Carpathian Gold Inc.
TSX : CPN

Carpathian Gold Inc.

November 17, 2008 06:00 ET

Carpathian Doubles Multi-Million Ounce Gold Resource on the Rovina Valley Project, Romania

TORONTO, ONTARIO--(Marketwire - Nov. 17, 2008) - Carpathian Gold Inc. (TSX:CPN) ('the Corporation" or "Carpathian") is very pleased to announce its updated National Instrument 43-101 compliant Resource Estimate, as provided by independent consultants PEG Mining Consultants Inc. ("PEG"), on Carpathian's 100% owned Rovina Exploration License in central Romania, which hosts the Colnic Au-Cu Porphyry deposit ("Colnic"), the Rovina Au-Cu Porphyry deposit ("Rovina") and the recently discovered Ciresata Au-Cu Porphyry deposit ("Ciresata"). Collectively these deposits are referred to as the Rovina Valley Project. All three deposits are in close proximity to one another and could be processed from one central facility. PEG has estimated the Mineral Resource for each of the Colnic, Rovina and Ciresata porphyry deposits, utilizing approximately 62,700 m of diamond drill hole data from the 2006, 2007 and 2008 drilling campaigns. The resource estimate takes into account all drilling information for the Rovina and Colnic deposits up to the end of April 2008 and on the Ciresata deposit up to the middle of September 2008.

The following table summarizes the weighted average result of the resource estimates for all three porphyry deposits reported at a base case cut-off grade of 0.30% copper equivalent ("Cu eq") for the Rovina deposit, 0.45 g/t gold equivalent ("Au eq") for the Colnic deposit and 0.70 g/t Au eq for the Ciresata deposit, as of September 30, 2008. The base case cut-off grades chosen for each respective deposit were determined by giving consideration to the characteristics of each deposit, envisioned mining methods, approximate mining and milling costs derived from internal studies as well as comparable porphyry-type deposits, results from early metallurgical test work and the reasonable potential for them to be economic. The total Measured + Indicated Resource is 5.09 Moz Au eq and the total Inferred Resource is 5.66 Moz Au eq. As a comparison, the Mineral Resource previously announced in May 2007 reported a total Indicated Resource of 1.82 Moz Au eq and a total Inferred Resource of 3.69 Moz Au eq (see news release dated May 29, 2007).



Rovina Valley Project Mineral Resource Estimate
(as of September 30, 2008)

--------------------------------------------------------------------
Resource Tonnage Au Cu Au eq(i) Gold Copper Au eq(i)
Category (Mt) (g/t) (%) (g/t) (Moz) (Mlbs) (Moz)
--------------------------------------------------------------------

Measured 22.0 0.55 0.24 1.00 0.39 117.0 0.70
Indicated 171.1 0.49 0.17 0.80 2.68 642.0 4.39

--------------------------------------------------------------------
Total
Measured
+ Indicated 193.1 0.49 0.18 0.82 3.07 759.1 5.09
--------------------------------------------------------------------

--------------------------------------------------------------------
Total
Inferred 177.7 0.68 0.17 0.99 3.89 663.1 5.66
--------------------------------------------------------------------

- (i)Au eq. determined by using a gold price of US$675 per ounce and a
copper price of US$1.80/lb as defined by PEG. Metallurgical recoveries
are not taken into account.
- Base case cut-offs used in the table are 0.45 g/t Au eq. for the Colnic
deposit, 0.70 g/t Au eq. for the Ciresata deposit and for 0.30% Cu. eq.
for the Rovina deposit.
- A grade-tonnage vs cut-off grades table for each of the deposits is
shown at the end of this news release.
- Rounding of tonnes as required by reporting guidelines may result in
apparent differences between tonnes, grade and contained metal content.


"We are extremely pleased with this updated Mineral Resource Estimate as it represents an increase of better than 120% in gold, 35% in copper and a 60% increase in total tonnes, compared to the initial resource estimate released in May of 2007", said Dino Titaro, President and CEO. "We are also highly encouraged as to the future upside of these deposits as the newly discovered Ciresata deposit has yet to be fully defined. We anticipate that it will be larger than currently outlined and, as a result will further add to the overall resource of the Rovina Valley Project as further work is completed. Once again, our exploration team has done an exceptional job of advancing this project. On behalf of senior management and the Board of Directors, I thank them all. We are also very pleased with the level of detail and thoroughness brought to this estimate by PEG Mining, resulting in a high caliber and high confidence resource estimate".

