TSX-V:CVB Volume : 2516 Change : -0.005 Last : 0.075 Day High : 0.075 Day Lo: 0.075 Date : 5/18/2012
Compass Gold Corporation Receives Minority Shareholder Approval to Africa Mining Acquisition
Vancouver, British Columbia, December 8, 2011 - Compass Gold Corporation (TSXV: 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"
James Henderson, President
For further information please contact:
info@compassgoldcorp.com
Tel: 1-604-638-8067
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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 and interpretation of drilling results at Yanfolia’s Solona target being associated with gold mineralization are subject to all of the risks and uncertainties normally incident with undertaking mineral exploration in Africa, including technical, operational and environmental risks associated with gold exploration including but not limited to completion of final sampling results and the accuracy of the technical evaluation of such results which cannot be relied upon until final verified independent results are reviewed by Compass. 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.