Capital Gold Corporation Announces Third Fiscal Quarter Financial Results

Over $12 Million in Gold Revenue

NEW YORK, June 10 /PRNewswire-FirstCall/ -- Capital Gold Corporation (TSX:
CGC; OTC Bulletin Board: CGLD) reported today a 42% increase in revenue for
the third fiscal quarter, ending April 30, 2009, as compared to the third
fiscal quarter of last year. Below is a table comparing both three and nine
month performance for fiscal 2009 as compared to fiscal 2008.

Summary of Quarterly For the For the For the For the
Financial Results three months three months nine months nine months
(000's except per ended April ended April ended April ended April
share data) 30, 2009 30, 2008 30, 2009 30, 2008
--------------------
Revenues $12,395 $8,730 $32,934 $28,210
Net Income 2,554 2,740 7,687 6,613
Basic net income per
share 0.01 0.02 0.04 0.04
Diluted net income per
share 0.01 0.01 0.04 0.03
Gold ounces sold 13,347 9,466 38,037 28,210
Average price received $929 $922 $851 $826
Cash cost per ounce sold $263 $283 $261 $258
Total cost per ounce
sold $305 $337 $301 $321

Highlights from the first three months ending April 30, 2009, as compared to
the same period last year include:

-- Revenue increased 42%.
-- Gold ounces sold increased 41%.

-- 22,991 ounces of silver sold during the current quarter; proceeds
amounting to $298,000.

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 Company has produced over
65,000 ounces of gold since inception. 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, the impact of
any hedging arrangements, including the termination of such arrangements;
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 expansion; 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.

SOURCE Capital Gold Corporation

Jeff Pritchard, Executive Vice President, pritchard@capitalgoldcorp.com, or
Kelly Cody, Director Corporate Communications, kelly@capitalgoldcorp.com, both
of Capital Gold Corporation, +1-212-344-2785, Fax: +1-212-344-4537; or Media,
Victor Webb or Madlene Olson, both of Marston Webb International,
+1-212-684-6601, +1-212-725-4709, marwebint@cs.com