CVB Compass Gold Corporation

Compass Gold Corporation (TSX VENTURE:CVB) (the "Company") announces that it has
completed the transaction involving the acquisition by the Company of the
remaining 49% equity interest in Africa Mining SARL ("Africa Mining") from
Transocean Finance Pty Ltd. (controlled by James Henderson) and Madani Diallo
(together, the "Sellers"), further to the Company's news release dated December
7, 2011 (the "Transaction").


At the closing of the Transaction today (the "Closing"), the Company issued a
total of 30,000,000 common shares (the "Shares") and 10,000,000 share purchase
warrants (the "Warrants") of the Company to the Sellers in consideration for the
acquisition, through the Company's subsidiary Compass Gold (BVI) Mali Corp., of
the remaining 49% interest in Africa Mining, which is now an indirect,
wholly-owned subsidiary of the Company. Each Warrant entitles the holder to
purchase one common share of the Company at a price of $0.30 per share until
December 13, 2015.


The Shares and Warrants have been placed in escrow and will be released as to
10% effective at the Closing and 15% every six months thereafter for a period of
three years, pursuant to the terms of a TSX Venture Exchange escrow agreement
with Computershare Investor Services Inc. acting as escrow agent. The Shares and
Warrants are also subject to a four-month hold period expiring on April 14, 2012
in accordance with applicable Canadian securities laws.


Pursuant to the terms of the Transaction, at the Closing the Sellers granted to
the Company the right to reduce the existing net smelter returns royalty held by
the Sellers over Africa Mining's Yanfolila, Dandoko and Kolondieba properties,
from a 2% royalty to a 1% royalty through the payment of $1,000,000 at any time
within five years following the Closing.


As the Sellers are insiders of the Company, the Transaction is a "related party
transaction" under Multilateral Instrument 61-101 Protection of Minority
Security Holders in Special Transactions. The requisite minority shareholder
approval of the Transaction was obtained on December 7, 2011 as announced on
that date. Full details of the Transaction are contained in the Company's
Information Circular dated November 2, 2011 (available at www.sedar.com).


After giving effect to the Transaction, there are 110,665,340 common shares of
the Company issued and outstanding, of which 15.8% are held by Dr. Diallo and
18.5% are beneficially held, directly or indirectly, by Mr. Henderson, all on a
non-diluted basis. On a partially-diluted basis assuming the exercise of
outstanding warrants (including without limitation the Warrants) and stock
options held by Messrs. Diallo and Henderson as at the Closing, 20.7% of the
outstanding shares are held by Dr. Diallo and 23.6% of the outstanding shares
are beneficially held, directly or indirectly, by Mr. Henderson. Please refer to
the early warning reports being filed by Messrs. Diallo and Henderson for
further details of their holdings in the Company on completion of the
Transaction.


About Compass Gold Corporation

Compass Gold Corporation is a Tier 2 mining issuer listed on the TSX Venture
Exchange and focused on gold exploration in Mali, Africa's 3rd largest producer
of gold. Compass, through its wholly-owned subsidiary Africa Mining, owns four
gold exploration permits (Yanfolila, Dandoko, Kolondieba and Solabougouda) as
well as an authorization to explore, Mousala, covering a total of 888 sq km's in
key gold producing regions in south west Mali, West Africa. Further information
is available at www.compassgoldcorp.com.


COMPASS GOLD CORPORATION

James Henderson, President

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