The Mineral Resource Estimates reported utilize different base-case cut-off grades for each of the porphyry deposits based on their respective anticipated mining techniques. Both the Rovina and Colnic porphyries are amenable to bulk open-pit mining. The cut-off grade used to report the current mineral resource at the Rovina Porphyry was based on a 0.30% Cu eq. This deposit contains gold and copper mineralization at essentially a 1:1 ratio (g/t Au: %Cu). At the Colnic Porphyry, which is a gold-rich copper porphyry, a 0.45 g/t Au eq cut-off was used. The Ciresata Porphyry, which is also a gold-rich copper porphyry is more amenable to an underground bulk mining scenario and, consequently, a 0.70 g/t Au eq cut-off was used for the estimation of this resource. The gold and copper equivalent grades for the cut-off values were calculated using a gold price of US$675/oz and a copper price of US$1.80/lb.

The following tables summarize the Mineral Resources for each of the deposits utilizing the respective base-case cut-off grades.



Rovina Porphyry Mineral Resource Estimate
(as of September 30, 2008)

---------------------------------------------------------------------
Resource Tonnage Au Cu Au eq(i) Gold Copper Au eq(i)
Category (Mt) (g/t) (%) (g/t) (Moz) (Mlbs) (Moz)
---------------------------------------------------------------------

Measured 12.6 0.40 0.33 1.01 0.16 92.0 0.41
Indicated 65.3 0.36 0.28 0.86 0.75 396.5 1.81

---------------------------------------------------------------------
Total
Measured
+ Indicated 77.9 0.37 0.25 0.89 0.92 488.9 2.22
---------------------------------------------------------------------

---------------------------------------------------------------------
Inferred 35.1 0.33 0.25 0.78 0.37 192.0 0.88
---------------------------------------------------------------------

- (i)Au eq. determined using a gold price of US$675 per ounce and a
copper price of US$1.80/lb as defined by PEG. Metallurgical recoveries
are not taken into account.
- Base case cut-offs used in the table is 0.30% Cu. Eq.
- Rounding of tonnes as required by reporting guidelines may result in
apparent differences between tonnes, grade and contained metal content.




Colnic Porphyry Mineral Resource Estimate
(as of September 30, 2008)

---------------------------------------------------------------------
Resource Tonnage Au Cu Au eq(i) Gold Copper Au eq(i)
Category (Mt) (g/t) (%) (g/t) (Moz) (Mlbs) (Moz)
---------------------------------------------------------------------

Measured 9.4 0.76 0.12 0.98 0.23 25.0 0.30
Indicated 105.8 0.57 0.11 0.76 1.92 245.1 2.58

---------------------------------------------------------------------
Total
Measured
+ Indicated 115.2 0.58 0.11 0.78 2.15 270.1 2.87
---------------------------------------------------------------------

Inferred 41.2 0.44 0.10 0.62 0.58 88.8 0.82


- (i)Au eq. determined using a gold price of US$675 per ounce and a
copper price of US$1.80/lb as defined by PEG. Metallurgical recoveries
are not taken into account.
- Base case cut-offs used in the table is 0.45 g/t Au. eq.
- Rounding of tonnes as required by reporting guidelines may result in
apparent differences between tonnes, grade and contained metal content.




Ciresata Porphyry Mineral Resource Estimate
(as of September 30, 2008)

----------------------------------------------------------------
Resource Tonnage Au Cu Au eq Gold Copper Au eq
Category (Mt) (g/t) (%) (g/t) (Moz) (Mlbs) (Moz)
----------------------------------------------------------------

Inferred 101.3 0.90 0.17 1.22 2.94 382.0. 3.96
----------------------------------------------------------------

- (i)Au eq. determined using a gold price of US$675 per ounce and a
copper price of US$1.80/lb as defined by PEG. Metallurgical recoveries
are not taken into account.
- Base case cut-offs used in the table is 0.70 g/t Au. eq.
- Rounding of tonnes as required by reporting guidelines may result in
apparent differences between tonnes, grade and contained metal content.


Future Potential

Based on the work done to date, there is additional gold and copper mineralization outside of the reported Mineral Resource Estimate that is above cut-off grades, which did not meet the various search parameters due to sparse data density. This mineralization will require further evaluation to determine if it can be incorporated into a future Mineral Resource, particularly at Ciresata where a significant number of tonnes above the cut-off grade of 0.70 g/t Au eq lies on the edges of the Resource Estimate mineralization and at depth where the mineralization is still open. Essentially every drill hole in Ciresata bottomed in mineralization. In addition, recently received results from a soil-geochemistry in-fill program at Ciresata highlight a coincident gold + copper anomaly extending 300 metres west from the present drill hole pattern with greater than 10 ppb gold and greater than 20 ppm copper. This anomaly is a high priority drill target for extending the Ciresata mineralization laterally.

