Carpathian Gold Inc.
TSX : CPN

Carpathian Gold Inc.

October 13, 2009 07:00 ET

Carpathian Intersects 17 m of 2.83 g/t Au, at the RDM Gold Project, Brazil and Targets a Feasibility Study for Q1, 2010 and Additional Growth

TORONTO, ONTARIO--(Marketwire - Oct. 13, 2009) - Carpathian Gold Inc. (TSX:CPN) (the "Corporation" or "Carpathian") is pleased to announce further infill drilling results from the ongoing 2009 Phase II Drill Program (the "Program") at its 100% owned Riacho Dos Machados ("RDM") Gold Project located in Minas Gerais State, Brazil. A total of 18,000 to 22,000 metres of drilling are planned for this Program, which follows the results from a NI 43-101 compliant Preliminary Economic Assessment (the "PEA Study") announced on August 12, 2009. To date, approximately 15,000 metres of infill drilling has been completed and the results are demonstrating good geologic and gold grade continuity both along strike and down dip with strong gold mineralization intercepted just below the existing shallow open-pit (maximum 60 m deep) mined by the previous operator, Companhia Vale do Rio Doce ("Vale"). This is shown by drill hole FRM-106 which intersected 17 m at 2.83 g/t Au approximately 53 m below the existing pit and drill hole FRM-102 which intersected 14 m at 2.30 g/t Au only 14 m below the existing pit.

The principle objective of the Program is to upgrade the open-pit Inferred Resources to the Measured + Indicated categories as well as extend its strike length for use in a feasibility study planned to commence this quarter and be completed in the first quarter of 2010. The Corporation is not only committed to this phase of the project and the development of the asset, but also to further developing the size and scope of the project over the next several months. This includes accessing the growth of the overall project from the on-strike potential of the known gold occurrences along a 14 km shear zone as well as incorporating an underground component to the open-pit resource as these could significantly increase the annual production level of the operation and the extension of the mine life.

The Phase II Drill Program commenced on May 23, 2009 and to date 111 drill holes have been completed for a total of approximately 15,000 m. On August 24, 2009 the Corporation reported the results from 14 drill holes. Results from an additional 55 drill holes have been received and are reported herein, with highlight assay intersections listed below. All of these results represent the portion of the mineralized zone that is considered to be accessible, as shown in the results of the PEA Study, through deepening of the existing shallow open-pit mined by the previous operator, Vale. The gold mineralization occurs in a shear zone with the proposed open-pit to be developed over a strike length of 1,800 m. A complete list of the assay results can be found at the end of this press release. A map showing the location of the drill holes completed can be found on the Corporation's website at www.carpathiangold.com.



i) North Pit Area (known as Area V)

Hole No. Intersection Au (g/t) Approx. depth below
length (m) surface(i) (m)
----------------------------------------------------------------------------
FRM-91 6.9 4.63 82
----------------------------------------------------------------------------
FRM-101 25.4 1.74 23
----------------------------------------------------------------------------
Incl. 4.9 3.29
----------------------------------------------------------------------------
FRM-102B 13.9 2.30 14
----------------------------------------------------------------------------
Incl. 3.0 4.04
----------------------------------------------------------------------------
FRM-104 10.0 3.45 55
----------------------------------------------------------------------------
Incl. 2.0 12.83
----------------------------------------------------------------------------
FRM-106 17.0 2.83 53
----------------------------------------------------------------------------
Incl. 4.0 6.94
----------------------------------------------------------------------------
FRM-111 15.2 2.43 24
----------------------------------------------------------------------------
Incl. 5.6 4.02
----------------------------------------------------------------------------
FRM-120 17.3 1.65 115
----------------------------------------------------------------------------
Incl. 2.9 5.51
----------------------------------------------------------------------------
FRM-131 10.5 1.54 43
----------------------------------------------------------------------------
Incl. 2.6 4.66
----------------------------------------------------------------------------



ii) Central Pit Area (known as Area IV)

