Compass Gold Corporation
NEX BOARD : CVB.H

Compass Gold Corporation

October 06, 2009 14:16 ET

Compass Gold Changes Board and Increases Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 6, 2009) - Compass Gold Corporation ("Company") (NEX:CVB.H) announces that further to its news release dated September 23, 2009 it has increased its non-brokered private placement to up to 6,000,000 common shares at a price of $0.075 per common share for gross proceeds of up to C$450,000 (the "Offering").

The proceeds of the Offering will be used by the Company for general working capital.

The completion of the Offering is subject to the acceptance of the TSX Venture Exchange.

Additionally, the Company announces that, subject to the approval of the TSX Venture Exchange, Lara Iacusso has been appointed a director and the CFO of the Company, Malcolm Carson has been appointed a director and Darren Devine has been appointed Corporate Secretary.

Ms. Iacusso is a director of the Transocean Group a Sydney, Australia based corporate finance and advisory group. Prior to joining the Transocean Group, Ms. Iacusso was a partner at Deloitte's and holds a Chartered Accountancy accreditation and is a Senior Fellow of the Financial Services Institute of Australasia.

Mr. Carson is an exploration geologist and the President of Mineral Resource Consultants based in Australia. Mr. Carson has broad qualifications and experience in the mining and resources sector over 35 years in Australia, Africa and Asia, including; exploration, commercial evaluation of mineral resource projects, mining, environmental and government approvals, banking and finance.

Mr. Devine is the President of Chelmer Consulting Corp. a Vancouver based corporate finance consulting company. Mr. Devine is a qualified lawyer formerly practicing in the area of securities law. Mr. Devine is a director and/or officer of a number of private and public companies principally operating in the junior resource sector.

Laara Shaffer has resigned as a director and CFO and David Nickerson has resigned as a director. The Company wishes to thank Ms. Shaffer and Mr. Nickerson for their contributions to the Company.

ON BEHALF OF THE BOARD OF DIRECTORS

COMPASS GOLD CORPORATION

Marshall Auerback, President and CEO

This press release includes "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. Statements regarding future fund raising and capital expenditures are subject to all of the risks and uncertainties normally incident with the raising of capital including, but are not limited to, financing risks, inflation and costs of goods and services. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. 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. Compass Gold Corporation does not assume the obligation to update any forward-looking statement, except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Compass Gold Corporation
    Marshall Auerback
    President and CEO
    604-638-8067