At both the Rovina and Colnic porphyries there are higher grade portions of each deposit (see tables at end of this press release) which come to surface. These areas represent potential "starter pits" that will be used to maximize the early release of higher grade gold and copper mineralization. Ciresata has continuous zones of high-grade gold and copper mineralization that persist at depth and are favourable for an underground bulk mining scenario.

Resource Estimate

Grade-tonnage reports at various cut-off grades for each deposit are shown in the tables at the end of this press release.

To generate the Mineral Resource Estimate the following data and methods were used:

- Mineral resources were estimated in conformance with the CIM Mineral Resource and Mineral Reserve definitions referred to in National Instrument ("N.I.") 43-101, Standards of Disclosure for Mineral Projects.

- The Resource Estimate database includes 62,700 metres of diamond drilling completed by Carpathian. At Rovina 53 drill holes (26,194 m) are included and cover an area of approximately 600 m by 700 m. At Colnic 87 drill holes (29,325 m) are included and cover an area of approximately 1200 m by 700 m; and at Ciresata, 15 drill holes (7,173 m) are included covering an area of 380 m by 330 m.

- All drill holes are diamond drill core and were sampled and assayed over their entire length of mostly 1 m sample intervals. A thorough QA/QC program was in place during the drill program, which included the insertion of standards, duplicates and blanks at regular intervals totalling 15% of the submitted samples along with a check assay program from a secondary assay laboratory.

- Densities were determined for a representative number of rock and mineralization types using industry standard methods. A total of 829 determinations exist in the database. The average value for each modeled alteration type was applied to the block model.

- Detailed geologic logging and sectional interpretations led to the development of 3D domain models of lithology and alteration types. These domains were classed and utilized in grade variography studies and in grade interpolation constraints.

- The composite intervals selected were 2.5 metres for all three deposits.

- For the treatment of outliers at Rovina, Colnic and Ciresata, each statistical domain was evaluated separately for Gold and Copper and a combination of grade capping and search restrictions imposed on threshold values was used to restrict the influence of outliers.

- A three-dimensional (3D) geological and block model was generated using GEMS(C) software. The block model matrix size for Rovina was 15x15x10 metres, while at Colnic and Ciresata a 5x5x5 metre block size was selected with consultation with the engineering team from PEG to allow for better definition of the grade surrounding the narrow dikes swarms and the small satellite zone porphyry. It was also based on the size that was suitable for a selective mining unit to mine "ore" versus "waste" with flexibility to incorporate an open-pit with an underground mining scenario.

- Ordinary kriging was used for all domains in Rovina and Colnic where the variography could be relied upon. For domains where the variography was inconclusive, an inverse distance cubed methodology was employed. This methodology was employed for Ciresata. The interpolation was carried out in multiple passes with increasing search ellipsoid dimensions.

- Grade interpolation at the domain boundaries relied upon the soft/hard boundary determination from the contact studies which were confirmed by field observations from Carpathian site geologists.

- Classification for all models was based primarily on the pass number followed by an adjustment to the class model, based on the density of the diamond drilling (core area) and the actual location of the block compared to the drill hole trace.

- Cut-off grades in the resource report tables utilize Cu equivalent (eq.) grades for Rovina and Au equivalent grades for Colnic and Ciresata. The equivalent grade formula uses metal prices of US$1.80/lb. Cu and US$675/oz Au. The base case cut-off grades considered are: Rovina 0.30% Cu-eq, Colnic 0.45 g/t Au-eq, and Ciresata 0.70 g/t Au-eq.

Mr. Pierre Desautels, P.Geo, a Principle Partner of PEG is the Qualified Person responsible for the Mineral Resource estimate. The complete N.I. 43-101 Technical Report will be filed on SEDAR at www.SEDAR.com within 45 days.

Metallurgical Test Work

As previously reported, preliminary metallurgical test work was completed by SGS-Lakefield Research Limited in 2007 on samples from the Rovina and Colnic porphyry deposits. The details of this early test work were included in the Technical Report, dated May 24, 2007, which has been filed on SEDAR.