Hole No. Intersection Au (g/t) Approx. depth below
length (m) surface(i) (m)
----------------------------------------------------------------------------
FRM-94 9.9 1.38 69
----------------------------------------------------------------------------
Incl. 4.0 2.59
----------------------------------------------------------------------------
FRM-96 11.0 1.38 59
----------------------------------------------------------------------------
Incl. 3.0 2.01
----------------------------------------------------------------------------
FRM-126 6.9 1.82 102
----------------------------------------------------------------------------



iii) South Pit Area (known as Area III)

Hole No. Intersection Au (g/t) Approx. depth below
length (m) surface(i) (m)
----------------------------------------------------------------------------
FRM-73 12.2 1.52 120
----------------------------------------------------------------------------
Incl. 3.8 3.92
----------------------------------------------------------------------------
FRM-74 26.1 1.23 80
----------------------------------------------------------------------------
Incl. 4.5 3.02
----------------------------------------------------------------------------
FRM-85 20.6 1.15 140
----------------------------------------------------------------------------
Incl. 5.9 2.43
----------------------------------------------------------------------------
FRM-88 9.7 2.24 5
----------------------------------------------------------------------------
FRM-93 19.2 1.25 20
----------------------------------------------------------------------------
Incl. 3.6 2.22
----------------------------------------------------------------------------
FRM-100 11.0 1.60 15
----------------------------------------------------------------------------
FRM-103 8.0 1.56 30
----------------------------------------------------------------------------
FRM-130 13.7 1.61 20
----------------------------------------------------------------------------
Incl. 2.9 2.72
----------------------------------------------------------------------------



Notes: Widths are approximate true thicknesses rounded.
(i) Approx. depth below surface equals depth below existing shallow (maximum
60 m deep) open pit.


"As shown from our prior results our infill drill program continues to demonstrate good grade continuity along strike and down-dip" said Dino Titaro, President and CEO. "Virtually every infill drill hole has intersected the mineralized zone where predicted from the resource geological and grade block models and is demonstrating that our conversion of Inferred Resources to Measured and/or Indicated should be very good. The results continue to show that we should be able to further enhance the robust nature of the Preliminary Economic Assessment announced August 12, 2009 due to the potential of possibly lengthening the mine life and improving the economics. We are continuing engineering and environmental work on the project to support our vision for a near-term open-pit, production time line in the second half of 2011. We remain committed to the development of this project as well as enhancing the size and scope of the overall project through additional exploration work along strike and the ability of bring in an underground component to the project during the open-pit operation".

Project Background

The RDM gold project is a 22,000 hectare land parcel comprised of 12 Exploration Licenses and one Mining Concession that covers a 20 kilometre long north-south shear zone. The Mining Concession hosts a past producing open-pit gold mine, which was previously operated by Vale between 1986 and 1997 from which oxide gold ore was mined to maximum depths of 60 m below the surface. The gold mineralization at RDM is shear zone hosted, within a package of Precambrian aged metamorphic rocks. This shear zone strikes 20 degrees and dips 40 to 50 degrees west. The gold mineralization is now known to be continuous over a strike length of greater than 1,800 m and open at depth to greater than 550 m at the RDM mine-site.

The Corporation announced the results of the initial NI 43-101 compliant Resource Estimate on May 18, 2009. This Resource Estimate utilized open-pit optimization software to constrain an open-pit resource and underground resource for material below the open pit using appropriate cutoff grades, costs, and US $800 USD/ounce gold price. This open-pit is 1,700 m in length and ranges from 60 m deep in the south extension to 270 m deep in Area III (middle to south part of existing open-pit).

