Compass Gold Corporation
NEX BOARD : CVB.H

Compass Gold Corporation

October 20, 2009 14:43 ET

Compass Gold Corporation Closes C$450,000.00 Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 20, 2009) - Compass Gold Corporation ("Compass Gold" or the "Company") (NEX:CVB.H) announces the completion of a C$450,000.00 non-brokered private placement. The placement consisted of the sale of 5,999,998 common shares at a price of $0.075 per common share for gross proceeds to the Company of C$449,999.96.

Compass Gold paid cash commissions to finders under the placement totaling C$42,255.00.

All common shares issued in connection with this private placement are subject to a hold period in Canada that expires on February 20, 2009.

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

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
    Darren Devine
    604-638-8067