This test work indicated that the project can utilize a standard cyanide-free, flotation process, producing a saleable gold-copper concentrate containing a significant portion of gold. Cycle tests for Rovina yielded copper recoveries to flotation of approximately 92%, with the concentrate grading 26.8% Cu and 28.4 g/t Au. Gold recovery was in the order of 65%. Tests on the cleaner tails indicated that additional gold can be recovered using acceptable reagent consumptions, by the leaching of flotation cleaner tails thus enhancing the gold recovery to 79%. For Colnic, cycle tests yielded copper recoveries to flotation of approximately 84 to 90% with the concentrate grading approximately 21% Cu and 94 to 98 g/t Au. Gold recovery was in the order of 70%. Tests on the cleaner tails indicated that additional gold can be recovered using acceptable reagent consumption at this deposit by leaching of flotation cleaner tails and thereby enhancing the gold recovery to approximately 70 to 78%. These early results are considered excellent and additional metallurgical test work is underway on each of the Rovina, Colnic and Ciresata porphyries.

Two composite samples, one from Ciresata and one from Colnic for comparative purposes, were submitted in August to SGS Lakefield Research Limited, to perform mineralogical test work using High Definition Mineralogy, including QEMSCAN technology in order to ascertain the liberation characteristics of the copper-bearing minerals. Concurrent with this test work a gold deportment study was also performed. The results from this test work showed that the mineralogy of Ciresata should respond to flotation at least as well as Colnic and probably better. Additionally, the gold deportment study indicates that for Ciresata, gold recoveries should be similar to that of Colnic or possibly slightly less. The results of this test work will be included in the new updated NI 43-101 report. As mentioned above further detailed floatation work is being completed on Ciresata samples as well as samples from the other two deposits.

The results of this additional test work will be utilized in the Preliminary Economic Assessment study that is currently underway.

Conference Call

A conference call will be scheduled in the near future to discuss the Mineral Resource results and the Rovina Valley Project.

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.

About Carpathian

The Corporation is a mineral exploration company focused on gold/copper exploration primarily on its property in Romania as well as gold exploration and potential early development on its 100% owned Riacho dos Machados gold project in Brazil. The Corporation has 207,278,454 shares outstanding.

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.



Rovina Deposit Mineral Resources,
(Various Cu eq cut-off grades, as of September 30, 2008)

---------------------------------------------------------------------------
Gold Copper Au eq(i)
Resource Ton- (mill- (mill- (mill-
Cu eq nage Au Cu ion ion ion
Category Cut-off (%) (MT) (g/t) (%) oz) Lb) oz)
---------------------------------------------------------------------------

Measured greater than 0.50 7.6 0.486 0.383 0.12 64.0 0.29
greater than 0.45 8.9 0.463 0.369 0.13 72.5 0.33
greater than 0.40 10.0 0.445 0.358 0.14 79.0 0.35
greater than 0.35 11.3 0.422 0.344 0.15 85.8 0.38
greater than 0.30 12.6 0.400 0.331 0.16 91.9 0.41
greater than 0.25 13.9 0.377 0.316 0.17 97.3 0.43
greater than 0.20 15.2 0.358 0.303 0.17 101.2 0.44
greater than 0.15 15.7 0.350 0.296 0.18 102.6 0.45
---------------------------------------------------------------------------

Indicated greater than 0.50 21.9 0.574 0.348 0.40 168.4 0.85
greater than 0.45 27.9 0.525 0.335 0.47 205.6 1.02
greater than 0.40 35.8 0.472 0.319 0.54 252.0 1.22
greater than 0.35 47.9 0.414 0.299 0.64 316.2 1.48
greater than 0.30 65.3 0.359 0.276 0.75 396.5 1.81
greater than 0.25 90.0 0.305 0.251 0.88 497.0 2.21
greater than 0.20 114.7 0.267 0.230 0.99 581.3 2.54
greater than 0.15 135.7 0.243 0.212 1.06 633.7 2.75
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Inferred greater than 0.50 8.5 0.556 0.313 0.15 59.0 0.31
greater than 0.45 11.6 0.507 0.302 0.19 77.3 0.40
greater than 0.40 15.4 0.451 0.292 0.22 99.4 0.49
greater than 0.35 21.8 0.393 0.275 0.28 132.0 0.63
greater than 0.30 35.1 0.325 0.248 0.37 192.0 0.88
greater than 0.25 52.6 0.277 0.224 0.47 259.3 1.16
greater than 0.20 72.4 0.240 0.202 0.56 323.2 1.42
greater than 0.15 108.4 0.193 0.174 0.67 415.8 1.78
--------------------------------------------------------------------------

- (i)Au eq. determined using a gold price of US$675 per ounce and a copper
price of US$1.80/lb as defined by PEG. Metallurgical recoveries are not
taken into account.
- Rounding of tonnes as required by reporting guidelines may result in
apparent differences between tonnes, grade and contained metal content.