The open pit resource includes (combined oxide, transition, fresh zones and 0.30 g/t Au cut-off):

- Measured + Indicated - 4.547 M tonnes at 1.84 g/t Au for 268,800 ounces Au

- Inferred - 15.164 M tonnes at 1.56 g/t Au for 762,700 ounces Au

The underground resource includes (1.0 g/t Au cut-off):

- Measured + Indicated - 0.201 M tonnes at 3.31 g/t Au for 21,400 ounces Au

- Inferred - 2.733 M tonnes at 2.84 g/t Au for 249,700 ounces Au

The combined open pit and underground resource includes:

- Measured + Indicated - 4.748 M tonnes at 1.90 g/t Au for 290,200 ounces Au

- Inferred - 17.897 M tonnes at 1.76 g/t Au for 1,012,400 ounces Au

The underground resource has a further geological potential of 12 million tonnes at 2.91 g/t Au for a total in-situ metal content of 1.12 million gold ounces as outlined in the Resource Report which is available on www.SEDAR.com.

On August 12, 2009 the Corporation announced the results of the PEA Study on the project which was based solely on the open-pit mineralization defined in a NI 43-101 Mineral Resource Estimate released on May 18, 2009. The open-pit mine design for the PEA was constrained, using a US $704 per ounce gold-price whittle pit-shell as a strategy for lowering the risk of the Project. This study can be found on www.SEDAR.com.

Highlights of the PEA Study include:

- Average annual production of 102,000 ounces of gold per annum over an initial 7.1 year mine life.

- Total operating cash cost of US$428 per gold ounce.

- Project after tax net present value ("NPV") of US$123.3 million based on a 5% discount rate and a gold price of US$900 per ounce.

- Project after tax internal rate of return ("IRR") of 32.0%, with a 2.9 year payback on Project capital expenditures, at a gold price of US$900 per ounce.

The Project will be a conventional open pit mine with down-the-hole drill rigs and blasting, backhoe excavators, and conventional haul trucks. The processing operation will include crushing the ore to minus 19 mm and processing it in an industry standard carbon in leach and ADR (adsorption, desorption, and recovery) plant followed by a detoxification process prior to placing the tailings in an impoundment area. Based on metallurgical test work, the gold recovery is estimated at 90%. The open pit mining operation will be at a rate of 6,000 tonnes per day with a life-of-mine average plant feed grade of 1.65 g/t gold over a mine life of 7.1 years. The PEA Study has also demonstrated a good probability of additional higher grade ounces from an underground operation that could add substantially to the overall operation; both in terms of extending the mine life of the project and significantly increasing the annual production rate up to another 50% (see PEA Study on www.SEDAR.com). The Corporation will be further evaluating and accessing this underground component as it advances the feasibility study.

According to the cautionary statement required by NI 43-101, it should be noted that this assessment 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.

In additional to the drilling program being conducted on the project, with results reported herein, the Corporation has commenced some of the activities required for a feasibility study which is planned to be completed in the first quarter of 2010. Environmental work and permitting is on-going. It is expected that the Licensa Previa, or Preliminary License, will be received this quarter, which will allow the Corporation to commence earthworks construction on the project. It is anticipated that the Installation License will be obtained in the first quarter of 2010, which will allow construction to begin on the project. The Corporation has initiated discussions on project financing mechanisms with a view to minimizing equity dilution and meeting our project time lines.

Sample Protocol

Assay results presented in this news release are half-core from split NQ drill core which have been sampled on a metre by metre basis through the mineralized zone and into surrounding altered rock. In addition, Reverse Circulation (RC) drilling through the mineralized zone is sampled on a meter by meter basis and assayed only when dry samples are collected. Drill holes denoted with an (ii) in Table II below are RC drill holes sampled through the gold mineralized zone. All samples collected from Brazil are prepared and analyzed at the independent ISO Certified SGS laboratory, located near Belo Horizonte, Brazil using industry standard fire assay techniques for gold on 50-gram sample charges with AAS finish. Coarse blanks, pulp blanks, pulp duplicates, and known gold standards are inserted on a routine basis. They consist of 20% per cent of submitted samples. In addition, on a periodic basis 3% of the crusher rejects are re-submitted and a minimum of 3% of the pulps will be analyzed at the ISO Certified ALS Chemex Laboratory near Belo Horizonte, Brazil for check assays.

