Capital Gold Continues Record Production Increases



    
    Gold Produced Up By Over 1,750 Ounces Compared to Last Fiscal Quarter

    
    NEW YORK, Feb. 5 /CNW/ -- Capital Gold (TSX: CGC; OTC Bulletin Board:  
CGLD) announced today that the Company has produced 13,646 ounces of gold in
the second fiscal quarter of 2009 (ended January 31, 2009) at its El Chanate
mine in Sonora, Mexico. This represents a 15% increase over the fiscal quarter
ended October 31, 2008 and a 39% increase over the same period in the prior
fiscal year.
    

    
    Gross proceeds from the quarter were approximately $11 million on 13,277
ounces of gold sold, with an average sale price of approximately $827 per
ounce. This represents an increase of gross proceeds of 20% over the fiscal
quarter ended October 31, 2008 and a 36% increase over the same period in the
prior fiscal year.
    


    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 40,000
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.
    



    




For further information:

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

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CAPITAL GOLD CORPORATION

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