Carpathian's Latest Drill Results, Including 438 m of 0.83 g/t Au & 0.19% Cu, Confirm Continuing Expansion of the Ciresata Deposit, Romania

TORONTO, ONTARIO--(Marketwire - Sept. 20, 2011) - Carpathian Gold Inc. (TSX:CPN) (the "Corporation" or "Carpathian") wishes to provide further results from its 35,000 metre 2011 diamond drill program at the Corporation's 100% owned Rovina Valley Project ("RVP") in west-central Romania. The RVP includes three Au-Cu porphyries discovered by the Corporation. The focus of the 2011 drilling program is the gold-rich Ciresata copper porphyry deposit. Five drill rigs are presently working at the Ciresata deposit, with the objectives of defining the deposit limits and upgrading the inferred resource to the measured plus indicated resource categories. In addition, over the next 12 months, a further 15,000 metres of drilling is allocated to drill test targets in the Ciresata area and other targets on the Rovina Exploration License as part of a collaborative effort between Carpathian and Barrick Gold Corporation ("Barrick") resulting from the strategic private placement of Barrick into Carpathian as previously announced on July 18, 2011.

Approximately 28,500 metres of the planned drill program have been completed at the Ciresata deposit year-to-date with results through to drill-hole RGD-30 previously reported. Assay results from an additional 10 drill-holes have been received and include RGD-31 to RGD-41 representing 8,651 metres of drilling, which results are reported below. With the exception of RGD-41, which is an in-fill hole near the centre of the deposit, and drill holes RGD-34 and RGD-35 that are in-fill holes in the northern part of the deposit, all of the other drill holes reported herein were drilled to test the outer perimeter of the Ciresata deposit. The following are highlight intersections from these drill holes with complete intersections listed in the table further on in the press release.

• 438 metres at 0.83 g/t Au and 0.19% Cu (1.23 g/t Au-eq*) in drill hole RGD-41
  • Inclusive of 170 metres at 1.08 g/t Au and 0.19% Cu (1.48 g/t Au-eq*)

• 360 metres at 0.71 g/t Au and 0.15% Cu (1.01 g/t Au-eq*) in drill hole RGD-33
  • Inclusive of 73 metres at 1.02 g/t Au and 0.17% Cu (1.35 g/t Au-eq*)

• 351 metres at 0.68 g/t Au and 0.16% Cu (1.00 g/t Au-eq*) in drill hole RGD-34
  • Inclusive of 52 metres at 1.04 g/t Au and 0.18% Cu (1.41 g/t Au-eq*)

• 239 metres at 0.67 g/t Au and 0.13% Cu (0.93 g/t Au-eq*) in drill hole RGD-35
  • Inclusive of 10 metres at 1.09 g/t Au and 0.20% Cu (1.50 g/t Au-eq*)

"We are pleased with the results of these perimeter drill holes which not only suggest that the Ciresata porphyry mineralization is still open to the west and southwest but that the RVP is truly becoming a world class project," said Dino Titaro, CEO of Carpathian. Mr. Titaro adds, "The ongoing results of the resource definition drilling continue to support our belief that the size of this deposit will increase, thus contributing significantly to the results of our RVP pre-feasibility study which is in progress. The larger step-out target exploration drill program, planned to start by the end of September, will test the west and southwest extension of the Ciresata mineral system as well as other satellite targets."

Drill hole locations are shown on the Drill-hole Plan Map on the Corporations website at www.carpathiangold.com.

Core hole RGD-31 is located on the northwest margin of the deposit and intersected 225 metres at 0.46 g/t Au and 0.11% Cu. RGD-32 is an in-fill drill hole on the southeast margin of the deposit, located 400 metres from RGD-31, and intersected 321 metres at 0.68 g/t Au and 0.13% Cu.

Core hole RGD-33 (intersected 360 metres at 0.71 g/t Au and 0.15% Cu) is a steeply inclined step-out hole on the southwest margin and extends the drill-defined mineralization up to 150 metres from RGD-8 on this drill fence.

Core hole RGD-34 (intersected 351 metres at 0.68 g/t Au and 0.16% Cu) is an angle in-fill hole in the north part of the deposit and confirms the grades from previous drilling in this area.

Core hole RGD-35 (intersected 239 metres at 0.67 g/t Au and 0.13% Cu) is an angle in-fill drill hole in the north part of the deposit and confirmed the nearby drill hole grades in the upper part of the hole and defined the northeast edge of mineralization at depth.