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.

Carpathian 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 along with progressing its exploration and development plans on its 100% owned Rovina Valley Au-Cu project located in Romania.

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.



Table I. Carpathian drill hole assay intersections from Phase II drill
program at the RDM project, Minas Gerais, Brazil, August 24th to October 7th
2009.

----------------------------------------------------------------------------
True
From To Length Thickness Au
Drill Hole Area (m) (m) (m) (m) (g/t)
----------------------------------------------------------------------------
FRM-73 III 162.0 166.0 4.0 3.74 1.14
----------------------------------------------------------------------------
177.0 190.0 13.0 12.22 1.52
----------------------------------------------------------------------------
Incl. 186.0 190.0 4.0 3.77 3.92
----------------------------------------------------------------------------
FRM-74 III 147.9 176.9 29.0 26.11 1.23
----------------------------------------------------------------------------
Incl. 159.9 171.9 12.0 10.81 2.02
----------------------------------------------------------------------------
And 159.9 164.9 5.0 4.5 3.02
----------------------------------------------------------------------------
FRM-75 III 132.7 138.7 6.0 5.74 1.94
----------------------------------------------------------------------------
149.7 157.7 8.0 7.74 1.80
----------------------------------------------------------------------------
Incl. 149.7 153.7 4.0 3.87 2.26
----------------------------------------------------------------------------
FRM-82 IV 89.5 91.5 2.0 1.93 5.12
----------------------------------------------------------------------------
125.5 126.5 1.0 0.97 1.58
----------------------------------------------------------------------------
168.5 169.5 1.0 0.97 3.51
----------------------------------------------------------------------------
FRM-83 IV 93.2 97.2 4.0 3.95 1.59
----------------------------------------------------------------------------
Incl. 94.2 95.2 1.0 0.99 4.80
----------------------------------------------------------------------------
105.2 125.2 20.0 19.8 0.54
----------------------------------------------------------------------------
Incl. 116.2 118.2 2.0 1.98 1.47
----------------------------------------------------------------------------
FRM-84 III 147.5 148.5 1.0 0.98 2.16
----------------------------------------------------------------------------
177.5 187.5 10.0 9.77 1.05
----------------------------------------------------------------------------
Incl. 183.5 187.5 4.0 3.91 1.91
----------------------------------------------------------------------------
FRM-85 III 191.0 201.0 10.0 9.86 1.81
----------------------------------------------------------------------------
Incl. 193.0 195.0 2.0 1.97 5.49
----------------------------------------------------------------------------
208.0 229.0 21.0 20.62 1.15
----------------------------------------------------------------------------
Incl. 221.0 227.0 6.0 5.89 2.43
----------------------------------------------------------------------------
FRM-86 III 192.50 194.50 2.0 1.97 2.70
----------------------------------------------------------------------------
207.5 223.5 16.0 15.79 1.22
----------------------------------------------------------------------------
Incl. 216.5 217.5 1.0 0.99 4.70
----------------------------------------------------------------------------
FRM-87 III 179.5 192.5 13.0 12.95 1.18
----------------------------------------------------------------------------
Incl. 184.5 187.5 3.0 2.99 2.79
----------------------------------------------------------------------------
FRM-88 III 49.0 59.0 10.0 9.72 2.24
----------------------------------------------------------------------------
Incl. 49.0 50.0 1.0 0.97 5.84
----------------------------------------------------------------------------
FRM-89 III 50.0 58.0 8.0 7.94 1.51
----------------------------------------------------------------------------
Incl. 50.0 53.0 3.0 2.98 2.72
----------------------------------------------------------------------------
FRM-90 V 111.0 115.0 4.0 3.91 1.40
----------------------------------------------------------------------------
Incl. 111.0 113.0 2.0 1.96 2.08
----------------------------------------------------------------------------
127.0 129.0 2.0 1.96 2.70
----------------------------------------------------------------------------
FRM-91 V 57.0 58.0 1.0 0.99 1.85
----------------------------------------------------------------------------
86.0 93.0 7.0 6.94 4.63
----------------------------------------------------------------------------
Incl. 87.0 89.0 2.0 1.98 11.99
----------------------------------------------------------------------------
97.0 99.0 2.0 1.98 6.42
----------------------------------------------------------------------------
