Cangold Shareholders Approve Acquisition of Cangold by Great Panther

VANCOUVER, BC--(Marketwired - May 22, 2015) - CANGOLD LIMITED (TSX VENTURE: CLD) ("Cangold" or the "Company") is pleased to announce that the plan of arrangement (the "Arrangement"), pursuant to which Great Panther Silver Limited (TSX: GPR) (NYSE MKT: GPL) ("Great Panther") will acquire all of the issued and outstanding common shares of Cangold ("Cangold Shares"), was approved by Cangold shareholders at the special meeting of Cangold shareholders held on May 22, 2015. At the meeting, approximately 99.44% of the votes cast by Cangold shareholders were voted in favour of the Arrangement.

The Arrangement

The Arrangement is being proposed under, and is subject to the terms and conditions of, an arrangement agreement dated April 10, 2015 between the Company and Great Panther (the "Arrangement Agreement"). Assuming the Arrangement becomes effective, holders of Cangold Shares will receive 0.05 of a common share of Great Panther (each whole common share, a "Great Panther Share") for each Cangold Share held (such exchange ratio being hereinafter referred to as the "Exchange Ratio"). In addition, each outstanding option and warrant to acquire Cangold Shares will entitle the holder thereof to receive, upon the exercise thereof, 0.05 Great Panther Shares in lieu of each Cangold Share, at a price adjusted in accordance with the Exchange Ratio, and otherwise on the same terms and conditions as the original option or warrant.

Cangold is seeking a final order of the Supreme Court of British Columbia to approve the Arrangement at a hearing expected to be held on May 26, 2015. In addition to the approval of the court, the Arrangement is subject to the satisfaction of other closing conditions customary in a transaction of this nature. It is currently expected that, subject to receipt of all approvals, the transaction will close on or about May 27, 2015.

Full details of the Arrangement and certain other matters are set out in the management information circular of Cangold dated April 20, 2015 (the "Information Circular"). A copy of the Information Circular and other meeting materials can be found under Cangold's profile on SEDAR at www.sedar.com.

Further Information

For further information, please visit the Company's website at www.cangold.ca or contact Erick Bertsch at telephone [phone], fax [phone] or e-mail [e-mail].