Capital Gold Corporation Announces Addition to Board

Wed Oct 28, 2009 8:01am EDT

* Reuters is not responsible for the content in this press release.

New Drilling Scheduled at its Saric Properties; Provides update at El Chanate




NEW YORK, Oct. 28 /PRNewswire-FirstCall/ -- Capital Gold Corporation (TSX:
CGC; OTC Bulletin Board: CGLD) today announced certain changes to its Board of
Directors.  CEO and Chairman Gifford Dieterle, on behalf of the Board of
Directors, is pleased to announce the appointment of Stephen M. Cooper as an
independent director of the Company.  

Dr. Cooper has over 20 years experience in the mining and petroleum
industries. He brings strong technology experience to Capital Gold having
previously held the CIO position at a leading energy information organization.
Dr. Cooper is currently President of EnergyIQ, a start-up company providing
information solutions to the energy industry.  Dr. Cooper has a Ph.D. in
Mining and a bachelor's degree in Mining Engineering, both from Nottingham
University.

"This appointment is another important milestone for the Company," John
Brownlie, Capital Gold's President and COO said. "Steve will play an important
role continuing to develop the growth strategy of Capital Gold, not only with
his mining qualifications, but also as a seasoned business professional."

Brownlie also provided an update on the exploration at the Company's Saric
properties.  "We have completed the latest drill campaign of 23 reverse
circulation holes, totaling 2,052 meters.  This brings the total number of
holes drilled to date to 55," he said.  "After reviewing the preliminary data
with SRK Consulting of Lakewood, Colorado, we have commenced a second phase of
the current drill campaign, consisting of an additional 18 reverse circulation
holes for a total of 1,560 meters. These additional holes will target
extensions to the mineralized structure by stepping out on a 60 meter grid
from the current drilling."

At the El Chanate mine, in preparation for additional growth, the Company has
more than doubled its water allocation by securing an additional 600,000 m3
per annum of water rights.  This is in addition to the 575,000 m3 per annum
currently owned. "While we have sufficient water for our current and near term
projected requirements, water rights are in short supply in the state of
Sonora. Not only do we compete with potential future mining, we also contend
with agriculture, urban growth as well as the tourist development industry,"
Brownlie said. "Since water rights are transferrable, we will bank the new
allocation for future production requirements," he added.

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. Capital Gold has also begun
exploration of 4,100 hectares of owned and leased concessions near the town of
Saric, 60 miles from El Chanate.  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 production and 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 and expansion; variations in ore grade,
tonnes mined, crushed or milled; delay or failure to receive government
approvals; our ability to maintain low operating costs, the availability of
adequate water supplies; mining or processing issues, continued compliance
with U.S. and Mexican laws, including environmental laws; fluctuations in gold
price and costs and the availability of financing on acceptable terms. 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. Further information on the
factors and risks that could affect the Company's business, financial
conditions and results of operations, is contained in the Company's filings
with the U.S. Securities and Exchange Commission, which are available at
http://www.sec.gov.

SOURCE  Capital Gold Corporation

Kelly Cody, Manager, Investor Relations, Capital Gold Corporation,
+1-212-344-2785 , Fax: +1-212-344-4537, kelly@capitalgoldcorp.com; or Media
Inquiries: Victor Webb/Madlene Olson, Marston Webb International,
+1-212-684-6601, Fax: +1-212-725-4709, marwebint@cs.com
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.