FRM-92 IV 97.0 102.0 5.0 4.94 1.55
----------------------------------------------------------------------------
FRM-93 III 74.8 95.8 21.0 19.18 1.25
----------------------------------------------------------------------------
Incl. 82.8 86.8 4.0 3.65 2.22
----------------------------------------------------------------------------
FRM-94 IV 38.0 41.0 3.0 2.91 3.93
----------------------------------------------------------------------------
89.0 99.0 10.0 9.92 1.38
----------------------------------------------------------------------------
Incl. 89.0 93.0 4.0 3.96 2.59
----------------------------------------------------------------------------
FRM-95 IV 42.0 43.0 1.0 0.97 1.10
----------------------------------------------------------------------------
77.0 80.0 3.0 2.96 0.89
----------------------------------------------------------------------------
FRM-96 IV 30.0 35.0 5.0 4.96 2.44
----------------------------------------------------------------------------
77.0 88.0 11.0 10.97 1.38
----------------------------------------------------------------------------
Incl. 79.0 82.0 3.0 2.99 2.01
----------------------------------------------------------------------------
FRM-97 V 101.0 104.0 3.0 2.94 1.47
----------------------------------------------------------------------------
134.0 135.14 1.14 1.12 3.26
----------------------------------------------------------------------------
FRM-98 V 117.5 123.5 6.0 5.91 1.32
----------------------------------------------------------------------------
Incl. 119.5 120.5 1.0 0.99 3.82
----------------------------------------------------------------------------
130.5 132.5 2.0 1.97 1.62
----------------------------------------------------------------------------
FRM-99 V 131.6 137.6 6.0 5.92 5.39
----------------------------------------------------------------------------
Incl. 135.6 137.6 2.0 1.97 9.01
----------------------------------------------------------------------------
161.6 163.6 2.0 1.97 1.27
----------------------------------------------------------------------------
FRM-100 III 50.0 53.0 3.0 2.99 2.02
----------------------------------------------------------------------------
62.0 65.0 3.0 2.99 1.16
----------------------------------------------------------------------------
69.0 80.0 11.0 10.96 1.60
----------------------------------------------------------------------------
Incl. 79.0 80.0 1.0 1.0 6.20
----------------------------------------------------------------------------
FRM-101 V 29.0 31.0 2.0 1.93 1.71
----------------------------------------------------------------------------
48.0 74.0 26.0 25.41 1.74
----------------------------------------------------------------------------
Incl. 48.0 53.0 5.0 4.87 3.29
----------------------------------------------------------------------------
FRM-102 V 34.0 37.0 3.0 2.95 2.82
----------------------------------------------------------------------------
FRM-102B V 45.4 59.4 14.0 13.94 2.30
----------------------------------------------------------------------------
Incl. 51.4 54.4 3.0 2.99 4.04
----------------------------------------------------------------------------
FRM-103 III 64.0 69.0 5.0 4.97 1.80
----------------------------------------------------------------------------
83.0 91.0 8.0 7.96 1.56
----------------------------------------------------------------------------
Incl. 83.0 85.0 2.0 1.99 4.36
----------------------------------------------------------------------------
FRM-104 V 52.0 54.0 2.0 2.0 2.98
----------------------------------------------------------------------------
75.0 85.0 10.0 9.98 3.45
----------------------------------------------------------------------------
Incl. 76.0 78.0 2.0 2.0 12.83
----------------------------------------------------------------------------
FRM-105 IV 73.0 76.0 3.0 2.73 1.57
----------------------------------------------------------------------------
87.0 93.0 6.0 5.46 1.10
----------------------------------------------------------------------------
Incl. 92.0 93.0 1.0 0.91 3.19
----------------------------------------------------------------------------
FRM-106 V 54.0 55.0 1.0 1.0 5.81
----------------------------------------------------------------------------
77.0 94.0 17.0 16.97 2.83
----------------------------------------------------------------------------
Incl. 84.0 88.0 4.0 3.98 6.94
----------------------------------------------------------------------------
Incl. 84.0 86.0 2.0 2.0 8.61
----------------------------------------------------------------------------
FRM-107 V 92.5 94.5 2.0 1.84 2.26
----------------------------------------------------------------------------
126.5 127.5 1.0 0.93 1.38
----------------------------------------------------------------------------
FRM-108 V 95.0 96.0 1.0 0.99 2.25
----------------------------------------------------------------------------
FRM-109 V 107.0 109.0 2.0 1.87 2.02
----------------------------------------------------------------------------
