Compass Gold Corporation announced that they have entered into a binding share exchange agreement whereby Compass will acquire all of the issued and outstanding shares of MGE in exchange for the issuance of Post-Consolidation Shares of Compass to the shareholders of MGE. On the completion of the acquisition, it is proposed that Malcom Carson and Lara Iacusso will resign from the board of Compass and Bill Pugliese and Joe Conway be appointed. It is also proposed that Larry Phillips will be appointed as President and Chief Executive Officer of Compass.

With existing directors James Henderson and Madani Diallo, Compass will have a leading board and management team with substantial experience in finding and developing resources in Mali and West Africa. James is the former chairman of Oklo Resources Limited and led the successful acquisition by Oklo of the Company's former gold assets also based in Mali. Currently Larry serves as President of Corplex Management Services in Toronto, providing advisory services in international business and governmental affairs to private and public companies.