Carpathian Gold Inc.
TSX : CPN

Carpathian Gold Inc.

September 05, 2007 10:02 ET

Carpathian Cuts Best Drill Intersections to Date; Including 544 m of 1.36 g/t Au eq. (incl. 221 m of 1.92 g/t Au eq.)

TORONTO, ONTARIO--(Marketwire - Sept. 5, 2007) - Carpathian Gold Inc. (TSX:CPN) ('the Corporation") is pleased to provide an update on the 2007 drilling activities at the Rovina and Colnic Porphyry deposits, located on its 100% owned Rovina Exploration License in central Romania.

At the Rovina Cu-Au Porphyry, highlight intersections include in-fill drill holes RRD-32 and RRD-30 where porphyry style Au + Cu mineralization was intersected over the entire drill intersections:



- 544 m of 0.85 g Au/t and 0.27% Cu (1.36 g gold equivalent ("Au eq.") or
0.72% copper equivalent ("Cu eq.")) in drill hole RRD-32

- including 221 m of 1.35 g Au/t and 0.30 % Cu (1.92 g/t Au eq. or 1.01%
Cu eq.)

- 535 m of 0.46 g Au/t and 0.37% Cu (1.16 g/t Au eq. or 0.61% Cu eq.) in
drill hole RRD-30

- including 332 m of 0.49 g Au/t and 0.45 % Cu (1.35 g/t Au eq. or 0.71%
Cu eq.)

Note: Gold (Au eq) and copper (Cu eq) equivalents utilize gold at
US$450/oz and copper at US$1.25/lb. Metallurgical recoveries are not
considered.

At the Colnic Au-Cu Porphyry, highlight intersections include in-fill drill
holes RCD-60 and RCD-61, located on the southwest edge of the grid drill
pattern, which intersected:

- 196 m of 0.56 g Au/t and 0.12% Cu (0.79 g/t Au eq.) in drill hole RCD-60

- including 71 m of 0.87 g Au/t and 0.14% Cu (1.14 g/t Au eq.)

- 210 m of 0.46 g Au/t and 0.12% Cu (0.65 g/t Au eq.) in drill hole RCD-61


Dino Titaro, President and CEO of the Corporation commented: "We continue to be exceptionally pleased that the most recent drill program results, which represent primarily in-fill and delineation drilling programs continue to return significant and better than expected gold and copper intercepts, particularly at the Rovina Porphyry where a high-grade Au + Cu core is quickly developing. These results indicate that the initial Mineral Resource Estimate announced in May of this year will be upgraded in category confidence level and suggests that the overall grade and size could also be better than anticipated from the conclusions of the Resource Estimate. In addition, the high-grade core developing at Rovina could prove to be significant in terms of a starter open pit that could enhance the project economics."

Rovina Porphyry

The mineralization encountered in holes RRD-30 and RRD-32 is continuous from surface to the end of each hole and is located on the central portion of the Rovina Porphyry. The mineralization in these in-fill holes represents the highest grade gold content plus copper encountered to date in the Rovina Porphyry. This high-grade core zone so far has rough dimensions of 150 m by 100 m to an average depth of 540 m located within the northern portion of this expanding porphyry body. This latest interpretation is based on the current drill results in addition to previous results announced in our press releases dated April 30, 2007 and June 18, 2007, respectively. What is impressive about this apparent high-grade core zone is that it occurs within the Rovina-Baroc porphyry trend with drill indicated continuous mineralization over 600-700 m with vertical continuity in the Rovina Porphyry core of 540 m.

In addition, the mineralization intersected by hole RRD-28, located approximately 300 m west of the main Rovina Porphyry, which was focused on the new periphery satellite porphyry target (the Baroc Valley Target) encountered gold and copper mineralization above cut --off grades (0.25% Cu eq.) utilized in the previously announced Resource Estimate. This is also the case for holes RRD-29 and RRD-31 which tested the "Gap Area" between the two porphyry bodies. It now appears that the Rovina Porphyry and the Baroc Valley Target area may be one continuous zone of mineralization over a 700 m distance in a Northeast-southwest direction that could potentially be accessible by one large open pit based on the current drill results and those previously released for holes RRD-20, 24 and 25.

In addition to further delineation drilling of the gold-rich core of the Rovina Porphyry, additional extension drilling is currently being carried-out over an area now of 1000 m by 800 m to test open mineralization to the southwest and the north part of the porphyry complex.

A complete listing of the drill hole results completed during this phase (holes RRD-26 to RRD-32) can be found at the end of this press release along with drill hole descriptions. The drill hole locations can be found on the Corporation's web site at www.carpathiangold.com.

Colnic Porphyry

At the Colnic Porphyry the drilling results reported from drill holes RCD-57 to RCD-61 were designed to test the southeast extension or margin of the Colnic Porphyry. Drill holes RCD-58 to RCD-61 all intersected gold and copper mineralization above the cut-off grade of 0.40 g/t Au eq. utilized in the Mineral Resource Estimate for this deposit.

The mineralization in all of these holes is at depth, except for hole RCD-61, which intersected the gold and copper mineralization at a relatively shallow depth. It appears that the Conic deposit has now been delineated to the southwest.