FRM-110 V 95.0 97.0 2.0 1.84 2.44
----------------------------------------------------------------------------
FRM-111 V 44.7 60.7 16.0 15.16 2.43
----------------------------------------------------------------------------
Incl. 53.7 59.7 6.0 5.64 4.02
----------------------------------------------------------------------------
66.7 69.7 3.0 2.85 2.94
----------------------------------------------------------------------------
FRM-112 V 90.0 91.0 1.0 0.96 1.21
----------------------------------------------------------------------------
163.0 164.0 1.0 0.97 1.27
----------------------------------------------------------------------------
FRM-113 III 29.0 31.0 2.0 1.99 0.76
----------------------------------------------------------------------------
FRM-114 South 11.0 12.0 1.0 0.97 1.58
----------------------------------------------------------------------------
54.0 55.0 1.0 0.98 1.45
----------------------------------------------------------------------------
FRM-115 South 77.0 90.0 13.0 12.85 0.64
----------------------------------------------------------------------------
Incl. 86.0 89.0 3.0 2.97 1.49
----------------------------------------------------------------------------
FRM-116 III 112.5 119.5 7.0 6.95 1.66
----------------------------------------------------------------------------
FRM-118 V 160.9 173.9 13.0 12.69 2.89
----------------------------------------------------------------------------
Incl. 171.9 173.9 2.0 1.95 10.06
----------------------------------------------------------------------------
FRM-119 V 118.0 121.0 3.0 2.69 1.24
----------------------------------------------------------------------------
136.0 139.0 3.0 2.70 5.80
----------------------------------------------------------------------------
FRM-120 V 191.5 209.5 18.0 17.3 1.65
----------------------------------------------------------------------------
Incl. 202.5 205.5 3.0 2.88 5.51
----------------------------------------------------------------------------
FRM-121 Scout NSI
----------------------------------------------------------------------------
FRM-122 Scout 66.0 69.0 3.0 2.91 1.27
----------------------------------------------------------------------------
FRM-123 V 46.0 48.0 2.0 1.97 1.62
----------------------------------------------------------------------------
58.0 59.0 1.0 0.99 1.16
----------------------------------------------------------------------------
FRM-124 Scout NSI
----------------------------------------------------------------------------
FRM-126 IV 105.0 106.0 1.0 0.99 3.05
----------------------------------------------------------------------------
110.0 111.0 1.0 0.99 2.17
----------------------------------------------------------------------------
126.0 133.0 7.0 6.91 1.82
----------------------------------------------------------------------------
140.0 141.0 1.0 0.99 5.12
----------------------------------------------------------------------------
FRM-127 IV 112.5 114.5 2.0 1.97 1.34
----------------------------------------------------------------------------
149.5 157.5 8.0 7.88 0.82
----------------------------------------------------------------------------
Incl. 149.5 150.5 1.0 0.98 2.39
----------------------------------------------------------------------------
FRM-130 III 5.0 6.0 1.0 0.97 1.56
----------------------------------------------------------------------------
62.0 76.0 14.0 13.66 1.61
----------------------------------------------------------------------------
Incl. 69.0 72.0 3.0 2.93 2.72
----------------------------------------------------------------------------
FRM-131 V 48.5 60.5 12.0 10.50 1.54
----------------------------------------------------------------------------
Incl. 56.5 59.5 3.0 2.63 4.66
----------------------------------------------------------------------------
FRM-133 III 153.0 154.0 1.0 0.97 1.96
----------------------------------------------------------------------------
164.0 168.0 4.0 3.87 1.98
----------------------------------------------------------------------------
177.0 180.0 3.0 2.90 1.25
----------------------------------------------------------------------------
FRM-134 South 32.0 38.0 6.0 5.78 0.81
----------------------------------------------------------------------------
Incl. 32.0 34.0 2.0 1.93 1.61
----------------------------------------------------------------------------
FRM-135 South 15.0 21.0 6.0 5.75 0.61
----------------------------------------------------------------------------
Incl. 17.0 18.0 1.0 0.96 1.37
----------------------------------------------------------------------------
FRM-136 South 22.0 26.0 4.0 3.87 0.82
----------------------------------------------------------------------------
Incl. 22.0 24.0 2.0 1.93 1.04
----------------------------------------------------------------------------
FRM-137 III 25.2 28.2 3.0 2.96 1.03
----------------------------------------------------------------------------

