Compass Gold Corporation
TSX VENTURE : CVB

Compass Gold Corporation

December 13, 2011 10:00 ET

Compass Gold Exploration Program Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 13, 2011) - Compass Gold Corporation (TSX VENTURE:CVB) ("Compass" or the "Corporation") announces that, following the rainy season in Mali, field-work has re-commenced on the four exploration gold research licenses in which it holds a 100% interest through its wholly-owned subsidiary, Africa Mining SARL ("Africa Mining").

Highlights:

  • Final holes of 2011 scout drilling program underway at Yanfolila
  • 5,000m diamond drilling program commencing February 2012 on Yanfolila permit
  • 3,600m RC drill program commencing late December 2011 on Dandoko permit
  • Geochemical sampling and mapping program underway on Kolondieba and Solabougouda permits

Yanfolia Permit - Drilling Program

Scout diamond drilling has recommenced at the Solona Main prospect, the most advanced prospect on the Yanfolila permit. Based on previous exploration by Africa Mining, gold mineralization appears to be associated with quartz veins and, locally, within the host rocks in association with a north-northeast trending structure.

The scout drilling program comprises seven shallow (50m deep) vertical holes which will complete the 30 hole, 1,500 meter diamond drilling program commenced in May 2011. Initial assay results from the first 23 holes indicated a broad zone of gold mineralization at the Solona target including 1.31 g/t Au over 18 meters and 1.59 g/t Au over 13 meters (see Compass news releases dated July 19, 2011 and August 10, 2011).

Following the completion of the scout drill program in February 2012, a larger diamond drill rig will commence core drilling initially on the Solona and then the Yanfolila target.

Initial core drilling on the Solona target will be comprised of a 3,000m, 20 hole program testing the identified gold mineralization over a 1 km strike length on drill fences 100m apart. Drilling is scheduled for completion in April 2012.

This drilling program is expected to more closely define the dimensions of the gold mineralization at Solona. Further diamond and reverse circulation (RC) drilling programs will be undertaken later in 2012 with the aim of defining a National Instrument 43-101 ("NI 43-101") compliant inferred mineral resource early in 2013.

Following the completion of this initial 3,000m drill program, the diamond drill rig will move to the Yanfolila East target to undertake a 16 hole, 2,000m drilling program targeting mineralization over a strike length of 1.6km on drill fences 200m apart. It is expected that this drilling will be completed by July 2012.

Dandoko - RC Drilling Program

On the Dandoko permit, Compass is mobilizing an RC drill rig for a 3,600m scout drill program (30 holes) on targets identified early this year from mapping, gecochemical sampling and the interpretation of a high resolution airborne magnetic and radiometric survey. Previous assay results returned significant gold grades up to 70 g/t in rock chip sampling of artisanal mine workings on the Dissé target (see Compass news release dated January 18, 2011). Gold mineralization will be tested to 50m below surface at the Dissé, Bembala, Diabarou and Gombaly targets.

This scout drilling program is expected to start in the next two weeks, once the RC drill rig clears temporary import custom formalities. The program is anticipated to be completed by late February 2012. Following this program, the RC rig will either return to the Dandoko Bembala target (in the case of positive assay results) or be mobilized to the Kolondieba permit.

Kolondieba and Solabougouda - Sampling Program

Interpretation of the high-resolution airborne magnetic and radiometric data collected last May is in its final stage. Newly compiled geological maps and targets derived from the survey will be released shortly.

Geochemical sampling, mapping and trenching has started on the Kolondieba and Solabougouda licenses over new targets identified from the high-resolution aeromagnetic survey.

In addition, at the Kolondieba permit, the Company will undertake a trenching program over portions of the 4km long Koloni gold-in-soil anomaly. Subject to results, the Corporation anticipates commencing a 2,000m RC drilling program during the second quarter of 2012.

Additional Permitting

Africa Mining has applied to convert the Moussala permit from an "Authorization to Explore", to a full "Exploration Research Permit". The Moussala permit is located in Mali's Western gold belt and in close proximity to targets identified at the Dandoko project. Initial fieldwork is expected to commence in January 2012 in conjunction with the Kolondieba and Solabougouda sampling program discussed above.

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 owns a 100% interest in 4 gold exploration permits through its wholly-owned subsidiary, Africa Mining SARL (Yanfolila, Dandoko, Kolondieba and Solabougouda) as well as an authorization to explore, Moussala, covering a total of 888 sq km 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

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 expectations of drilling and geologic and geochemical results and consequentially Compass's ability to define a NI 43-101 compliant mineral resource on the Solona target or mineralization at the Yanfolila East Dissé, Bembala, Diabarou and Gombaly targets are subject to all of the risks and uncertainties normally incident with undertaking mineral exploration in Africa, including but not limited to technical, operational and environmental risks associated with gold exploration including but not limited to proficient drilling, ability to source and retain skilled labor, assay collection and final sampling results, accuracy of technical evaluation, the potential for delays in exploration activities and the preparation of geologic and technical reports, the possibility of project cost overruns or unanticipated costs and expenses, the geology, grade and continuity of mineral deposits and the possibility that exploration results will not be consistent with Compass's expectations. 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 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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