Additional drilling is still underway to determine the northern limits of the deposit.

A complete listing of the drill hole results completed during this phase (holes RCD-57 to RCD-61) can be found at the end of this press release along with target descriptions. The drill hole locations can be found on the Corporation's web site at www.carpathiangold.com.

Other Targets

Drilling is still being completed on the Galaxy Porphyry, located approximately 2 km west of the Rovina Porphyry.

Field work comprised of soil sampling and mapping is nearing completion on the Ciresata target, located approximately 4 km south of the Colnic Porphyry. Upon completion of this work an initial scout drilling program will be carried out.

In Hungary, on the 100% owned Fuzerradvany License, a 1,130 metre diamond drill program will commence this month to evaluate the shallow-level epithermal (hot-springs style) gold potential of this project area.

Corporate Update

As previously announced on August 13, 2007, the Corporation has cash and cash equivalents of approximately Cdn $20 million. To avoid any concerns in light of recent market activities and press in respect of certain other companies, we confirm that these funds are in cash and redeemable GIC's held with the CIBC. None of these funds are invested in any commercial backed paper or asset backed security programs and are all fully redeemable on demand. The current cash position and the availability of this cash upon demand are sufficient to meet all of its immediate corporate and exploration needs for 2007 and 2008.

Recent media headlines and disruptions in global credit markets leading to high volatility and share price disruption has led to many concerns by investors. The underlying value of the Corporation has not changed and is backed by its initial Mineral Resource estimate. In addition there are no negative developments and meanwhile the continued excellent drill program results and field program results should further ehnance the value of the Corporation.

Sample Protocol

All samples collected from any program are prepared and analyzed at the independent Rom Analize 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, core twins and known gold and copper standards are inserted on a routine basis. They consist of 15 per cent of submitted samples. 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 are sampled on a one-metre interval from top to the end of the hole.

A rigorous QA/QC program has been developed for the project since the announcement of the discovery holes and has been monitored and continues to be monitored by AMEC Americas Ltd.

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.

The Corporation is a mineral exploration company focused on gold and copper exploration primarily on its properties in Romania.

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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.



Drill hole intersections for Rovina Holes RRD-26 to RRD-32

--------------------------------------------------------------------------
Drill Fence From To (m) Length Au Cu Au eq(i) Cu eq.(i)
Hole (m) (m) (g/t) (%) (g/t) (%)
--------------------------------------------------------------------------
RRD-26 632 N 25 148 123.0 0.16 0.05 0.26 0.13
--------------------------------------------------------------------------
--------------------------------------------------------------------------
RRD-27 930 N 252 460.3 (eoh) 208.3 0.16 0.15 0.45 0.23
incl 375 460.3 (eoh) 85.3 0.13 0.18 0.47 0.25
--------------------------------------------------------------------------
RRD-28 635 N 53 385 332 0.15 0.16 0.45 0.24
incl 85 217 132 0.22 0.17 0.54 0.29
RRD-29 930 N 12 408 (eoh) 396 0.16 0.14 0.43 0.22
incl 346 394 48 0.31 0.15 0.60 0.31
and 361 389 28 0.40 0.14 0.67 0.35
--------------------------------------------------------------------------
RRD-30 1114 N 0 535.5 (eoh) 535.5 0.46 0.37 1.16 0.61
incl 0 485 485 0.48 0.39 1.22 0.64
incl 0 332 332 0.49 0.45 1.35 0.71
--------------------------------------------------------------------------
RRD-31 793 N 380 517 (eoh) 137 0.13 0.20 0.51 0.27
incl. 437 517 (eoh) 80 0.17 0.25 0.65 0.34
--------------------------------------------------------------------------
RRD-32 1036 N 2 546 (eoh) 544 0.85 0.27 1.36 0.72
incl 220 530 310 1.13 0.27 1.64 0.86
and 274 495 221 1.35 0.30 1.92 1.01
and 66 103 37 1.02 0.53 2.03 1.07
--------------------------------------------------------------------------
eoh equals end of hole

Azimuth and declination (azimuth degrees/inclination degrees) for the above
drill holes are as follows: RRD-26 (380/-76); RRD-28 (127/-77); RRD-31
(323/-77; and RRD-27, 29, 30, 32 (0/-90).

(i) Au & Cu Equivalent - utilizes gold at US $450/oz and copper at US
$1.25/lb. Metallurgical recoveries not considered. A plan map of all drill
hole locations to date can be found on the corporate website
www.carpathiangold.com.


