Record Gold Production At Its El Chanate Mine

NEW YORK, NY - Capital Gold reported that the Company produced 4,350 ounces of gold in September at its El Chanate mine in Sonora, Mexico, bringing the combined production for August and September to a record two month total of 9,100 ounces, over 1,000 ounces more than any previous two months. Meanwhile cash costs for our first fiscal year (excluding royalties) were kept to $224 an ounce -- well below industry average of over $400, contributing considerably to the Company's bottom line.
In making the announcement, John Brownlie, Capital Gold's Chief Operating Officer, said this represented the Company's best production figures since operations began at El Chanate. "As a result of a strong team effort by a dedicated mine staff working with improved process equipment and advanced operating practices, our production has risen to an annualized rate of 55,000 ounces per year," Brownlie stated.
Capital Gold Corporation 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. The Company has produced 40,000 ounces of gold in its first year of operation.