Compass Gold Releases Very Encouraging Assay Results from Exploration Program on Yanfolila Property

- Results confirm gold mineralization at the Solona target continuing at depths, as suggested by previous drilling
- Fire assay results for four of the first five deep-inclined diamond drill holes, drilled over an initial 350m strike length, show gold mineralization from near surface to 78m including assays of:
-- SD41: 5.3m @ 0.9 g/t between 27m and 32.3m
-- SD41: 3m @ 1.3 g/t between 50m and 53m
-- SD42: 3m @ 0.9 g/t between 73m and 76m
-- SD44: 1.5m @ 1.3 g/t between 39m and 40.5m
-- SD45: 23m @ 1.6 g/t between 55m and 78m, including 10m @ 2.7 g/t between 68m and 78m

- Results from a further 19 holes are pending
- Current 3,000m exploration program being extended to 5,000m


VANCOUVER, May 23, 2012 /CNW/ - Compass Gold Corporation (TSXV: CVB) today announced gold assay results from its 3,000m diamond-drill exploration program at the Solona target, Yanfolila permit in Southern Mali.

In March 2012, Compass commenced a 3,000m diamond drill program (comprising an initial 20 inclined holes (60 degree) to 150m depth along 50m to 100m spaced fences). This program is nearing completion, with 24 holes (or 2,827m) drilled. The objective of the program is to test mineralization from surface to a vertical depth of 100m. The company has received the fire assay results for the first five holes (SD41 to SD45) and four of these five holes have encountered gold mineralization from near surface to 78m inclined along the hole (~65m vertical depth). Details of the mineralized interceptions are set out below. Compass will release the results from the remaining drill holes as they become available


Table 1 - Mineralized intervals at Yanfolila Solona Target

       Drill hole  From      To    Interval     Au   Recovery
            N°      (m)    (m)       (m)      (g/t)          %
           SD41 	27 	32.3 	5.3 	0.9 g/t 	41
           SD41 	50.3 	53.3 	3 	1.30 g/t 	83
           SD42 	73.5 	76.5 	3 	0.87 g/t 	98
           SD44 	39 	40.5 	1.5 	1.30 g/t 	98
           SD45 	54.9 	78 	23.1 	1.6 g/t 	90
Including  SD45 	67.8 	78 	10.2 	2.7 g/t 	89

The locations and orientations of the drill holes are shown in the map below;
http://files.newswire.ca/1069/Solona_Drill_Target.pdf

"These results are very encouraging and support the work from our previous shallow drilling at the Solona target," said Dr. Madani Diallo, the leader of Compass Gold's exploration program. "Based on these initial results and other fieldwork, we have decided to extend the current diamond drill program to a total of 5,000m. The additional 2,000m of drilling will allow us to test the northern and southern extensions of the known Solona target while favorable weather conditions continue.

"We expect to stop fieldwork at the end of June as a result of the rainy season (July to September). We will use that break to analyze the drilling and other data collected to plan for more extensive drilling to commence third-quarter 2012. We also are continuing to work towards defining as soon as practicable a National Instrument 43-101-compliant inferred resource on the Solona target," Dr. Diallo said.


Yanfolila Sampling Protocols

The current diamond-drill program at the Solona target, Yanfolila property permit is being carried out by ULC (Uranium Logging and Consulting), using a LONGYYEAR DB 525 wire-line diamond core drill rig and HQ size rods. All holes are started and finished in saprolitic or weathered materials in headquarters. Each core is split using a stainless steel knife (as the core is mainly clay material). One half of the core is kept in the core box and stored in a covered and secure core shed. Core samples are collected in plastic bags, numbered outside, and a tag is placed inside the bag. All samples are taken from site by Africa Mining personnel and delivered to the ALS laboratory, Bamako, Mali, under secure ''chain-of-custody'' procedures. Samples are fine-crushed to 70% <2mm, pulverized, and split to 85 %< 75 um. Gold is assayed by fire assay (50g charge) with FA AA Finish. Sample pulp is returned from the ALS laboratory under secure ''chain-of-custody'' procedure by Africa Mining staff and also stored in a secure location.


Qualified Person

Malcolm A Carson, BSc Geo, MSc Nat Res. Mgt., MAIG is the "qualified person" within the meaning of National Instrument 43-101, that has reviewed and approved the scientific and technical information contained in this news release, including verification of sampling procedures, the assaying procedures of ALS Laboratory, and "chain-of-custody" procedures.


About Compass Gold

Compass Gold Corporation, a Tier 2 mining issuer listed on the TSX Venture Exchange, is focused on gold exploration in Mali, Africa's third largest producer of gold. Compass, through its wholly-owned subsidiary, Africa Mining, owns four gold exploration permits (Yanfolila, Dandoko, Kolondieba, and Solabougouda) as well as holding applications over a further four areas, Mousala, Sirakourou, Yanfolila East and Kolondieba Nord) covering a total of 1,138 sq km's in key gold-producing regions in south west Mali, West Africa. Further information is available at www.compassoldcorp.com.


Forward-Looking Information

This news 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 Yanfolila's Solona target being associated with gold mineralization and defining a NI43-101-compliant gold resource 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, successfully identifying and drilling gold mineralization, completion of final assaying of all drill holes, 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. Risks and uncertainties about Compass Gold's business are more fully discussed in the company's disclosure materials, including its MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. Compass Gold Corporation does not assume the obligation to update any forward-looking statement, except as required by applicable law.

Neither the TSX Venture Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.


COMPASS GOLD CORPORATION

"James Henderson"
James Henderson, President



PDF available at:
http://stream1.newswire.ca/media/2012/05/23/20120523_C9963_DOC_EN_14082.pdf



For further information:

James Henderson
President
Compass Gold Corporation
Email: info@compassgoldcorp.com
www.compassgoldcorp.com
+1 (604) 638-8067

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