Company Profile
Through a wholly-owned subsidiary and an affiliate, Capital Gold Corporation owns 100% of 16 mining concessions located in northern Sonora, Mexico totaling approximately 3,544 hectares (8,756 acres or 13.7 square miles). The Company also owns outright 466 hectares (1,151 acres or 1.8 square miles) of surface rights at El Chanate and no third party ownership or leases exist on this fee land or the El Chanate concessions.
Project construction of El Chanate open pit mine began in August of 2006, and, in less than one year, the mine was producing gold. The project was completed on time and within the $18 million capital budget. During the mine's first year of operation, approximately 40,000 ounces of gold was produced, with cash costs among the lowest in the industry. Capital Gold began expansion of El Chanate in 2007 and financed all upgrades through operating cash flow. The mine is currently producing at an annualized rate of over 60,000 ounces.
While expanding gold production, Capital Gold will continue to develop El Chanate as drill results indicate that the deposit is still open to the east, and at depth. The Company is also exploring the new development property, Saric, which is located approximately 60 miles from El Chanate. Management is focused on growing the company both organically and through acquisitions, with the goal of becoming the next mid-tier producer in Latin America.
Exchange Listings:
NYSE.A: CGC
TSX: CGC
Directors:
John W. Cutler
Leonard J. Sojka
Stephen M. Cooper
Legal Counsel:
Ellenoff Grossman & Schole LLP
150 East 42nd Street
New York, New York 10017
Davis, Graham & Stubbs
1550 Seventeenth Street
Denver, Colorado 80202
Transfer Agent:
American Stock Transfer & Trust Co.
59 Maiden Lane
New York, New York 10038
Officers:
Chris Chipman, Chief Financial Officer and Corporate Secretary
J. Scott Hazlitt, Chief Operating Officer
Auditor:
BDO Seidman, LLP
100 Park Avenue
New York, New York 10017