Notes: Assay intersections are calculated using a 0.30 g/t Au cut-off and
maximum allowable dilution of three consecutive metres at less than 0.30 g/t
Au. NSI equals no significant intersection. Drill hole details i.e. azimuth,
declination and total depth, are shown in Drill Hole Descriptions in Table
II below.



Table II. Drill hole details for holes completed by Carpathian at the RDM
Project during Phase II drill program August 24th to October 7th, 2009 with
label prefix FRM-xx.

----------------------------------------------------------------------------
Azimuth Declination Total Depth
Drill Hole Area Northing (degrees) (degrees) (m)
----------------------------------------------------------------------------
FRM-73 III 9,852 270 -85 202.7
----------------------------------------------------------------------------
FRM-74 III 9,822 270 -82 188.5
----------------------------------------------------------------------------
FRM-75 III 9,788 270 -83 179.3
----------------------------------------------------------------------------
FRM-82 IV 10,048 270 -69 178.5
----------------------------------------------------------------------------
FRM-83 VI 10,019 270 -66 148.6
----------------------------------------------------------------------------
FRM-84 III 9,962 270 -69 223.6
----------------------------------------------------------------------------
FRM-85 III 9,904 270 -66 240.2
----------------------------------------------------------------------------
FRM-86 III 9,754 270 -66 244.0
----------------------------------------------------------------------------
FRM-87 III 9,816 270 -66 216.8
----------------------------------------------------------------------------
FRM-88(ii) III 9,665 270 -68 75.0
----------------------------------------------------------------------------
FRM-89(ii) III 9,715 270 -62 64.0
----------------------------------------------------------------------------
FRM-90 V 10,418 270 -66 153.8
----------------------------------------------------------------------------
FRM-91(ii) V 10,417 261 -61 133.0
----------------------------------------------------------------------------
FRM-92(ii) IV 10,282 267 -67 115.0
----------------------------------------------------------------------------
FRM-93 III 9,945 270 -78 109.6
----------------------------------------------------------------------------
FRM-94(ii) IV 10,230 270 -66 109.0
----------------------------------------------------------------------------
FRM-95(ii) IV 10,290 270 -67 100.0
----------------------------------------------------------------------------
FRM-96(ii) IV 10,339 270 -59 100.0
----------------------------------------------------------------------------
FRM-97 V 10,458 270 -65 135.1
----------------------------------------------------------------------------
FRM-98 V 10,483 270 -65 161.4
----------------------------------------------------------------------------
FRM-99 V 10,662 270 -68 190.1
----------------------------------------------------------------------------
FRM-100 III 9,820 270 -57 110.5
----------------------------------------------------------------------------
FRM-101(ii) V 10,620 270 -68 100.0
----------------------------------------------------------------------------
FRM-102(ii) V 10,710 270 -62 57.0
----------------------------------------------------------------------------
FRM-102B V 10,710 270 -62 100.4
----------------------------------------------------------------------------
FRM-103 III 9,775 270 -77 111.1
----------------------------------------------------------------------------
FRM-104 V 10,800 270 -55 111.4
----------------------------------------------------------------------------
