Mali focused explorer Compass Gold Corporation (TSXV: CVB) has set the bar high when building a board the envy of some tier one companies, with Larry Phillips the latest edition.
Not lost on astute investors, Phillips was a founder of IAMGOLD Corporation (TSE: IMG) (which has a market cap. of over $4 billion), and helped to guide IAMGOLD from a West African exploration junior to an annual million-ounce producer.
The significance of the appointment for Compass Gold is that Phillips will bring more than three decades of international business experience, capital markets knowledge, and legal background.
Importantly the appointment is a huge vote of confidence in Compass Gold, by simply being able to attract the calibre of Phillips.
James Henderson, chief executive officer of Compass Gold, commented: "It isn't every day that an emerging gold exploration company is able to attract to its Board of Directors an individual of the calibre and valuable expertise in international business and capital markets that Larry Phillips brings to Compass Gold.
"This is an exciting achievement for Compass Gold. Mr. Phillips' extensive international experience includes working for more than 20 years in Mali and West Africa as he helped to guide IAMGOLD through the myriad complexities of growing from an exploration junior in Mali into an annual million-ounce gold producer, listed on the Toronto and New York stock exchanges."
Compass gold to ramp up exploration news flow
Compass Gold is on target to deliver initial results in June 2012 from a diamond drilling campaign at the Yanfolila Project in Mali.
Where the story becomes very interesting for Compass Gold is the current 3000 metre program is being conducted at the Solona Target, where near surface gold has been discovered in the weathered-oxidised zone (saprolite).
Previous highlights include 2 metres at 2.17 grams per tonne (g/t) gold from 5 metres; and 2 metres at 1.03g/t gold from 47 metres.
Broad intersections included; 5 metres at 0.55g/t gold from 17 metres; and 10 metres at 0.50g/t gold from 12 metres.
To date, 13 inclined holes for 1690 metres have been completed, with the first results are expected in early June.
These results are then expected to provide Compass Gold with information to further define the width, depth and strike length of the mineralization at the Solona target - which is the first stage in achieving the company's aim to define a NI-43-101 compliant mineral resource by 2013.
Compass Gold has unrivalled expertise driving exploration
Dr Madani Diallo is the Director of Exploration for Compass Gold, and he has been directly responsible for discoveries of over 30 million gold ounces in Mali, and his gold discoveries were responsible for 50% of the entire Mali Gold production in 2010 of 1.2 million ounces.
Dr Diallo had direct leadership over the discoveries of Resolute Mining (ASX: RSG) 7.9 million gold ounce Syama mine, the Randgold Resources (NASDAQ:GOLD) 8.5 million ounce Morila mine, the Anglogold-Ashanti (NYSE:AU) 13.5 million gold ounce Sadiola mine and the IAMGOLD Corporation (NYSE:IAG) 5.3 million gold ounce Essakane mine.
He is also a significant shareholder in Compass Gold with a stake of 15.8%. Of interest, Australian and Asian investors account for 50% of the Compass Gold register.
Larry Phillips, the back story
Phillips was a co-founder of IAMGOLD in 1990 and retired from the company in June 2011 as its Executive Vice-President, Corporate Affairs. During his more than two decades with the company, he was involved in all of its international investments, joint ventures, and government relationships.
He assisted IAMGOLD in establishing a strong reputation for corporate governance and social responsibility, and was also a Director of SEMOS, a joint venture company of IAMGOLD that was responsible for the development of the Sadiola gold mine in Mali.
Another director of SEMOS was Dr. Madani Diallo, the leader of Compass Gold's exploration program and a director of the company.
Adding to his experience, Phillips also served as IAMGOLD's appointee on several international joint venture Boards of Directors, the President's Investment Council for Burkina Faso, the Board of Directors of The World Gold Council, and as Director General (Chief Executive Officer) of Euro Resources, a public subsidiary gold company listed on the Paris Exchange.
Phillips provided strategic and legal guidance on multiple acquisitions and public financings with a cumulative value of more than $2 billion.
Phillip's appointment is subject to the acceptance of the TSX Venture Exchange.
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