Capital Gold Corporation (TSX:CGC; OTCBB: CGLD) recently reported a 64% increase in net income for the fiscal year ended July 31, 2009, as compared to the previous year
"This has been an exciting and productive year for Capital Gold," said John Brownlie, Capital Gold's President and Chief Operating Officer. "The efforts made by our team have added shareholder value by maintaining a safe and profitable working environment at the El Chanate mine. Our increasing production profile is a result of ongoing improvements in plant operations and mining efficiencies, making us, what we believe to be, one of the lowest cost gold producers in the industry."
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In a recent press release, the Company announced a 64% increase to El Chanate's proven and probable reserves. Brownlie said, "We now have plans in place that should allow us to further increase production and reserves at El Chanate. The Company is focused on growing our assets and production both organically and through acquisitions. In addition to expanding El Chanate, we have been drilling at our exploration property, Saric. The latest phase of our drill program is almost complete and once our geologists have compiled their findings, we will report on the results of this work."
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