Carpathian Gold Inc.
TSX : CPN

Carpathian Gold Inc.

February 27, 2008 06:00 ET

Carpathian Gold Inc.: Update on Romanian Exploration and Infill Drilling on the Rovina Property

389 m at 1.12 g/t Au eq. at Rovina Porphyry; 125 m at 1.44 g/t Au eq. at Colnic Porphyry; & 166 m at 1.12 g/t Au eq. at the New Ciresata Porphyry

TORONTO, ONTARIO--(Marketwire - Feb. 27, 2008) - Carpathian Gold Inc. (TSX:CPN) ("the Corporation") is providing an update on the balance of the 2007 drilling activities on its Rovina Exploration License in central Romania, which includes the Rovina and Colnic porphyry deposits, located approximately 2.5 km apart, as well as the new Ciresata porphyry located approximately 4 km south of the Colnic porphyry.

At the Colnic Au-Cu porphyry, highlight intersections include drill holes RCD-73, 74, 75 76 and 84. Holes RCD-73, 74 and 76 all intersected gold-copper mineralization from surface and were drilled as in-fill holes within the high grade portion of the Colnic porphyry. Holes RCD-75 and 84 were drilled from a lower grade area into and across the high-grade zone along the western margin of the porphyry body. Significant intersections from these holes are as follows:



RCD- 73: 246 m of 0.92 g/t Au and 0.13% Cu (1.19 g/t gold equivalent
("Au eq."))
including 190 m at 1.03 g/t Au and 0.14% Cu (1.32 g/t Au eq.)

RCD- 74: 186 m of 0.76 g/t Au and 0.15% Cu (1.08 g/t Au eq.)

RCD- 75: 96 m of 0.80 g/t Au and 0.15% Cu (1.12 g/t Au eq.)

RCD- 76: 125 m of 1.14 g/t Au and 0.14% Cu (1.44 g/t Au eq.) including
70 m at 1.48 g/t Au and 0.18% Cu (1.86 g/t Au eq.)

RCD- 84: 139 m of 0.73 g/t Au and 0.15% Cu (1.05 g/t Au eq.) including
56 m at 0.89 g/t Au and 0.19% Cu (1.29 g/t Au eq.)


At the Rovina Cu-Au porphyry, highlight intersections include drill holes RRD-44 and RRD-46. These holes were drilled as in-fill holes in the main porphyry body. Highlight intersections include:



RRD-44: 389 m at 0.44 g/t Au and 0.32% Cu (1.12 g/t Au eq.) including
131 m of 0.41 g/t Au and 0.40 % Cu (1.25 g/t Au eq.)

RRD-46: 142 m at 0.75 g/t Au and 0.44% Cu (1.68 g/t Au eq.) and
247 m at 0.75 g/t Au and 0.22% Cu (1.21 g/t Au eq.)


Drilling is currently on-going on the Rovina porphyry with two drill rigs continuing to define the extent and overall grade tenor of this porphyry body.

The Ciresata Project, is a new porphyry prospect located approximately 4 km south of the Colnic porphyry deposit. Drilling commenced on this project in early December 2007 with two holes completed by year end. As previously indicated, an initial 1,500 metre drill program is planned for this project to test for the presence of a previously unknown porphyry, the potential existence of which was forecast based on results of the Corporation's generative exploration program completed in the summer and fall of 2007. Geologic mapping defined a porphyry alteration suite of propylitic, phyllic, and potassic alteration which is zoned towards a magnetite altered core that measures approximately 500 metres x 500 metres. This target lies within an interpreted 3 kilometre long, northeast-trending structural corridor. A completed ground magnetic geophysical survey highlighted a positive magnetic anomaly coincident with the mapped magnetite alteration zone, surrounded by a magnetic low anomaly interpreted to be a magnetite-destructive alteration zone that measures approximately 1.5 kilometres in diameter. Results from a soil geochemistry survey defined a copper + gold anomaly coincident with, and extending beyond, the positive geophysical magnetic anomaly. Rock chip sampling of sparse outcrops in the area yielded copper and gold values up to 0.29 g/t Au and 0.39% Cu.

Results from initial drilling confirm a gold + copper mineralized body occurring approximately 130 metres below surface at this locality. The first two drill holes ended in mineralization.

Highlight intersections include:



RGD-1: 166 m of 0.78 g/t Au and 0.16% Cu (1.12 g/t Au eq.) including
71 m at 1.06 g/t Au and 0.19% Cu (1.46 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.


Drilling has resumed on this porphyry to determine the extent of the mineralization and any near surface mineralization.

"We continue to be pleased that the balance of the 2007 drilling program results on both the Colnic and Rovina-porphyries continued 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. "The drill intersection from our early drilling program at the Ciresata prospect is highly encouraging and indicates that we may have a gold + copper mineralized body analogous to our Colnic porphyry. Additional drilling is underway to determine the extent of this mineralized body."

A complete listing of all drill hole results for 2007 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 www.carpathiangold.com. Drill hole intersection results from the balance of the 2007 drilling program can be found at the end of this press release.

