Carpathian Gold Inc.

Carpathian Gold Inc.

May 07, 2008 06:00 ET

Carpathian Gold Inc.-Update on In-Fill & Delineation Drilling on the Rovina Porphyry, Romania, With Highlight Intersections of: 290 m at 1.05 g/t Au eq. and; 123 m at 1.37 g/t Au-eq.

TORONTO, ONTARIO--(Marketwire - May 7, 2008) - Carpathian Gold Inc. (TSX:CPN) ("the Corporation") is providing an update on the 2008 drilling activities on its 100% owned Rovina Exploration License in central Romania, which includes the Rovina and Colnic porphyry deposits, located approximately 2.5 km apart.

At the Rovina Cu-Au Porphyry, two drill rigs have been active in 2008 with 5,870 m drilled from 12 drill holes. This drill program is comprised of in-fill and delineation drilling designed to upgrade resource categories and delineate the margins of the mineralized porphyry system. Highlight intersections from recent assay results include drill holes:

RDD-49: 290 m at 0.29 g/t Au and 0.36% Cu (1.05 g/t Au eq.) including
71 m of 0.41 g/t Au and 0.41 % Cu (1.27 g/t Au eq.)

RDD-56: 304.2 m at 0.30 g/t Au and 0.30% Cu (0.93 g/t Au eq) including
174 m at 0.36 g/t Au and 0.32% Cu (1.04 g/t Au eq.)

A previously unknown high-grade gold zone was intercepted in the southern
part of the Rovina Porphyry by angle hole RRD-54 which intersected:

123 m at 0.78 g/t Au and 0.28% Cu (1.37 g/t Au eq.), including;
40 m at 1.52 g/t Au and 0.40% Cu (2.36 g/t Au eq.)

In the Baroc Valley extension to the main Rovina Porphyry, drill hole
RRD-55 intersected the highest grade mineralization thus far in this
porphyry extension including:

211 m at 0.29 g/t Au and 0.25% Cu (0.82 g/t Au eq.) including;
100 m at 0.41 g/t Au and 0.32% Cu (1.09 g/t Au eq.)

Note: as used in this release, gold (Au) and copper (Cu) equivalents utilize
gold at $650 USD/oz and copper at $2.00 USD/lb. Metallurgical recoveries are
not considered.

"We remain pleased with the results from the 2008 drilling program at the Rovina Porphyry which continues to return significant gold + copper intercepts over large continuous lengths consistent with a porphyry-style, bulk-mineable open pit deposit", said Dino Titaro, President and CEO of Carpathian. "On-going in-fill and delineation drilling which is beyond the data cut-off for the Resource Update that AMEC is presently working on will complement future project evaluation efforts".

Recent assay results from 9 drill holes are reported of which 4 drill holes are vertical in-fill and extension holes in the north and northwest part of the main porphyry body with average hole lengths of 480 m (RRD-49, 50, 52, and 56), and 4 angle drill holes across the main porphyry body with average hole length of 516 m (RRD-48A, 51, 53, and 54). One angle drill hole in the north part of the Baroc Valley extension is also reported (RRD-55) which was drilled to a length of 489 m.

Assay results from all of the drill holes completed in 2008 on the Rovina Porphyry can be found at the end of this press release. A complete listing of all drill hole results for each of the Colnic and Rovina Porphyry systems as well as drill hole locations can be found on the Corporation's web site at

Drilling is also underway on the newly discovered Cerisata Porphyry, located approximately 4.5 km south of the Colnic Porphyry. Further drill results from this porphyry system will be released shortly.

Rovina Porphyry

Drilling to date (56 core holes for 27,496 m) has outlined a gold + copper mineralized over a broad area measuring up to 700 m wide in a northeast-southwest direction and varying from 500 to 200 m in a northwest-southeast direction. Drilling in 2007 discovered the low-to-moderate grade Baroc Valley mineralization, which is an extension to the main Rovina Porphyry body along a northeast-southwest trend with Cu-Au mineralization now drill-defined over 700 m. Drill hole spacing ranges from a nominal 30 metres apart in the higher-grade core of the Rovina Porphyry, to 80 m apart in the Baroc Valley extension. Part of the mineralized porphyry body is exposed on surface with drilling to date indicating mineralization to +500 m depths in the main Rovina porphyry body. Drill results also indicate that this mineralization is closed towards the south, but still remains open towards the north and northwest. Drilling is currently on-going on the Rovina porphyry with the objective to define the extent and overall grade tenor of this porphyry body.

Resource Update

AMEC Americas Limited ("AMEC") has been retained to prepare a mineral resource update of the 2006 Resource Estimate (also prepared by AMEC) on the Rovina and Colnic porphyries. This update will incorporate all drill hole data from the 2007 drilling program, which was primarily in-fill drilling to upgrade the 2006 resource categories as well as some extensional drilling, particularly on the Rovina porphyry. Building and engineering of the 3-dimensional geologic models comprised of lithology, alteration, and stockwork domains is presently in progress for the Rovina and Colnic porphyries. The estimated time for delivery of the updated resource estimate is mid second quarter 2008.

Sample Protocol

All samples collected from any program in Romania and Hungary 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 one metre intervals from the top to the end of the hole.

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 exploration primarily on its properties in Romania, Hungary and on its development-stage property in Brazil.

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.

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)
    Eric Leboeuf
    Investor Relations, Montreal
    (514) 341-0408 or 1-866-460-0408
    (514) 341-1527 (FAX)