Carpathian Gold Inc.
TSX : CPN

Carpathian Gold Inc.

February 09, 2011 10:13 ET

Carpathian Completes Mill & Crusher Acquisition, for the RDM Gold Project, Brazil

TORONTO, ONTARIO--(Marketwire - Feb. 9, 2011) - Carpathian Gold Inc. (TSX:CPN) (the "Corporation" or "Carpathian") is pleased to announce that it has completed its previously announced acquisition of a the long lead and key components of the comminution plant comprising the ball mill and crushers (the "Plant") for its Riacho dos Machados gold project in Minas Gerais, Brazil (the "Project"). Carpathian also is pleased to report that additional capital equipment acquisitions complimentary to the comminution plant are currently being completed. Total cost of the package of the equipment and technical information is US $9.2 million. The Plant is new and has never been used and was acquired from another mining company that had originally purchased it for a project that was not developed. The acquired Plant has a throughput rate of up to 9,000 tpd which provides an additional 2,000 tpd capacity for any future expansions.

These acquisitions are providing savings to the overall capital expenditures of the Project, and equally important, are reducing the development timeline for the project.

Furthermore, the Corporation wishes to report that it has recruited several key senior management personnel for the Project, including: the mine manger, process plant manager, safety coordinator, finance manager, the manager of environment, government and community relations and the manager of administration at the site.

All of the above is in line with the Corporation's objective of seeing the Project in production in 2012.

About Carpathian

The Corporation is an exploration and development company whose immediate business interest is to develop gold production in the near term at its 100% owned Riacho dos Machados Gold Project in Brazil. Currently, the Feasibility Study for the RDM Gold Project is being completed.

As the RDM Gold Project is being developed to the production phase, the Corporation will advance its exploration and development plans for the 100% owned Rovina Valley Au-Cu Project located in Romania. When the Rovina Project is brought into production, this will elevate the Corporation's gold output resulting in it becoming a substantial mid-tier gold producer.

On a company wide basis, the Corporation currently hosts NI 43-101 resources of 3.88 million ounces of gold in the measured plus indicated categories and 4.58 million ounces of gold in the inferred category plus 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, which is completing a Feasibility Study, is targeted to produce in the order of 100,000 ounces of gold per annum, with the initiation of construction during the first half of 2011, with an anticipated goal for the commencement of gold production in late 2012.

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
    +1 (416) 368-7744
    +1 (416) 260-2243 (FAX)
    or
    Carpathian Gold Inc.
    Mike O'Brien
    Manager Investor Relations
    +1 (416) 368-7744
    +1 (416) 260-2243 (FAX)
    info@carpathiangold.com
    www.carpathiangold.com
    or
    Paradox Investor Relations
    Montreal
    +1 (514) 341-0408 or 1-866-460-0408
    +1 (514) 341-1527 (FAX)
    info@paradox-pr.ca
    or
    Seton Services, UK
    Toni Vallen
    +44 207 224 8468
    toni@setonservices.co.uk