Carpathian Gold Inc.
TSX : CPN

Carpathian Gold Inc.

November 09, 2007 11:57 ET

Message From the President of Carpathian Gold Inc.

TORONTO, ONTARIO--(Marketwire - Nov. 9, 2007) - Carpathian Gold Inc. (TSX:CPN) ("the Corporation") is providing the following update on its activities.

We are aware that there are certain concerns amongst our shareholders and investors in general, about the outlook for mining and exploration companies operating in Romania.

Although we have on many occasions in the past commented on our experience with regard to doing business in Romania, general concerns appear to remain.

We therefore wish to take this opportunity to address these concerns pertaining to the Corporation's business and to reaffirm that the Corporation has never experienced any difficulties or suspensions in any of its activities in Romania and continues to have an excellent working relationship with all local and governmental stakeholders. Long term work permits, allowing the Corporation to complete planned work programs have been approved by the government. As previously announced, metallurgical test work indicates the project can utilize a standard cyanide-free, flotation process, producing a saleable gold-copper concentrate containing a significant portion of gold.

Furthermore, the permitting process for the possible development of our deposits will not be initiated until our feasibility study is well underway, nevertheless, we have already initiated the long lead-time environmental and socio-economic baseline studies that projects such as ours typically require.

Diamond drilling of the Corporations two wholly-owned Cu+Au porphyry deposits located in central Romania on the Rovina Exploration License is ongoing and will continue throughout the balance of this year with four drill-rigs active. To date, a total of 52,000 metres of diamond drilling have been completed since the first discovery drill-holes in February 2006. Following the initial N.I. 43-101 resource estimation, based on 24,500 meters of drilling completed in 2006 (Releases May 29, 2007), a further 27,500 meters of diamond drilling have been completed on the twin porphyry deposits of Rovina and Colnic. This drilling will further delineate and upgrade the resources categories, and include expansion drilling of each deposit and peripheral drilling to delineate the limits of each deposit. In addition, field activity is underway evaluating other high quality targets on the Rovina License and in the vicinity. There is a large backlog of samples on which the Corporation is waiting upon, but it is expected that assay results will be available for release in the short term.

The Corporation will continue to advance its porphyry Cu+Au deposits as well as continue with its long stated objectives of rationalizing all of its non-key exploration licenses in Romania and Hungary and identifying other large scale exploration/development projects that will further build on our current asset base. The Corporation is well funded with approximately $18 million in cash and no debt.

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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
    Eric Leboeuf
    Investor Relations, Montreal
    (514) 341-0408 or 1-866-460-0408
    (514) 341-1527 (FAX)
    Email: ericleboeuf@paradox-pr.ca