Carpathian Gold Inc.
TSX : CPN

Carpathian Gold Inc.

January 17, 2008 10:15 ET

Carpathian Special Committee Retains Paradigm Capital as Independent Adviser

TORONTO, ONTARIO--(Marketwire - Jan. 17, 2008) - Carpathian Gold Inc. (TSX:CPN) (the "Corporation") announces that the Corporation's Special Committee of the Board of Directors (the "Committee") which was formed in connection with the Corporation's proposed acquisition of the Riacho dos Machados Project (the "Acquisition") announced on December 7th, 2007, has retained Paradigm Capital Inc. ("Paradigm Capital") to act as an independent adviser to the Committee.

The Committee has retained Paradigm Capital to assist in evaluating the Acquisition, including the preparation and delivery to the Committee of a formal valuation of the Riacho dos Machados Project and an opinion as to the fairness of the Acquisition from a financial point of view in accordance with Ontario Securities Commission Rule 61-501and other applicable legal and regulatory requirements.

The complete text or summary of Paradigm Capital's formal valuation and fairness opinion will be included in the information circular currently being prepared in connection with a special meeting of the Corporation's shareholders, which is expected to be held in late March of this year for the purposes of approving the Acquisition.

Mr. Guy Charette, Chairman of the Special Committee is responsible for the preparation of this release on behalf of the Corporation.

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.

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

Contact Information

  • Carpathian Gold Inc.
    Dino Titaro
    President & CEO
    (416) 368-7744 (CAN)
    (416) 260-2243 (CAN) (FAX)
    or
    Carpathian Gold Inc.
    Mike O'Brien
    Manager Investor Relations
    (416) 368-7744 (CAN)
    (416) 260-2243 (CAN) (FAX)
    Email: info@carpathiangold.com
    Website: www.carpathiangold.com
    or
    Paradigm Capital Inc.
    Eric Leboeuf
    Investor Relations, Montreal
    (514) 341-0408 or 1-866-460-0408
    (514) 341-1527 (FAX)
    Email: ericleboeuf@paradox-pr.ca