Compass Gold Corporation
TSX VENTURE : CVB

Compass Gold Corporation

December 08, 2011 09:30 ET

Compass Gold Corporation Receives Minority Shareholder Approval to Africa Mining Acquisition

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 8, 2011) - Compass Gold Corporation (TSX VENTURE:CVB) (the "Company") announces that, at the special meeting of shareholders of the Company held yesterday, the Company received the requisite approval of shareholders to the related party 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, further to the Company's news releases dated August 17, 2011 and September 26, 2011 and as described in the Company's Information Circular dated November 2, 2011 (available at www.sedar.com) (the "Transaction").

At the shareholder meeting, the resolution to authorize and approve the Transaction was approved by 100% of the shares entitled to be voted. An aggregate of 7,965,572 shares held by related parties in the Transaction were excluded from voting, as required by applicable securities laws and the policies of the TSX Venture Exchange (the "Exchange").

Subject to receipt of the Exchange's final approval to the Transaction and completion and delivery of closing documentation pursuant to the terms of the Transaction, the Company plans to complete the Transaction on or about December 13, 2011. On completion of the Transaction, Africa Mining will become an indirect, wholly-owned subsidiary of the Company.

About Compass Gold Corporation

Compass Gold Corporation is a Tier 2 mining issuer listed on the Exchange and focused on gold exploration in Mali, Africa's 3rd largest producer of gold. Compass owns a 51% interest in Africa Mining, which 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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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