Core hole RGD-36 is the southern-most drill hole to-date and while intersecting anomalous mineralization, this hole will define the southern limit of potentially economic grades. Core hole RGD-38 tested the southeast edge and is the eastern-most drill hole completed to date. This hole intersected only anomalous mineralization and thus defines the eastern limit of the deposit in this area.

Core hole RGD-37 is located on the east margin of the deposit and intersected 220 metres at 0.58 g/t Au and 0.12% Cu. Core hole RGD-39 is located on the presently known western edge of the deposit and intersected 211 metres at 0.76 g/t Au and 0.13% Cu with this mineralization still open to the west. These two intersections are approximately 400 metres apart in a northeast-southwest direction along the drill fence. Core hole RGD-40 is drilled on the southeast margin of the deposit and intersected 265 metres at 0.71 g/t Au and 0.16% Cu.

RGD-41 is an in-fill angle core hole in the north part of the Ciresata deposit and was collared near the previously drilled vertical hole RGD-21. RGD-41 intersected 438 metres at 0.83 g/t Au and 0.19% Cu which compares favorably with RGD-21 which intersected 603 metres at 0.94 g/t Au and 0.20% Cu (See News Release dated 22 March, 2011). Due to the angled orientation of RGD-41, the bottom of the intersection is located 150 metres northeast from the vertical RGD-21.

Below is a drill-hole intersection table from the recently received assay results:

Drill hole	From (m)	To (m)	Length (m)	Au (g/t)	Cu (%)	Au-eq* (g/t)
RGD-31	271	496	225	0.46	0.11	0.68
And	578	745	167	0.54	0.13	0.81
Inclusive	592	667	75	0.66	0.16	0.97
RGD-32	293	614	321	0.68	0.13	0.95
Inclusive	502	522	20	1.21	0.17	1.55
RGD-33	347	707	360	0.71	0.15	1.01
Inclusive	387	460	73	1.02	0.17	1.35
Inclusive	440	460	20	1.37	0.20	1.78
RGD-34	318	669	351	0.68	0.16	1.00
Inclusive	391	443	52	1.04	0.18	1.41
RGD-35	194	433	239	0.67	0.13	0.93
Inclusive	201	338	137	0.74	0.14	1.02
Inclusive	282	292	10	1.09	0.20	1.50
RGD-36	581	718	137	0.34	0.07	0.49
RGD-37	342	562	220	0.58	0.12	0.84
RGD-38	505	559	54	0.29	0.07	0.43
RGD-39	388	599	211	0.76	0.13	1.03
Inclusive	424	503	79	0.87	0.15	1.16
RGD-40	131	170	39	1.05	0.13	1.33
and	327	592	265	0.71	0.16	1.03
Inclusive	410	427	17	1.15	0.19	1.54
RGD-41	143	169	26	0.73	0.14	1.01
also	314	884	570	0.77	0.19	1.16
Inclusive	314	752	438	0.83	0.19	1.23
inclusive	321	491	170	1.08	0.19	1.48
Inclusive	321	352	31	1.39	0.19	1.78

* To estimate Au-eq (Gold Equivalent) a gold price of US $1,000 and a copper price of US $3.00/lb is used. Metallurgical recoveries are not taken into account. This is consistent with the Au-eq. calculations the Corporation has used in its recent press releases for Ciresata.

The following drill-hole collar list includes: Drill-hole number /drill fence / azimuth / inclination / total depth:

RGD-31 / 1240N / 49.6 degrees / -82.7 degrees / 750.90 metres;

RGD-32 / 850N / 49.5 degrees / -70 degrees / 759.00 metres;

RGD-33 /1010N / 49.1 degrees / -77.4 degrees / 854.25 metres;

RGD-34 / 1180N / 50.6 degrees / -67 degrees / 867.00 metres;

RGD-35 / 1130N / 51 degrees / -76 degrees / 773.60 metres;

RGD-36 / 810N / 49.6 degrees / -70 / 780.00 metres;

RGD-37 / 925N / 49.6 degrees / -72 / 744.00 metres;

RGD-38 / 880N / 49.9 degrees / -70.1 / 735.00 metres;

RGD-39 / 985N / 49.5 degrees / -78.8 / 719.00 metres;

RGD-40 /880N / 50.8 degrees / -65.3 / 729.00 metres;

RGD-41 /1130N / 50.37 degrees / -83 / 939.00 metres;

Drill hole locations are shown on Drill-hole Plan Map at www.carpathiangold.com.

