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.
Forward-Looking Information
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"
James Henderson,
President
SOURCE Compass Gold Corporation