CGLD-Standard & Poor's Initiates Factual Stock Report Coverage on Capital Gold Corporation
Press Release
Source: Standard & Poor’s
On 8:00 am EDT, Friday October 30, 2009
finance.yahoo.com
NEW YORK--(BUSINESS WIRE)--Standard & Poor’s announced today that it has commenced Factual Stock Report coverage on Capital Gold Corporation.
Capital Gold Corporation (OTC BB: CGLD, TSX: CGC), is a gold production and exploration company. Through its Mexican subsidiaries and affiliates, it owns 100% of 16 mining concessions located in the Municipality of Altar, State of Sonora, Republic of Mexico totaling approximately 3,544 hectares (8,756 acres or 13.7 square miles). The El Chanate concessions are located 37 kilometers northeast of the town of Caborca, Sonora and nine kilometers from a paved road. It is accessible by an all-weather dirt road. Driving time from Caborca is approximately 30 minutes.
The company's primary focus is on the operation and development of the El Chanate Project. Capital Gold also has an exploration property approximately 60 miles from El Chanate.
In September 2009, Capital Gold announced the appointment of John Brownlie to the position of President. Mr. Brownlie who previously acted as COO oversaw the development of the El Chanate mine and was instrumental in the plant upgrades that have increased production while maintaining a low operating cost.
In October 2009, Capital Gold announced an updated reserve statement and mine plan showing increased reserves for its 100% owned El Chanate open pit gold mine in Sonora, Mexico. Net of depletion, proven and probable reserves were increased to 1,504,000 ounces of gold as of October 1, 2009. At the projected 2010 production rate of 70,000 ounces per year, recoverable ounces now provide for over a 12-year mine life.
The company sold 48,418 ounces of gold in FY 09 as compared to 39,102 ounces sold in FY 08. As of September 30, 2009, the mine had produced approximately 100,000 ounces of gold.
This report will also be accessible on an ongoing basis to the investment community by scores of buy-side institutions and sell-side firms that utilize S&P research and information platforms daily. Millions of self-directed investors also have access to the report via their e-brokerage accounts. Please visit www.capitalgoldcorp.com for additional information.
About Standard & Poor's Factual Stock Reports
This Standard & Poor’s service provides factual research coverage enabling information about Capital Gold Corporation and other securities to reach a wide investor audience of Buy and Sell-side investors, helping them understand a company’s fundamentals and business prospects. Currently profiling over 800 issuers, S&P Factual Stock Reports increase market awareness for issuers in the investment community with insightful commentary and key statistics/information. Updated weekly with the latest pricing, trading volume, and other data, the reports include recent developments, a financial review, key operating information, Industry and peer comparisons, institutional holdings analysis, Street Consensus and opinions, performance charts, business summary, fundamental data, and news. Because coverage of these reports is sponsored by the issuer, S&P does not offer investment opinions concerning the advisability of investing in these stocks.
Standard & Poor’s Factual Stock Reports are produced separately from any other analytic activity of Standard & Poor’s. Standard & Poor’s Factual Report research has no access to non-public information received by other units of Standard & Poor’s. Standard & Poor’s does not trade on its own account.
Note: All U.S. and Canadian Companies listed on a National Exchange (not covered by S&P’s STARS research) are eligible to obtain this coverage.
About Standard & Poor's
Standard & Poor's, a division of The McGraw-Hill Companies (NYSE: MHP - News), is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 10,000 employees, including wholly owned affiliates, located in 23 countries, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit standardandpoors.com.
Photos/Multimedia Gallery Available: businesswire.com
MULTIMEDIA AVAILABLE: businesswire.com
Contact:
Capital Gold CorporationKelly Cody, 212-344-2785kelly@capitalgoldcorp.comorStandard & Poor'sCustomers:Richard Albanese, 212-438-3647richard_albanese@standardandpoors.comorMedia Relations:Michael Privitera, 212-438-6679michael_privitera@standardandpoors.com |
