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
$1billion. 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
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
James Henderson Chairman Compass Gold Corporation
Email:firstname.lastname@example.org www.compassgoldcorp.com +61 (288233100
Investor and Media Relations Richard W. Wertheim Wertheim + Company Inc.
Email:email@example.com +1 (416) 594-1600 +1 (416) 518-8479 (cell)
SOURCE: Compass Gold Corporation
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