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Capital Gold Corporation (NYSE AMEX: CGC; TSX: CGC) today reported a 41% increase in revenue for the three months ending April 30, 2010 compared to the prior year period, as a result of higher gold prices and more ounces sold. Net income for the three months ended April 30, 2010 and 2009 was approximately $2,779 and$2,554, respectively, reflecting an increase of $225 or 9% over the prior period. Net income for the three months ended April 30, 2010, included one time severance related charges of $2,284.
Revenue for the nine months ended April 30, 2010 totaled approximately $42,480 as compared to $32,939 in the prior period, representing an increase of $9,541 or 29%. This increase is mainly due to a higher gold price realized on sales. Net income for the nine months ended April 30, 2010 and 2009 was approximately $8,663 and $7,687, respectively, representing an increase of $976 or 13% over the prior period. Net income for the nine months ended April 30, 2010, included one time severance related charges of $2,710.
Stephen M. Cooper, Chairman of the Board of Directors, commented, "Our management team in Mexico continues to deliver exceptional performance. Gold production increased 23% for the quarter ended April 30, 2010, as compared to the prior year period. We are orchestrating a variety of mine expansion plans at El Chanate, including an in-fill drilling campaign, improvements in various production processes, and the development of a third leach pad. Exploration activities are ongoing at our Saric property, located approximately sixty miles northeast of El Chanate, as is planning for the integration of Nayarit's Orion property into our project portfolio. We are optimistic about the Company's prospects going forward."
Capital Gold Corporation Reports Revenue Up 41% For Third Fiscal Quarter
