CAPITAL GOLD ANNOUNCES RECORD GOLD
PRODUCTION
TOTALS FOR DECEMBER 2008
New York, January 6, 2009 - Capital Gold (TSX:CGC; OTC/BB:CGLD)
announced today that it produced 5,375 ounces of
gold in December at its El Chanate mine in Sonora, Mexico. This represents
the Company's best monthly production to date, and surpasses the previous
best monthly total of 4,750
ounces by 13%. Capital Gold's Chief Operating
Officer, John Brownlie, said, "This increased production is the result
of careful planning and implementation of our production enhancement
program that we initiated in mid-2008. The program will culminate with the
installation of an additional crusher module, scheduled for late March. This
will allow for further production increases." All of the financing for
the program's upgrades and additions have been provided through operational
cash flow.
About Capital
Gold
Capital Gold Corporation (CGLD: CGC) is a gold production and exploration
company. Through its Mexican subsidiaries and affiliates, it owns 100% of
the El Chanate gold property in Sonora,
Mexico. The
proven and probable reserve is now 832,000 ounces of
gold. The Company has produced 50,000 ounces of
gold in its first year of operation. Further information about Capital Gold
and the El Chanate Gold Mine is available on the Company's website, www.capitalgoldcorp.com.
###
Statements
in this press release, other than statements of historical information, are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Investors are cautioned that forward-looking
statements are inherently uncertain. Actual performance and results may
differ materially from those projected or suggested due to certain risks
and uncertainties, some of which are described below. Such forward-looking
statements include comments regarding the establishment and estimates of
mineral reserves and non-reserve mineralized material, future increases in
mineral reserves, the recovery of any mineral reserves, grade, processing
rates and capacity, estimated future gold production, potential mine life
and future growth of the company. Factors that could cause actual results
to differ materially include timing of and unexpected events during
construction, expansion and start-up; variations in ore grade, tonnes
mined, crushed or milled; delay or failure to receive board or government
approvals; the availability of adequate water supplies; mining or
processing issues, and fluctuations in gold price and costs. There can be
no assurance that future developments affecting the Company will be those
anticipated by management.
Any
forecasts contained in this press release constitute management's current
estimates, as of the date of this press release, with respect to the
matters covered thereby. We expect that these estimates will change as new
information is received and that actual results will vary from these
estimates, possibly by material amounts. While we may elect to update these
estimates at any time, we do not undertake to update any estimate at any particular
time or in response to any particular event. Investors and others should
not assume that any forecasts in this press release represent management's
estimate as of any date other than the date of this press release. Additional
information concerning certain risks and uncertainties that could cause
actual, results to differ materially from that projected or suggested is
contained in the Company's filings with the Securities and Exchange
Commission (SEC) over the past 12 months, copies of which are available
from the SEC or may be obtained upon request from the Company.
|