Planet Pennies

[NYC Trader]

CGLD 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.