FRM-105 IV 10,200 270 -76 110.4
----------------------------------------------------------------------------
FRM-106(ii) V 10,759 270 -58 124.9
----------------------------------------------------------------------------
FRM-107 V 10,713 270 -81 146.6
----------------------------------------------------------------------------
FRM-108 V 10,713 271 -58 133.9
----------------------------------------------------------------------------
FRM-109 V 10,787 285 -82 181.9
----------------------------------------------------------------------------
FRM-110 V 10,757 277 -83 173.0
----------------------------------------------------------------------------
FRM-111 V 10,570 270 -71 91.8
----------------------------------------------------------------------------
FRM-112 V 10,796 285 -77 181.8
----------------------------------------------------------------------------
FRM-113(ii) III 9,522 270 -57 50.0
----------------------------------------------------------------------------
FRM-114(ii) South 9,420 270 -65 70.0
----------------------------------------------------------------------------
FRM-115(ii) South 9,435 270 -66 97.0
----------------------------------------------------------------------------
FRM-116 III 9,562 270 -65 140.2
----------------------------------------------------------------------------
FRM-118 V 10,469 270 -68 211.1
----------------------------------------------------------------------------
FRM-119 V 10,416 263 -81 169.9
----------------------------------------------------------------------------
FRM-120 V 10,594 270 -68 238.6
----------------------------------------------------------------------------
FRM-121(ii) Scout 11,846 270 -74 120.0
----------------------------------------------------------------------------
FRM-122(ii) Scout 11,773 270 -69 120.0
----------------------------------------------------------------------------
FRM-123 V 10,501 283 -58.5 120.6
----------------------------------------------------------------------------
FRM-124(ii) Scout 11,401 287 -60 100.0
----------------------------------------------------------------------------
FRM-126 IV 10,238 270 -66 160.5
----------------------------------------------------------------------------
FRM-127 IV 10,246 270 -66 180.5
----------------------------------------------------------------------------
FRM-130(ii) III 9,976 270 -66 90.0
----------------------------------------------------------------------------
FRM-131 V 10,460 270 -81 101.9
----------------------------------------------------------------------------
FRM-133 III 9,736 270 -70 199.2
----------------------------------------------------------------------------
FRM-134(ii) South 9,244 270 -66 50.0
----------------------------------------------------------------------------
FRM-135(ii) South 9,392 270 -68 40.0
----------------------------------------------------------------------------
FRM-136(ii) South 9,430 270 -65 50.0
----------------------------------------------------------------------------
FRM-137(ii) III 9,565 270 -60 50.0
----------------------------------------------------------------------------

Notes: All drill holes are diamond drill core through the gold mineralized
zone with exception of holes marked with (ii) which are reverse circulation
drill holes. All Northings are in local grid coordinates which are rotated
20 degrees west from true north. All drill hole azimuths are local grid
azimuths, i.e. rotated 20 degrees west from true north.


The TSX does not accept responsibility for the adequacy or accuracy of this news release.

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