Attached files
| file | filename |
|---|---|
| 8-K - CAPITAL GOLD CORP | v164147_8k.htm |
PRESS
RELEASE
FOR
IMMEDIATE RELEASE
Capital
Gold Corporation Announces Addition to Board
New
Drilling Scheduled at its Saric Properties; Provides update at El
Chanate
NEW YORK,
October 28, 2009 – 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.
Contact:
Kelly
Cody, Manager, Investor Relations
Capital
Gold Corporation
Tel:
(212) 344-2785
Fax:
(212) 344-4537
Email:
kelly@capitalgoldcorp.com
Media
Inquiries:
Victor
Webb/Madlene Olson
Marston
Webb International
Tel:
(212) 684-6601
Fax:
(212) 725-4709
Email:
marwebint@cs.com