Colnic Deposit Mineral Resources
(Various Cut-off Au eq grades, as of September 30, 2008)
---------------------------------------------------------------------------
Gold Copper Au eq(i)
Resource Ton- (mill- (mill- (mill-
Category Au eq nage Au Cu ion ion ion
Cut-off (g/t) (MT) (g/t) (%) oz) Lb) oz)
---------------------------------------------------------------------------

Measured greater than 0.70 7.3 0.849 0.134 0.20 21.6 0.26
greater than 0.65 7.8 0.827 0.131 0.21 22.6 0.27
greater than 0.60 8.3 0.806 0.128 0.22 23.4 0.28
greater than 0.55 8.7 0.789 0.125 0.22 24.1 0.29
greater than 0.50 9.1 0.774 0.123 0.23 24.6 0.29
greater than 0.45 9.4 0.760 0.121 0.23 25.0 0.30
greater than 0.40 9.7 0.747 0.119 0.23 25.4 0.30
greater than 0.35 10.1 0.728 0.117 0.24 25.9 0.30
---------------------------------------------------------------------------
Indicated greater than 0.70 49.5 0.748 0.123 1.19 134.4 1.55
greater than 0.65 59.6 0.704 0.120 1.35 157.0 1.77
greater than 0.60 69.7 0.667 0.116 1.49 178.4 1.97
greater than 0.55 81.2 0.631 0.112 1.65 200.9 2.18
greater than 0.50 92.0 0.600 0.109 1.78 221.1 2.36
greater than 0.45 105.8 0.565 0.105 1.92 245.1 2.58
greater than 0.40 122.8 0.527 0.100 2.08 271.8 2.81
greater than 0.35 138.6 0.496 0.097 2.21 295.4 3.00
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Inferred greater than 0.70 9.8 0.681 0.115 0.21 24.8 0.28
greater than 0.65 13.5 0.626 0.112 0.27 33.2 0.36
greater than 0.60 15.8 0.601 0.109 0.30 38.1 0.41
greater than 0.55 20.7 0.556 0.105 0.37 47.6 0.50
greater than 0.50 27.4 0.505 0.101 0.44 61.2 0.61
greater than 0.45 41.2 0.437 0.098 0.58 88.8 0.82
greater than 0.40 53.7 0.402 0.093 0.69 109.6 0.99
greater than 0.35 67.6 0.367 0.090 0.80 133.5 1.15
---------------------------------------------------------------------------

- (i)Au eq. determined using a gold price of US$675 per ounce and a copper
price of US$1.80/lb as defined by PEG. Metallurgical recoveries are not
taken into account.
- Rounding of tonnes as required by reporting guidelines may result in
apparent differences between tonnes, grade and contained metal content.





Ciresata Deposit Mineral Resources
(Various Cut-off Au eq grades, as of September 30, 2008)

--------------------------------------------------------------------------
Gold Copper Au eq(i)
Ton- (mill- (mill- (mill-
Resource Au eq nage Au Cu ion ion ion
Category Cut-off (g/t) (MT) (g/t) (%) oz) Lb) oz)
--------------------------------------------------------------------------

Inferred greater than 2.00 3.3 1.914 0.288 0.20 21.1 0.26
greater than 1.00 67.3 1.052 0.185 2.27 274.9 3.01
greater than 0.90 82.0 0.984 0.180 2.59 325.4 3.46
greater than 0.80 92.2 0.941 0.176 2.79 357.4 3.74
greater than 0.70 101.3 0.903 0.171 2.94 381.8 3.96
greater than 0.60 113.7 0.854 0.164 3.12 411.9 4.22
greater than 0.50 129.7 0.795 0.156 3.32 444.8 4.50
greater than 0.40 151.2 0.725 0.145 3.53 481.8 4.81
--------------------------------------------------------------------------

- (i)Au eq. determined using a gold price of US$675 per ounce and a copper
price of US$1.80/lb as defined by PEG. Metallurgical recoveries are not
taken into account.
- Rounding of tonnes as required by reporting guidelines may result in
apparent differences between tonnes, grade and contained metal content.

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

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