Capital Gold Announces Postponement of Annual Meeting of Stockholders


    NEW YORK, Jan. 16 /CNW/ -- Capital Gold Corporation (TXS: CGC; OTC
Bulletin Board: CGLD) today announced that it has postponed its annual meeting
of stockholders, which had been scheduled for January 20, 2009.  Details of
the rescheduled annual meeting will be provided when they are available.  The
annual meeting has been postponed to allow management sufficient time to
respond to comments of the staff of the Securities and Exchange Commission
resulting from a regular review of the Company's periodic filings.  In
addition to the report of management on internal controls over financial
reporting which was contained in the Company's recent Form 10-K, the SEC's
comments require the Company to obtain an attestation report of the Company's
independent registered accounting firm of internal controls over financial
reporting, among other matters.  At the time that the Form 10-K was filed,
that Company believed that only management's report on internal controls over
financial reporting was required because the Company was previously a smaller
reporting company and not required to obtain an attestation report of its
independent auditor.  The staff of the SEC has indicated in its comment letter
that an attestation report is required.  Accordingly, the Company has engaged
its independent auditor to provide such an attestation report.  Upon receipt
of such report, the Company will amend its Form 10-K to include the report and
will thereafter schedule its annual meeting of stockholders.

    Important Information to Stockholders
    On December 10, 2008, in connection with its 2009 Annual Meeting, Capital
Gold mailed to its stockholders, and filed with the Securities and Exchange
Commission, a proxy statement.  The company intends to amend its 2009 proxy
statement in response to the SEC's comments.  Stockholders are urged to read
the amended proxy statement regarding the proposals to be acted upon at the
annual meeting when it becomes available, because it will contain important
information.  The Company will mail the amended proxy statement to its
stockholders when it is available.  Stockholders will be able to obtain a free
copy of the amended proxy statement, as well as other filings containing
information about Capital Gold, without charge, at the SEC's internet site

    About Capital Gold
    Capital Gold Corporation (CGC; CGLD) 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


For further information:

For further information: Jeff Pritchard, Executive Vice President,, or Kelly Cody, Director, Corporate
Communications,, both of Capital Gold Corporation,
+1-212-344-2785, Fax: +1-212-344-4537; or Victor Webb or Madlene Olson, both
of Marston Webb International, +1-212-684-6601, Fax: +1-212-725-4709, Web Site:

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