- New independent Director was a founder of IAMGOLD Corporation and helped to guide it from a West African exploration junior to an annual million-ounce producer
- Compass expects to benefit from Mr. Phillip's more than three decades of international business experience, capital markets knowledge, and legal background
VANCOUVER, May 9, 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 Larry Phillips to the company's Board of Directors.
"It isn't every day that an emerging gold exploration company is able to attract to its Board of Directors an individual of the calibre and valuable expertise in international business and capital markets that Larry Phillips brings to Compass Gold," said James Henderson, Chairman, President, and Chief Executive Officer. "This is an exciting achievement for Compass Gold. Mr. Phillips' extensive international experience includes working for more than 20 years in Mali and West Africa as he helped to guide IAMGOLD through the myriad complexities of growing from an exploration junior in Mali into an annual million-ounce gold producer, listed on the Toronto and New York stock exchanges."
With the appointment of Mr. Phillips, Compass Gold's Board totals six Directors of whom three are deemed to be independent of the company.
Mr. Phillips was a co-founder of IAMGOLD in 1990 and retired from the company in June 2011 as its Executive Vice-President, Corporate Affairs. During his more than two decades with the company, he was involved in all of its international investments, joint ventures, and government relationships. He assisted IAMGOLD in establishing a strong reputation for corporate governance and social responsibility. Mr. Phillips was a Director of SEMOS, a joint venture company of IAMGOLD that was responsible for the
development of the Sadiola gold mine in Mali. Another director of SEMOS was Dr. Madani Diallo, the leader of Compass Gold's exploration program and a director of the company.
Mr. Phillips also served as IAMGOLD's appointee on several international joint venture Boards of Directors, the President's Investment Council for Burkina Faso, the Board of Directors of The World Gold Council, and as Director General (Chief Executive Officer) of Euro Resources, a public subsidiary gold company listed on the Paris Exchange. He provided strategic and legal guidance on multiple acquisitions and public financings with a cumulative value of more than $2 billion.
Since retiring from IAMGOLD, Mr. Phillips, as President of Corplex Management Services, has consulted with companies and other organizations on strategic international business affairs, business development, and government affairs issues. He is Executive in Residence for Queens University's School of Business, in Kingston, Ontario, lecturing on international country risk, negotiation, and strategy. Mr. Phillips graduated from Osgoode Hall Law School and is a member of The Law Society of Upper Canada. Prior to joining IAMGOLD, he practiced commercial law and commercial litigation at a mid-size Toronto law firm, where he became managing partner responsible for financial management and administration.
Mr. Phillips, who lives in Toronto, Ontario, is highly engaged in various community affairs and philanthropy, including for the Toronto East General Hospital, for which he is a Director and Past Chair of the hospital's Foundation Board. Mr. Phillips also serves as a Director and Chair of the Governance Committee for Gowest Gold, an exploration company listed on the TSX Venture Exchange.
Mr. Phillip's appointment is subject to the acceptance of the TSX Venture Exchange.
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, owns four gold exploration permits (Yanfolila, Dandoko, Kolondieba and Solabougouda) and holds applications for a further four areas (Moussala, Sirakourou, Yanfolila East, and Kolondieba Nord) covering a total of 1,138 sq km's in key gold-producing regions in south west 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 release.
COMPASS GOLD CORPORATION
James Henderson, President
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