Capital Gold Corporation Releases Statement Clarifying Proxy Proposal



    NEW YORK, Jan. 22 /CNW/ -- Capital Gold (TSX: CGC; OTC Bulletin Board:  
CGLD) released a statement today regarding the current proxy statement,
specifically referencing proposal no. 4.
    It has come to attention of Capital Gold Corporation that there is
misinformation and a general misunderstanding about proposal no. 4 to be voted
on at the Company's annual stockholders' meeting this coming Thursday.  That
proposal is to amend the Company's certificate of incorporation to permit
stockholder action to be taken only at a duly called annual or special meeting
of stockholders and eliminate stockholder action by written consent.
    If this proposal is passed, it will not, as some people believe,
eliminate stockholders' right to vote by proxy and require stockholders to
physically show up at stockholders' meetings. Stockholders would still have
the right to vote at any meeting of stockholders by submitting a written
proxy.
    We urge all stockholders who have yet to vote, to do so today.  If you
have any questions, please call MacKenzie Partners, Inc. at 1-800-322-2885.
    
    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 proven and probable reserve is
now 832,000 ounces of gold. 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, VP-Investor Relations of
Capital  Gold Corporation, +1-212-344-2785, Fax, +1-212-344-4537, 
pritchard@capitalgoldcorp.com; or Media, Victor Webb or Madlene Olson, both of
Marston Webb International, +1-212-684-6601, Fax, +1-212-725-4709, 
marwebint@cs.com; or Investor Relations in Canada, Robin Cook, Account 
Manager of CHF Investor Relations, +1-416-868-1079, Fax, +1-416-868-6198, 
robin@chfir.com, all for Capital Gold Corporation Web Site:
http://www.capitalgoldcorp.com

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CAPITAL GOLD CORPORATION

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