Compass Gold Closes $3,637,062 Private Placement

17,000-Metre Drill Program has Commenced Along the Tarabala and Samagouela Trends

 Toronto, Ontario – December 16, 2020 – Compass Gold Corporation (TSX-V: CVB) (“Compass” or the “Company”) announced today that it has issued, on a non-brokered private placement basis, a total of 18,185,310 common shares of the Company, at a price of $0.20 per share, for aggregate gross proceeds of $3,637,062 pursuant to the closing of its previously announced private placement (the “Offering”) (see Compass news releases dated November 29, and December 6 and 8, 2020).

Larry Phillips, Compass Gold’s President and CEO, said, “Once again our core group of existing shareholders has taken up the majority of this important Private Placement. We are grateful for their strong and continuing support. As with prior offerings, we have used this opportunity to add several institutional shareholders who have recognized the quality of our properties and the experienced team conducting the exploration. The addition of these funds to our existing treasury will allow us to take the results of this major drilling program in June 2021 and plan for continuous drilling throughout the rainy season.  I can assure all of our shareholders that our team is working aggressively to carry out the drilling plan and achieve our objective of identifying clear potential for a near surface gold resource.”

Dr. Madani Diallo, Director and Exploration Manager, added, “With the end of the rainy season in Mali, we have now started an aggressive exploration and drilling program commencing at Samagouela and Tarabala, two of our highest priority target zones, where earlier this year our drilling intercepted significant gold mineralization.  Those large trends host just a few of the growing number of highly-prospective gold targets on our Sikasso Property. Our exploration team in Mali is excited by the opportunity to complete our current 17,000-metre drill program in Q3, 2021. Based on the results of that work, we will, for the first time, be able to plan and conduct drilling on the highest priority targets without interruption by the rainy season.  I firmly believe that our work in 2021 will validate the confidence that the Company’s shareholders have shown in us.”

Extensive new exploration and drill program launched

Compass has recently launched Phase 1 of a previously-reported 17,000-metre drilling program, beginning on targets on the Samagouela Trend, which will be followed be further drilling on the Tarabala Trend. The initial drilling results from this latest program are expected to be available in late December. Along with the Company’s existing funds, proceeds from this Private Placement will be sufficient to fund this entire program, and will enable the field team to continue following up with the planned Phase 2 and Phase 3 drilling on multiple targets into 2021 without interruption.

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