DESCRIPTION: Capital Gold Corporation is a profitable producing gold mining company. Capital Gold owns and operates the El Chanate open pit gold mine in Sonora, Mexico, which is currently producing at an annualized rate of over 60,000 ounces. The company achieved profitability within six months of operation and is today, one of the lowest cost gold producers. The company is focused on continuing to expand gold production at El Chanate, with the goal of becoming the next mid-tier producer in Latin America.
The information below is based on the most recent information we have
received from analysts and the companies participating in The Gold Report.
We encourage you to visit the company's web site for updates.
"Completion of 4 for 1 Reverse Stock Split—Capital Gold Corp. reported the completion of a reverse stock split effective Jan. 25th 2010
Listing on NYSE-AMEX—The company announced that it has been authorized to list its common shares on the NYSE AMEX stock exchange, effective Feb. 2, 2010.
Additional Crushing Plant & Leach Pad Operational; Increased Production Expected—CGC noted that an additional crushing/screening plant and a new leach pad will increase production at the company's El Chanate mine in Sonora, Mexico
2010 Outlook—Capital Gold expects to continue to test exploration targets, including the Saric 'El Oso' concession near their current property; they also expect to replace depleted reserves with a drilling campaign in 2010. Additionally, the company expects to produce a new mine plan with a 'super-pit' option due to prevailing gold prices. The company is also investigating the addition of a fourth crusher to improve recovery rates, currently around 60%. El Chanate currently contains 1.5 million ounces of Proven and Probable reserves at a grade of 0.019 oz/ton; Measured and Indicated resources of 69,000 ounces of gold at a grade of 0.013 oz/ton and 157,000 ounces of Inferred resources at a grade of 0.02 oz/ton as of April 8, 2009 and based upon $800/oz gold. The Company also received silver credits of approximately $1 million in 2009."
-ADAM GRAF, DAHLMAN ROSE & CO.
(02/02/10)