Compass Gold Cancels Brokered Private Placement

NEWS RELEASE

November 2, 2011 TSXV: “CVB”

COMPASS GOLD CANCELS BROKERED PRIVATE PLACEMENT

Vancouver, British Columbia, November 2, 2011 – Compass Gold Corporation (TSXV: CVB) (the “Company”) announces that it has agreed with agent Delano Capital Corp. to cancel its proposed brokered private placement of units for proceeds of up to $3,600,000, previously announced on September 26, 2011.

The Company is pursuing alternate financing arrangements and will update the market in due course.

About Compass Gold Corporation

Compass Gold Corporation is a Tier 2 mining issuer listed on the TSX Venture Exchange and focused on gold exploration in Mali, Africa’s 3rd largest producer of gold. Compass has acquired a 51% interest in Africa Mining, which owns four gold exploration permits (Yanfolila, Dandoko, Kolondieba and Solabougouda) as well as an authorization to explore, Mousala, covering a total of 888 sq km’s in key gold producing regions in south west Mali, West Africa. Further information is available at www.compassgoldcorp.com.

COMPASS GOLD CORPORATION

“James Henderson”

James Henderson, President

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

For further information please contact:

[email protected] Tel: 1-604-638-8067

Suite 800 - 789 West Pender Street Vancouver, BC, CANADA Tel. +1 (604) 638 8067 Fax +1 (604) 648 8105 [email protected]