The Ciresata porphyry system is a blind deposit that begins 40 to 140 m below surface. The recent drill results presented here are representing significant down-hole mineralization thicknesses on the margin of the deposit. The deposit remains open to the west and southwest. Outstanding assay results for drill holes RGD-42 to RGD-55 plus three planned drill holes represent in-fill drilling and west-southwest step-out drill holes. The Corporation plans to complete the resource definition drilling at Ciresata during the first week of October after-which, some of the drill rigs will move to the nearby Colnic and Rovina porphyry deposits for drilling pockets of Inferred resources with the aim of converting them to Measured + Indicated categories as part of the ongoing pre-feasibility study, as well as testing satellite targets on the project.

RVP Background Information

RVP is comprised of three Au-Cu porphyry systems (Rovina, Colnic and Ciresata), which were discovered by the Corporation. From 2006 to 2008, 181 diamond drill holes totaling 71,375 metres have been completed on the project prior to the present drilling program. In late 2008, PEG Mining Consultants Inc. ("PEG") completed a NI 43-101 resource estimate ("2008 Resource").

A detailed NI 43-101 compliant Preliminary Economic Assessment ("PEA") was released on March 23, 2010. The PEA was completed by PEG, which led a consortium of specialists assembled for the study. The PEA, utilized conventional open-pit mining for the Colnic and Rovina deposits with the Ciresata deposit mined by bulk-underground methods. Ore processing will utilize industry-standard crush-grind and flotation process at a rate of 40,000 tonnes per day to produce a gold-rich saleable copper concentrate. This process does not require the use of cyanide. The study considered a 19 year mine-life over which a total of 6.22 million Au-eq ounces would be produced. At metal prices of US$1,450/oz gold and US$3.00/lb copper the study arrived at a pre-tax NPV of US $1.13 billion based at a 10% discount rate. Further details of the study are presented in previous news releases of the corporation.

According to the cautionary statement required by NI 43-101, it should be noted that this PEA is preliminary in nature as it includes inferred mineral resources that cannot be categorized as reserves at this time and as such there is no certainty that the preliminary assessment and economics will be realized. The full Study of the PEA is available on www.SEDAR.com.

Sample Protocol

All samples collected from any program in Romania are prepared and analyzed at the independent ALS Romania SRL Laboratory in Gura Rosiei, Romania, owned and operated by ISO Certified ALS-Chemex Laboratory, using industry standard fire assay techniques for gold on 50-gram sample charges with AAS finish. Copper is analyzed using the industry-standard method of aqua-regia digest on a 0.40-gram sub sample with an AAS finish. Coarse blanks, pulp blanks, pulp duplicates and certified gold and copper standards are inserted on a routine basis. They consist of 15 per cent of submitted samples. In addition, coarse rejects from 3% of the samples are periodically re-submitted for analysis. For the current drill program a minimum of 3% of sample pulps are analyzed at the ISO Certified OMAC Laboratory in Ireland, for check assays. The drill assays reported in this press release are from split HQ and NQ size diamond core with the remaining half retained for reference. All holes at the Ciresata deposit are sampled at one metre intervals through the mineralized zone and two-metre intervals in the upper barren zone.

Mr. Titaro is the qualified person (as defined in National Instrument 43-101) overseeing the design and implementation of the present exploration programs. He is responsible for preparing the technical information contained in this news release.

About Carpathian

The Corporation is an exploration and development company whose primary business interest is developing near-term gold production on its 100% owned Riacho dos Machados Gold Project in Brazil, which is currently focusing on activities surrounding permitting and construction, along with progressing its exploration and development plans on its 100% owned Rovina Valley Au-Cu Project located in Romania. On a company wide basis, the Corporation currently hosts NI 43-101 resources of 4.0 million ounces of gold in the measured plus indicated categories and 4.5 million ounces of gold in the inferred category, as well as 759.1 million pounds of copper in the measured plus indicated category and 663.1 million pounds of copper in the inferred category.

The Riacho dos Machados Gold Project is targeted to produce in the order of +/-100,000 ounces of gold per annum, with construction targeted by management to be initiated by mid 2011 with an anticipated goal for the commencement of production in late 2012 or early 2013. The Rovina Valley Project will enhance the Corporations growth profile as a mid-tier gold producer.

Mr. Titaro is the qualified person (as defined in National Instrument 43-101) overseeing the design and implementation of the present work programs. He is responsible for preparing the technical information contained in this news release.

Forward-Looking Statements: This press release includes certain statements that may be deemed "forward-looking statements". Forward-looking statements are frequently characterized by words such as "plan", "expect", "Project", "intend", "believe", "anticipate", "estimate", and other similar words, or statements that certain events or conditions "may" or "will" occur. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Corporation expects, are forward-looking statements. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurance that forward-looking statements will prove to be accurate, as results and future events could differ materially from those anticipated statements. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.