Drill hole intersections for Colnic Holes RCD-57 to RCD-61

------------------------------------------------------------------------
Drill Fence From To (m) Length Au Cu Au eq(i)
Hole (m) (m) (g/t) (%) (g/t)
------------------------------------------------------------------------
RCD-57 670 N 249 358 109 0.18 0.03 0.24
incl 265 323 58 0.23 0.02 0.27
------------------------------------------------------------------------
RCD-58 670 N 234 297 63 0.31 0.02 0.35
incl 234 255 21 0.59 0.09 0.76
------------------------------------------------------------------------
RCD-59 740 N 330 504 174 0.32 0.09 0.49
inclusive 380 484 104 0.35 0.1 0.54
of and 380 414 34 0.45 0.11 0.66
------------------------------------------------------------------------
RCD-60 740 N 103 464 361 0.40 0.11 0.61
inclusive of 103 334 231 0.53 0.12 0.76
and 115 311 196 0.56 0.12 0.79
and 148 285 137 0.63 0.12 0.86
and 148 219 71 0.87 0.14 1.14
------------------------------------------------------------------------
RCD-61 670 N 85 453 (eoh) 368 0.37 0.09 0.54
inclusive of 180 453 (eoh) 273 0.40 0.11 0.61
and 229 439 210 0.42 0.12 0.65
and 229 323 94 0.47 0.12 0.70
------------------------------------------------------------------------
eoh equals end of hole

Azimuth and declination (azimuth degrees/inclination degrees) for the
above drill holes are as follows: RCD-57 (235/-70); RCD-58 (247/-71);
RCD-59 (241/-71), RCD-60 (052/-51) and RCD-61 (058/-76).

(i) Au Equivalent - utilizes gold at US$450/oz and copper at US$1.25/lb.
Metallurgical recoveries not considered. A plan map of all drill hole
locations to date can be found on the corporate website
www.carpathiangold.com.


Drill Hole Descriptions

---------------------------------------------------------------------------
Colnic Drilling update since June 18th, 2007 (Sept. 3-07)
---------------------------------------------------------------------------
Drill Drill Azimuth Declina- T.D. Assay Target
Hole Fence (Degrees) tion (m) Status
(Degrees)
---------------------------------------------------------------------------
RCD- 670N 235 -70 400 Complete Deep K-2 target SW of
57 Chubbys fault
---------------------------------------------------------------------------
RCD- 670N 247 -71 414 Complete Deep K-2 target SW of
58 Chubbys fault
---------------------------------------------------------------------------
RCD- 740N 241 -71 540 Complete Deep K-2 target SW of
59 Chubbys fault
---------------------------------------------------------------------------
RCD- 740N 52 -51 501 Complete NW side of Chubbys
60 fault
---------------------------------------------------------------------------
RCD- 670N 58 -76 453 Complete Deep K-2 target SW of
61 Chubbys fault
---------------------------------------------------------------------------
RCD- 480N 238 -69 402 Assays Deep K-2 Target near
62 nearly Chubbys Fault
complete
---------------------------------------------------------------------------
RCD- 600N 232 -64 381.5 Assays Hill: Deep K-2 Target
63 nearly near Chubbys Fault
complete
---------------------------------------------------------------------------
RCD- 740N 228 -82 531 Assays Hill: Depth extension
64 submitted on NE margin
---------------------------------------------------------------------------
RCD- 1190N 140 -55 360 Assays NW part of deposit: NW
65 submitted extension test
---------------------------------------------------------------------------
RCD- 1050N 235 -78 Drilling-In In Valley: Depth
66 progress extension on NE margin
---------------------------------------------------------------------------
Meters drilled 3,982.5
---------------------------------------------------------------------------
Colnic Drilling update since June 18th, 2007 (Sept. 3-07)
---------------------------------------------------------------------------
RRD- 635N 308 -76 400 Complete Baroc Por. Target; to
26 NW
---------------------------------------------------------------------------
RRD- 930N 0 -90 460.3 Complete Rovina Por.: SW margin
27 of main body on Baroc
Valley
---------------------------------------------------------------------------
RRD- 635N 127 -77 493 Complete Baroc Por. Target: to
28 SE
---------------------------------------------------------------------------
RRD- 930N 0 -90 408 Complete Rovina Por.: SW margin
29 of main body on Baroc
Valley
---------------------------------------------------------------------------
RRD- 1114N 0 -90 535.5 Complete Rovina Por.: infill of
30 main body
---------------------------------------------------------------------------
RRD- 793N 323 -77 517 Complete Gap Zone in Baroc
31 Valley
---------------------------------------------------------------------------
RRD- 1036N 0 -90 546 Complete Rovina Por.: infill of
32 main body
---------------------------------------------------------------------------
RRD- 860N 323 -77 517.7 Partial Gap Zone in Baroc
33 assays Valley
received
---------------------------------------------------------------------------
RRD- 1076N 0 -90 498 Partial Rovina Por.: NW
34 assays extension
received
---------------------------------------------------------------------------
RRD- 793N 322 -76 504 Samples Gap Zone in Baroc
35 submitted Valley
---------------------------------------------------------------------------
RRD- 1036N 0 -90 551 Samples Rovina Por.: NW
36 submitted extension
---------------------------------------------------------------------------
RRD- 550N 330 -65 Drilling Baroc Por: SW
37 in-progress Extension
---------------------------------------------------------------------------
RRD- 1076N 0 -90 Drilling Rovina Por. Apophyses:
38 in-progress SE Extension
---------------------------------------------------------------------------
Meters drilled 5,430.5
---------------------------------------------------------------------------
Total Meters Drilled 9,413
---------------------------------------------------------------------------


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