CGLD.OB released some strong earnings yesterday posting some very strong year over year growth. This chart breaking out with very heavy volume in conjunction with this positive earnings and there gold production expanding from 50k to 70k ounces /year expected by 09′ should result in a very strong upside move. I’m in at .77.
Capital Gold Corporation Announces Second Fiscal Quarter Financial Results
Friday March 14, 9:00 am ET
Gold Sales and Net Income Up While Cash Costs of Production Remain Well Below Industry Average
NEW YORK, March 14 /PRNewswire-FirstCall/ — Capital Gold (TSX: CGC - News; OTC Bulletin Board: CGLD - News) reported today that gold production, revenue and net income were up for the second fiscal quarter, ending January 31, 2008, as compared to the first quarter.
Through January 31, 2008, net sales were $8,043,000 based on 9,550
ounces of gold sold at an average price of $843, as compared to sales
of $6,526,000 based on 9,194 ounces sold at an average price of $711
for the first quarter, a 23% increase. (The London Bullion Market
Association average gold PM fix was $835 for the second fiscal quarter,
ended January 31, 2008).
– Net income was approximately $2,126,000 in the second quarter, which
equates to a fully diluted income per share of $0.01. Net income was
$1,747,000 in the first quarter. Net income for the six months ended
January 31, 2008 was $0.02.
– Cash costs of just $246 were achieved for the six months ending
January, 31, 2008 — well below the gold industry average of
approximately $371 per ounce.
