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. Henderson.
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 raisings.
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 provinces.
"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 RELEASE.
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
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Richard W. Wertheim
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