Capital Gold (OTC:CGLD) announced that the gross proceeds increased 27% in the 2010 first quarter ending October 31, 2009. The increase was compared to the 2009 first quarter results at $995 per ounce of gold versus 2010’s $11.7 million on 11,733 ounces. Current gold production is producing 4,200 ounces of gold per month.
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Capital Gold Corporation operates through its subsidiaries and affiliates, and owns 100% of the El Chanate gold property in Sonora, Mexico. The company has started exploring 4,100 hectares of owned and leased concessions near Saric, sixty miles from El Chanate. As of April 2008, CGLD leases twelve mining concessions of 1,790 hectares, and owns 2,304 hectares.
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