TSX-V:CVB Volume : 0 Change : 0.00 Last : 0.02 Day High : N/A Day Lo: N/A Date : 5/16/2013
Kolondieba
Map 1: "Kolondieba location in Mali"
Click here to view enlarged version
The Kolondieba permit is located in South Mali and covers an area of 250km2. It is located in a similar geological setting as the 6.5m ozMorila mine (RandGold/Anglogold-Ashanti) which is located 60 km to the north of the permit.
Map 2: "Kolondieba work completed"
Click here to view enlarged version
Exploration activities have been limited to detailed ground magnetic surveying and are still considered to be at an early stage. Four fault systems have been identified to date, however further exploration is required to test the geological setting of the Kolondieba South gold showing.
Exploration work has recommended, including trenching and auger drilling with a view to identifying drill-ready gold targets. Specifically, the Company will undertake a trenching program over portions of the 4km long Koloni gold-in-soil anomaly at Kolondieba. Subject to results, Compass anticipates commencing a 2,000m RC drilling program during the second quarter of 2012.
Similar to Yanfolila, in accordance with the terms of the Kolondieba permit, Africa Mining is required to relinquish 50% of the Kolondieba permit in July 2011. The areas where exploration work has been conducted will be retained by Africa Mining. Compass will apply for new permits covering the relinquished areas in order to maintain the current landholding. There are no assurances that the new permits applied for will be granted to Compass by the applicable governmental authorities.