VANCOUVER, Dec. 4, 2012 /CNW/ - Compass Gold Corporation (TSXV: CVB),
which is focused on gold exploration on four properties in Mali,
Africa's third-largest gold producer, today announced the appointment
of Ian Spence as Chief Executive Officer and President.
"We are delighted to have attracted a high-calibre individual of Ian's
credentials to join the management team, bringing with him a wealth of
international exploration, resource development, mining, and senior
management experience in addition to having a strong capital markets
background," company Chairman and former CEO James Henderson said.
"Ian played an instrumental role in recognizing the early potential of
the West African gold assets of Perseus Mining Limited (TSXV: PRU, ASX:
PRU) including a recommendation at that time to the board of Montagu
Stockbrokers to undertake a A$3.7m initial public offering of Perseus.
From those humble beginnings, Perseus today boasts a market
capitalization of more than $1 billion. It also is noteworthy that Ian
has been a shareholder of Compass since February 2011," said Mr.
Mr. Spence continued his involvement and support for Perseus through the
ASX listing process and announcements on early milestone achievements
and provided market and analytical support for the early capital
Mr. Spence holds a Master of Science in Mineral Exploration and Mining
Geology and a MBA and brings with him more than 20 years' experience in
geology and capital markets sectors. He has considerable extensive
practical gold exploration, resource development, and mining experience
in open-cut and underground environments, gained in the Archean
greenstone terrains of Western Australia, which is a similar
environment to the Malian geology.
Mr. Spence comes direct from a Senior Mining Analyst Role at Canaccord
Genuity Australia and prior to that he spent more than three years as a
Managing Director and Executive Director to a number of private and
listed coal companies in Mongolia.
During his time in Mongolia, Mr. Spence was largely responsible for
assembling and leading a 38-strong team that was successful in a number
of discoveries of coal assets. This resulted in more than 0.8Bt coal in
high-category JORC and NI 43-101 resources being placed on the books of
those companies and resulting multiple increases in the market
capitalization of those companies.
"Ian has a unique mix of technical and capital market experience," Mr.
Henderson further commented. "As we have previously reported, Compass
is very encouraged with the initial results we have received to date
from our exploration properties. Our Board believes that the expertise
that Ian brings to Compass Gold will make 2013 a pivotal year for the
company advancing toward our objective of becoming a significant gold
company in the region and targeting early producer status."
Commenting on his new appointment, Mr. Spence said, "I am delighted to
be joining Compass Gold at a very exciting time in the company's life
cycle. I view my appointment as an outstanding opportunity to join an
experienced and well-respected team, focused on exploration success in
one of the most prospective and developing, truly world-class gold
"In particular I am looking forward to working closely with highly
regarded Madani Diallo and Larry Phillips, both deservedly well
regarded in the markets for their previous exploration track records,
credited with the discovery of several million ounces in the region.
"With such a modest current market capitalization, I view any
exploration success as having potential to provide the catalyst for
significant share price growth."
Grant of Options
As part of his remuneration, the Compass has granted Mr. Spence
4,000,000 incentive stock options to purchase up to 4.000.000 common
shares in the company at a price of $0.07 per common share until
December 3, 2017, subject to certain vesting criteria tied to the
performance of the company.
Mr. Spence's appointment and grant of options remains subject to the
acceptance of the TSX Venture Exchange
About Compass Gold
Compass Gold Corporation, a Tier 2 mining issuer listed on the TSX
Venture Exchange, is focused on gold exploration in Mali, Africa's
third largest producer of gold. Compass, through its wholly owned
subsidiary, Africa Mining SARL, owns a 100% interest in four gold
exploration permits (Yanfolila, Dandoko, Kolondieba, and Solabougouda)
in southern Mali, as well as holding applications over a further four
areas, Mousala, Sirakourou, Yanfolila East, and Kolondieba Nord)
covering an aggregate of 1,138 sq kms in key gold-producing regions in
southwest Mali, West Africa. Further information is available at www.compassgoldcorp.com.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS
This news release may include "forward-looking statements" including
forecasts, estimates, expectations, and objectives for future
operations that are subject to a number of assumptions, risks, and
uncertainties, many of which are beyond the control of Compass Gold
Corporation. Such forward-looking information represents management's
best judgment based on information currently available. No
forward-looking statement can be guaranteed and actual future results
may vary materially. Risks and uncertainties about Compass Gold's
business are more fully discussed in the company's disclosure
materials, including its MD&A, filed with the securities regulatory
authorities in Canada and available at www.sedar.com and readers are urged to read these materials. Compass Gold does not
assume the obligation to update any forward-looking statement, except
as required by applicable law.
COMPASS GOLD CORPORATION
James Henderson, President
SOURCE: Compass Gold Corporation
For further information:
Compass Gold Corporation
Investor and Media Relations
Richard W. Wertheim
Wertheim + Company Inc.
+1 (416) 594-1600
+1 (416) 518-8479 (cell)