Carpathian Gold Inc.

Carpathian Gold Inc.

August 13, 2007 08:50 ET

Carpathian Gold Inc.: Exploration & Corporate Activity Update

TORONTO, ONTARIO--(Marketwire - Aug. 13, 2007) - Carpathian Gold Inc. (TSX:CPN) ("the Corporation") wishes to provide an update on its corporate and exploration activity.

Corporate Update

- On June 29, 2007 the Corporation elected to call in the unexercised purchase warrants issued pursuant to a private placement which closed on June 7, 2006. The warrants were exercisable at $0.90 per common share.

- A total of 8,301,332 of the June 7, 2006 warrants were exercised for gross proceeds of $7,471,198.

- The Corporation currently has cash and cash equivalents of Cdn. $20.0 million, which is sufficient to meet it's currently planned corporate and exploration needs for 2007 and 2008.

Exploration Update

Rovina License (west-central Romania, Golden Quadrilateral; 100% owned)

On May 29, 2007, the Corporation announced an initial National Instrument 43-101 compliant Resource Estimate, prepared by its independent consultants AMEC Americas Limited, for both the Colnic and Rovina gold-copper porphyries. Both deposits remain open and are currently the subject of further drilling to upgrade the resource categories and further delineate their size.

The following table summarizes the results of the Resource Estimate for each porphyry deposit; resources are confined to conceptual pit models developed by AMEC and based on drilling completed in 2006.

Colnic and Rovina Mineral Resource (as of December 31, 2006)

Deposit Au Eq. Cu Eq. Gold Eq.
Resource Name Tonnage Au Cu (g/t) (%) Gold Copper (Moz)
Category (zone) (Mt) (g/t) (%) (a) (a) (Moz) (Mlbs) (a)

Indicated Colnic
(Au-Cu) 68.0 0.64 0.12 0.83 0.51 1.41 175.0 1.82
Indicated Colnic 68.0 0.64 0.12 0.83 0.51 1.41 175.0 1.82

Inferred Colnic
(Au-Cu) 9.4 0.47 0.10 0.63 0.39 0.14 20.0 0.19
(Au Only) 6.8 0.82 0.03 0.82 - 0.18 - 0.18
(Au-Cu) 144.1 0.30 0.26 0.72 0.44 1.38 829.0 3.32
Total Rovina &
Inferred Colnic 160.3 0.33 0.24 0.72 0.42 1.70 849.0 3.69

- (a) Au Eq. and Cu Eq. as determined by AMEC using a gold price of $US550
per ounce and a copper price of $1.30/lb. Metallurgical recoveries are
not taken into account.

- Base case cut-offs used in the table are for 0.40 g/t Au Eq. for Colnic
and for 0.25% Cu. Eq. for Rovina.

- Rounding of tonnes as required by reporting guidelines may result in
apparent differences between tonnes, grade and contained metal content.

- Mr. David Thomas, MAusIMM, Senior Geologist with AMEC, is the Qualified
Person responsible for the Mineral Resource estimates for both the Colnic
and Rovina Deposits.

Preliminary metallurgical test work results from Rovina and Colnic has demonstrated excellent copper and gold recoveries with a saleable copper concentrate containing a significant portion of the gold can be produced (see press release dated May 29, 2007). No unusual metallurgical process is required and additional test work is warranted to optimize the flow sheet and to establish various process design parameters.

i) Drilling Activity

- 4 diamond drill rigs fully operating on the property and 5th drill rig
en-route to the property.

In addition to resource delineation and extension drilling of the two
deposits, exploration drilling of satellite targets and new targets is
in progress along with drilling to provide information about
geotechnical and metallurgical characteristics.

- To date in 2007, 14,650 metres have been drilled (34 core holes)

- 14 cores holes for 6,151 metres on the Colnic Deposit

- 15 core holes for 7,161 metres on the Rovina Deposit

- 5 core holes for 1,339 metres on the Galaxy prospect

- 2007 drilling results have been released for 15 holes (see press releases
dated April 30, 2007 and June 18, 2007) with further assay results on
9 holes to be released in the near future and 6 holes pending assay

- Highlight drill-hole intersections to date include:

526.5 m of 0.69 g Au/t and 0.28% Cu (1.22 g/t Au eq(a). or
0.64% Cu eq.(a).) in RRD-23, Rovina

462 m of 0.43 g Au/t and 0.41% Cu (1.21 g/t Au eq. or 0.64% Cu eq.)
in RRD- 21, Rovina

235 m of 0.79 g Au/t and 0.12% Cu (1.02 g/t Au eq.) in RCD-51, Colnic

(a) Au Eq. and Cu Eq. determined using a gold price of $US450 per ounce
and a copper price of $1.25/lb. (Prices used to stay consistent with
prior press releases). Metallurgical recoveries are not taken into

- A further 20,000 metres of drilling is planned to be completed during the
balance of 2007.

ii) Geophysics, Soil Sampling and other Work

- 16.5 line kilometres (7.5 at Rovina and 9 at Colnic) of Induced
Polarization Pole-dipole geophysics have been completed.

- A 3-D geophysical model for Rovina has been interpreted and one is in
progress for Colnic.

- A 22.15 square kilometre soil survey area was completed, incorporating
1,353 samples.

- The results highlight the Colnic, Rovina and Galaxy zones, while
identifying potential extensions to these zones and satellite targets
to Colnic and Rovina.

- Generative exploration comprised of second stage geological mapping and
soil sampling is underway on the Ciresata porphyry target (4 km southwest
from Colnic).

- Follow up drilling planned for this target in Q4-07.

- Evaluation of the epithermal Au-Ag Cordurea prospect (6 km southeast from
Colnic) with possible follow up drilling planned for this target
in Q4-07.

- Long lead-time environmental and socio-economic baseline studies are
underway, concurrent with community relation development projects. Golder
and Associates have been retained to assist in the design and
implementation of these programs.

Oravita License (southwestern Romania, 100% owned)

- Completed 6 reverse circulation holes and 3 diamond core holes totaling
756 metres in the northern portion of the license to evaluate a porphyry
Cu-Mo prospect.

- Highlight intersection includes 80 metres from surface (entire drill
hole) of 0.18% Cu and 0.015% Mo.

- This Cu-Mo mineralized system will be followed up in 2008.

Fuzzeradvany Mining Concession (northeastern Hungary, 100% owned)

- A 1,130 metre diamond drill program is planned for the Fall of 2007 to
evaluate the shallow-level epithermal (hot-springs style) gold potential
of this project area.

Mr. Titaro is the qualified person (as defined in National Instrument 43-101) overseeing the design and implementation of the exploration programs. He is responsible for preparing the technical information contained in this news release.

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

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)
    Carpathian Gold Inc.
    Mike O'Brien
    Manager Investor Relations
    (416) 368-7744 (CAN)
    (416) 260-2243 (CAN) (FAX)
    Paradox Public Relations
    Eric Leboeuf
    Investor Relations, Montreal
    (514) 341-0408 or 1-866-460-0408
    (514) 341-1527 (FAX)