Company Information for Cangold Ltd

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TSX.V; CLD View full financial data

Company Statement

• CANGOLD Limited is a junior mineral exploration & development company based in Vancouver and listed on the TSX Venture Exchange (TSX-V) under the trading symbol CLD.
• CANGOLD's mission is to create shareholder value through the acquisition and development of high quality exploration projects.
• The Company's primary focus is precious metals, especially gold, and its current geographic focus is in northern Mexico.

Current Operations

Mexico
Los Venados Exploration
The 3,200 hectare Los Venados claim is easily accessible by an all weather road, approximately 220 kilometres southeast of Hermosillo. The property has been subjected to very little historical work and limited data from previous operators is available. Current Cangold operations include geological mapping and prospecting, detailed sampling and possibly trenching, with diamond drilling to follow. The target at Los Venados is a multimillion ounce high sulphidation epithermal gold deposit amenable to open pit mining and heap leaching.

Cangold can acquire a 100% interest in the Los Venados property by making staged cash payments totalling CDN$250,000 and issuing 500,000 shares over 5 years. The acquisition is subject to a 2% NSR, half of which can be purchased for CDN$500,000. A finders fee is payable upon regulatory acceptance. 

Plomo Exploration
The 4,279 hectare Plomo project lies within the Altar desert of northwestern Sonora, approximately 320 kilometres northwest of Hermosillo and 52 kilometres northwest of Caborca by paved highway. The eastern boundary of the Plomo claim is within 4 kilometres of the highway and access around the property is excellent via secondary all weather roads. Extensive strongly micro-fractured and brecciated quartz float and outcrop with hematite and rare copper staining has been traced for approximately 1.6 kilometres with an average width of approximately 200 metres (Bonancita area). Historical dry placer workings have been noted on the property, and recent reconnaissance mapping has identified a brecciated quartz-iron oxide zone (Banco de Oro) related to a low-angle detachment fault that has been mined on a small scale. Cangold has completed detailed grid mapping and sampling of the main Bonancita quartz-hematite zone, allowing the company to quickly bring this zone to the drilling stage.

A 9 hole, 1500m drill program broke ground in early April 2008, testing targets in the Banco de Oro, Pavorreal, San Perfecto, and Bonancita zones

Cangold can acquire a 100% interest in the Plomo property by making staged cash payments totalling CDN$100,000 and issuing 700,000 shares over 5 years, subject to a 2% NSR, half of which can be purchased for CDN$500,000. The Company will also issue to the vendor 500,000 warrants priced at $0.50 and valid for a two-year period from the date of the signing of the agreement. The acquisition is subject to regulatory approval. 

Northen Ontario
Argosy Gold Mine Property
The property comprises 44 patented and 57 unpatented claim units for a total of 101 contiguous claims covering 1,616 hectares. CANGOLD holds a 100% interest in the Argosy Gold Mine property subject to a 2.5% NSR.

Geographical Spread

All regions of Canada and Mexico

Board of Directors and Key Management

Robert A Archer	President & CEO
Kaare G. Foy	Executive Chairman
Malcolm A. Burne	Director
Martin Carsky	Director
Management:
Raakel Iskanius	CFO
Robert F. Brown	Director, Vice President Exploration
Wendy Ratcliffe	Company Secretary

Company Address Suite 2100 1177 W. Hastings Street Vancouver, British Columbia, Canada V6E 2K3 Telephone: +1 - 604 - 608 - 1766 Facsimile: 1 - 604 - 608 - 1744 Email: info[at]cangold.ca Website: http://www.cangold.ca

Capital Shares Issued: 87,875,745 Warrants: 16,212,500 Finder Warrants: 362,000 Executive and Employee Options: 3,500,000 Fully Diluted: 107,950,245 (20 January, 2010)

Annual General Meeting December

Year End June 30th

Related News

14/01/10 - Cangold Is Poised To Strike, When The Right Deal Comes Along
08/07/09 - Cangold May Develop As A Flexible Trader In Projects and Companies, Instead Of Simply Exploring For Gold
11/11/08 - Cangold May Be Small But It Could Play An Interesting Role As A Consolidator
15/04/08 - Cangold Gets To Work With The Drill-bit Down Mexico Way

Most Recent Statement

22/12/09 - Cangold Closes Private Placement Oversubscribed
26/11/09 - Cangold Announces $450,000 Financing
25/06/09 - Cangold Acquires 100% of Argosy Gold Mine
17/03/09 - Cangold Closes Private Placement
06/03/09 - Cangold Amends Warrant Terms
17/02/09 - Cangold Announces $300,000 Financing