CAPITAL GOLD CORPORATION ANNOUNCES
APPROVAL FOR NYSE AMEX LISTING

NEW YORK, February 1, 2010 – Capital Gold Corporation (TSX: CGC; OTC Bulletin
Board: CGLDD) announced today that it has been authorized to list its shares of common stock
on the NYSE AMEX stock exchange. The Company anticipates shares of its common stock will
begin trading on the NYSE AMEX on February 2, 2010, under the trading symbol “CGC.” Until
that time, Capital Gold’s common stock will continue to trade on OTC Bulletin Board. The
Company’s listing on the Toronto Stock Exchange is unaffected by today’s announcement.
“We are pleased to be moving our stock listing from the OTC Bulletin Board to the NYSE
AMEX,” said Gifford Dieterle, Chairman and Chief Executive Officer of Capital Gold. “This
listing marks an important step in our ongoing growth efforts by raising the profile of the
Company in its industry.”

“We welcome Capital Gold Corporation to the NYSE Euronext family of listed companies and
to NYSE AMEX,” said Scott Cutler, NYSE Euronext Executive Vice President and Head of
Listings, Americas. “Capital Gold and its shareholders will benefit from superior market quality
and technology, a broad array of issuer and investor services, and a global brand association. We
look forward to building a strong and lasting partnership with the Company and its
shareholders.”

John Brownlie, the Company’s President and Chief Operating Officer, commented: “It is a
milestone to have been granted a listing on the NYSE AMEX. We believe that NYSE AMEX
provides excellent exposure for gold production and exploration companies, such as ours. This
advancement underscores our commitment to generating long-term value for our shareholders.”

About Capital Gold

Capital Gold Corporation (CGLDD: CGC) is a gold production and exploration
company. Through its Mexican subsidiaries and affiliates, it owns 100% of the “El Chanate”
gold mine located near the town of Caborca in Sonora, Mexico. It also owns and leases mineral
concessions near the town of Saric, also in Sonora, that are undergoing preliminary exploration
for gold and silver mineralization. Additional information about Capital Gold and the El
Chanate Gold Mine is available on the Company’s website, www.capitalgoldcorp.com.

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Statements in this press release, other than statements of historical information, are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forwardlooking
statements are inherently uncertain. Actual performance and results may differ materially from those
projected or suggested due to certain risks and uncertainties, some of which are described below. Such forwardlooking
statements include comments regarding a national stock exchange listing and future growth of the company.
Factors that could cause actual results to differ materially include timing of and unexpected events during
construction, expansion and start-up; variations in ore grade, strip ratio, tonnes mined, crushed or milled; delay or
failure to receive board, national exchange or government approvals; the availability of adequate water supplies;
mining or processing issues, and fluctuations in gold price and costs. There can be no assurance that future
developments affecting the Company will be those anticipated by management.

Any forecasts contained in this press release constitute management’s current estimates, as of the date of this press
release, with respect to the matters covered thereby. We expect that these estimates will change as new information
is received and that actual results will vary from these estimates, possibly by material amounts. While we may elect
to update these estimates at any time, we do not undertake to update any estimate at any particular time or in
response to any particular event. Investors and others should not assume that any forecasts in this press release
represent management’s estimate as of any date other than the date of this press release.
Additional information concerning certain risks and uncertainties that could cause actual, results to differ materially
from that projected or suggested is contained in the Company’s filings with the Securities and Exchange
Commission (SEC) over the past 12 months, copies of which are available from the SEC or may be obtained upon
request from the Company.

Contact:

Kelly Cody, Investor Relations Manager
Capital Gold Corporation
Tel: (212) 344-2785
Fax: (212) 344-4537
Email: kelly@capitalgoldcorp.com

Media Inquiries:

Victor Webb/Madlene Olson
Marston Webb International
Tel: (212) 684-6601
Fax: (212) 725-4709
Email: marwebint@cs.com