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Compass Gold Corporation's Gold Discoveries In Mali Prompt Extension To Drilling Campaign

Compass Gold Corporation (TSX-V: CVB) is 'on the gold' in Mali, with the company's drilling success prompting an expanded exploration campaign.

Highlights from the Yanfolila Property have delivered a broad intersection of; 23 metres at 1.6 grams per tonne (g/t) gold from 55 metres, including 10 metres at 2.7g/t gold.

Supporting this discovery is; 5.3 metres at 0.9g/t gold from 27 metres; 3 metres at 1.3g/t gold from 50 metres; 3 metres at 0.9g/t gold from 73 metres; and 1.5 metres at 1.3g/t gold from 39 metres.

The fire assays are for four of the first five deep-inclined diamond drill holes, drilled over an initial 350 metres of strike length.

The news flow is set to ramp up for Compass Gold, with results from another 19 holes still pending.

Dr. Madani Diallo, the leader of Compass Gold's exploration program, commented on the good news: "These results are very encouraging and support the work from our previous shallow drilling at the Solona target.

"Based on these initial results and other fieldwork, we have decided to extend the current diamond drill program to a total of 5,000 metres. The additional 2,000 metres of drilling will allow us to test the northern and southern extensions of the known Solona target while favorable weather conditions continue."

Fieldwork at the project will continue until the end of June, with the rainy season running from July to September, with the break allowing Compass Gold to analyse the drilling data to date.

The outcome of this review will be a more extensive drilling program to commence late in the September quarter of 2012.

Dr. Diallo added, "We also are continuing to work towards defining as soon as practicable a National Instrument 43-101-compliant inferred resource on the Solona target."

Compass Gold has unrivalled expertise driving exploration

It is worth noting the intellectual expertise of Compass Gold, with Dr Diallo having been directly responsible for discovering 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.

Not lost on astute investors, Larry Phillips recently joined the board, with Phillips 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.

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