Capital Gold Corporation Announces Third Fiscal Quarter Financial Results

    Over $12 Million in Gold Revenue

    NEW YORK, June 10 /CNW/ -- Capital Gold Corporation (TSX: CGC; OTC
Bulletin Board: CGLD) reported today a 42% increase in revenue for the third
fiscal quarter, ending April 30, 2009, as compared to the third fiscal quarter
of last year.  Below is a table comparing both three and nine month
performance for fiscal 2009 as compared to fiscal 2008.

    Summary of Quarterly    For the       For the      For the      For the
    Financial Results     three months  three months  nine months  nine months
    (000's except per     ended April   ended April   ended April  ended April
    share data)            30, 2009       30, 2008      30, 2009     30, 2008
    Revenues                $12,395        $8,730      $32,934      $28,210
    Net Income                2,554         2,740        7,687        6,613
    Basic net income per
     share                     0.01          0.02         0.04         0.04
    Diluted net income per
     share                     0.01          0.01         0.04         0.03
    Gold ounces sold         13,347         9,466       38,037       28,210
    Average price received     $929          $922         $851         $826
    Cash cost per ounce sold   $263          $283         $261         $258
    Total cost per ounce
     sold                      $305          $337         $301         $321

    Highlights from the first three months ending April 30, 2009, as compared
to the same period last year include:

    --  Revenue increased 42%.
    --  Gold ounces sold increased 41%.

    --  22,991 ounces of silver sold during the current quarter; proceeds
        amounting to $298,000.

    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 over
65,000 ounces of gold since inception. Further information about Capital Gold
and the El Chanate Gold Mine is available on the Company's website,

    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, the impact of
any hedging arrangements, including the termination of such arrangements;
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 expansion; 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,, or Kelly Cody, Director Corporate
Communications,, both of Capital Gold Corporation,
+1-212-344-2785, Fax: +1-212-344-4537; or Media, Victor Webb or Madlene Olson,
both of Marston Webb International, +1-212-684-6601, +1-212-725-4709, Web Site:

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