addition, Cangold will receive $1,000,000 or 250,000 Rimfire shares (at Rimfire's election) should the property be placed into Commercial Production while Rimfire owns at least 10% of the property.

Robert F. Brown, P. Eng and Vice-President of Exploration for Cangold and its wholly owned subsidiary, Coboro Minerales de Mexico, S.A. de C.V., is designated as the Qualified Person for the Plomo Project under the meaning of NI 43-101 and has reviewed this news release. Samples were assayed at SGS Labs in Durango. The Company's QA/QC program includes the regular insertion of blanks, splits, and standards into the sample shipments.

ON BEHALF OF THE BOARD

Robert A. Archer, P. Geo., President & CEO

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

Contacts: Cangold Limited Brad Aelicks: (604) 685-6465 Cangold Limited Don Mosher (604) 685-6465 (604) 899-4303 (FAX) Email: info@cangold.ca Website: www.cangold.ca
SOURCE: Cangold Limited
mailto:info@cangold.ca http://www.cangold.ca
Copyright 2008 Market Wire, All rights reserved.


Last edited by cvac01 on Tue Apr 22, 2008 8:40 am; edited 1 time in total
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