Tue Jul 10, 2012
Cassidy Gold Closes First Tranche of Private Placement and Announces Management Changes

Cassidy Gold Corp. ("Cassidy") announces that it has closed the first tranche of a non-brokered private placement of 10,358,943 common shares of Cassidy (each, a "Share") at a price of $0.07 per Share for proceeds of $725,126.01. Shares acquired by the placees will be subject to a hold period until November 11, 2012, in accordance with applicable securities legislation. Funds raised by this private placement will be used for general corporate purposes.

Certain insiders of the Company participated in the private placement, having purchased an aggregate of 3,192,000 Shares, constituting related party transactions pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of each of the transactions did not exceed 25% of the Company's market capitalization.

Further to its news release dated July 6, 2012, Cassidy also announces that Sir Nicholas Bonsor has resigned as a director and as the Chair of Cassidy's Board and Paul Rankine has resigned as a director and the President and Chief Executive Officer of Cassidy, each to pursue other interests. The Board of Directors thanks Mr. Rankine and Sir Nicholas for their contributions to Cassidy.

Cassidy also announces that Jim Gillis has been appointed President of Cassidy and Marion Bush has been appointed Chief Executive Officer of Cassidy. Jim Gillis has been a director of Cassidy since February 1996 and previously served as Cassidy's President from August 1996 to December 2011 and as Chief Executive Officer from April 2003 to October 2011. Marion Bush previously served as Cassidy's Chief Operating Officer, having been appointed in December 2011.

For additional information, please contact:

James T. Gillis, President
Telephone: (250) 372-8222

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Cassidy Gold Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Cassidy Gold Corp.'s management on the date the statements are made. Except as required by law, Cassidy Gold Corp. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
distributed by