Compass Gold to Pursue Listing on Australian Stock Exchange

VANCOUVER, Aug. 24, 2012 /CNW/ - Compass Gold Corporation (TSXV: CVB), which is focused on gold exploration in Mali, today announced its intention to pursue a listing of its securities on the Australian Stock Exchange (ASX).

The company is at the early stages of this process and intends to work towards an application to the ASX later this year. Compass has appointed GMP Securities as lead manager and corporate advisor to the listing process.

"We believe pursuing an ASX listing will enable the company to access favorable capital markets in Australia, where there is a great understanding of the value of West African assets," said James Henderson, Chairman, President, and Chief Executive Officer.

Compass does not make any representation regarding the ability of the company to meet the ASX listing requirements or the possible success of the application process, or that the company will in fact apply for a listing on the ASX.

About Compass Gold Corporation

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 SARL, owns a 100% interest in 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 an aggregate of 1,138 sq kms in key gold-producing regions in south west Mali, West Africa. Further information is available at www.compassgoldcorp.com.

Forward-Looking Information

This news release may include "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 future fund raising and capital expenditures are subject to all of the risks and uncertainties normally incident with the raising of capital including, but are not limited to, financing risks, inflation and costs of goods and services. 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.

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

SOURCE Compass Gold Corporation