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Dardadog
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2004-07-29 14:32:12


Capital Gold Reports New Exploration Work at El Chanate Gold Project Indicates Potential for Expansion


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NEW YORK, July 29 /PRNewswire-FirstCall/ -- Capital Gold Corporation (OTC Bulletin Board: CGLD), announced today that recent exploration activities at the company's El Chanate gold project in Sonora, Mexico, which included: drilling, sampling and mapping, have indicated a potential for extending the known mineralized structures in several areas beyond the engineered open pit. The most promising area for potential expansion of the deposit at El Chanate is east of the site where our feasibility study identified reserves. Multi-gram gold surface samples have been obtained from a mineralized structure near the existing Chanate deposit. Capital Gold believes that further infill drilling, subject to additional feasibility work, can convert these areas of mineralized material into reserve status. Additionally, the ground further to the east of this mineralized zone has had very little in the way of previous exploration. Gifford Dieterle, Capital Gold's chairman and CEO said that he was pleased with the findings, and that the Company plans to drill these promising areas as soon as adequate capital is available. He also stated "With the average gold price for the past 12 months exceeding $390 per ounce, our deposit has continued to expand, which bodes well for an extended mine life." The El Chanate gold mine is now sufficiently engineered to commence mine development. Recent drilling and metallurgical work has enhanced the potential for increased returns. Once acceptable financing is obtained, mine development will begin. The financing process for the El Chanate gold project is continuing. Capital Gold is in discussions with several financial institutions, including a Mexican bank, and management believes an agreement can be reached that will be in the best interests of the shareholders. For more information regarding Capital Gold Corporation and the El Chanate gold project please visit the Company's website, www.capitalgoldcorp.com. Contact: Jeff Pritchard, VP-Corporate Relations Tel: (212) 344-2785 Capital Gold Corporation Fax: (212) 344-4537 Email: investorrelations@capitalgoldcorp.com Media Inquiries Victor Webb/Madlene Olson Tel: (212) 684-6601 Marston Webb International Fax: (212) 725-4709 Email: marwebint@cs.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, the favorability of geologic conditions, construction cost estimates, construction completion dates, equipment requirements and costs, production, production commencement dates, grade, processing capacity, potential mine life, results of feasibility studies, development, costs and expenditures. 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, tons mined, crushed or milled; delay or failure to receive board or government approvals; timing and availability of external financing on acceptable terms for equipment, construction, working capital and other purposes; the availability of adequate power and water supplies; the availability of adequate mining equipment; technical, permitting, 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. The 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. SOURCE Capital Gold Corporation -0- 07/29/2004 /CONTACT: Jeff Pritchard, VP-Corporate Relations of Capital Gold Corporation, +1-212-344-2785, or fax, +1-212-344-4537, investorrelations@capitalgoldcorp.com; or Media Inquiries, Victor Webb or Madlene Olson, both of Marston Webb International, +1-212-684-6601, or fax, +1-212-725-4709, marwebint@cs.com, for Capital Gold Corporation/ /Web site: http://www.capitalgoldcorp.com / (CGLD) CO: Capital Gold Corporation ST: New York, Mexico IN: MNG OTC SU: DSC


Twice it's average volume today.

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Due Da Due......But Be Quick About It!!!!!


Wid ma mind on ma money an' ma money on ma mind!!!


DaDog


Posts: 1656 | Registered: Sep 2004  |  IP: Logged | Report this post to a Moderator
   

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