Rovina Porphyry

Drilling to date (51 core holes for 25,184 metres) has outlined gold + copper mineralization over a broad area measuring up to 700 metres wide in a northeast-southwest direction and varying from 500 to 200 metres in a northwest-southeast direction. Drilling in 2007 discovered the low-to-moderate grade Baroc Valley porphyry 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 metres. Drill hole spacing ranges from a nominal 30 metres apart in the higher-grade core of the Rovina Porphyry, to 80 metres apart in the Baroc Valley porphyry extension. Part of the mineralized porphyry body is exposed on surface with drilling to date indicating mineralization to +500 metre 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. There are currently two drill rigs operating to continue the evaluation of the extent of this porphyry.

Colnic Porphyry

Drilling to date (88 core holes for 29,349 metres) has outlined a gold + copper mineralized area of 600 metres by 500 metres, starting essentially from surface in the northwest part of the drilled porphyry-body along the higher-grade portion of the deposit, which is contained within a valley. It starts at about 150 metres below surface toward the southeast with mineralization drilled to depths of 400 metres. The limits of the deposit appear to have been defined by the 2007 drilling program.

Resource Update

AMEC Americas Limited ("AMEC") has been retained to prepare a mineral resource update of their previous 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 resource categories based on the 2006 drill program results as well as some extensional drilling, particularly on the Rovina porphyry. AMEC is currently on site reviewing all data including, geological models, the assay database and the QA/QC database. The estimated time for delivery of the updated resource estimate is early to mid second quarter 2008.

AMEC is an international project management and services company that designs, delivers and supports client assets for customers across the public and private sectors. AMEC employs more than 20,000 people working from a network of offices throughout the U.K., U.S. and Canada, as well as regional offices and projects worldwide. AMEC has more than 1,500 engineering and technical specialists working in over 80 countries in the world. AMEC is a world leader in mineral resource estimates, audits, feasibility studies and Technical Reports and has been involved in other projects with similar styles of mineralization to Colnic and Rovina, including, Oyu Tolgoi in Mongolia, Kemess in British Columbia, Cerro Casale in Chile, Boyongon in the Philippines and Grasberg in Indonesia.

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 and Hungary as well as gold exploration and development on its proposed development property acquisition 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.



Drill hole intersections from Colnic Holes RCD-73 to RCD-86

---------------------------------------------------------------------------
Drill hole Fence From To Length Au g/t Cu% Au-eg(i)
(m) (m) (m)
---------------------------------------------------------------------------
RCD-73 940N 6 252 246 0.92 0.13 1.19
---------------------------------------------------------------------------
Incl. 6 196 190 1.03 0.14 1.32
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RCD-74 1000N 11 318 307 0.66 0.16 1.00
---------------------------------------------------------------------------
Incl. 11 197 186 0.76 0.15 1.08
---------------------------------------------------------------------------
Also 11 140 129 0.82 0.15 1.14
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RCD-75 810N 139 294.5 155.5 0.65 0.13 0.92
---------------------------------------------------------------------------
Incl. 172 268 96 0.80 0.15 1.12
---------------------------------------------------------------------------
Also 186 238 52 0.91 0.16 1.25
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RCD-76 940N 8 168 160 1.05 0.12 1.30
---------------------------------------------------------------------------
Incl. 8 133 125 1.14 0.14 1.44
---------------------------------------------------------------------------
Also 8 78 70 1.48 0.18 1.86
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RCD-77 Explrn NSI
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RCD-78 940N 268 280 12 0.63 0.09 0.82
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RCD-79 810N 235 240 5 0.73 0.002 0.73
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RCD-80A 1000N 286 404 118 0.44 0.10 0.66
---------------------------------------------------------------------------
Incl. 305 339 34 0.58 0.13 0.85
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RCD-81 Explrn NSI
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RCD-82 1000N 41 130 89 0.57 0.16 0.91
---------------------------------------------------------------------------
Incl. 41 68 27 0.81 0.20 1.23
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RCD-83 1120N 73 86 13 1.01 0.06 1.14
---------------------------------------------------------------------------
239 275 36 0.58 0.09 0.77
---------------------------------------------------------------------------
RCD-84 1050N 64 261.2 197.2 0.64 0.15 0.96
---------------------------------------------------------------------------
Incl. 94 233 139 0.73 0.15 1.05
---------------------------------------------------------------------------
Also 94 150 56 0.89 0.19 1.29
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RCD-86 1000N NSI
---------------------------------------------------------------------------



Drill hole intersections for Rovina Holes RRD-42 to RRD-47A

---------------------------------------------------------------------------
Drill hole Fence From To Length Au g/t Cu% Au-eg(i)
(m) (m) (m)
---------------------------------------------------------------------------
RRD-42 Explrn 161 328 167 0.26 0.14 0.58
---------------------------------------------------------------------------
Incl. 161 257 96 0.33 0.18 0.71
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RRD-43 1036N NSI
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RRD-44 1000N 4 513 509 0.37 0.29 0.98
---------------------------------------------------------------------------
Incl. 4 393 389 0.44 0.32 1.12
---------------------------------------------------------------------------
Also 88 103 15 1.35 0.49 2.38
---------------------------------------------------------------------------
Also 262 393 131 0.41 0.40 1.25
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RRD-46 1000N 3 145 142 0.75 0.44 1.68
---------------------------------------------------------------------------
Incl. 43 128 85 1.01 0.56 2.19
---------------------------------------------------------------------------
265 512 247 0.75 0.22 1.21
---------------------------------------------------------------------------
Incl. 309 383 74 1.01 0.24 1.52
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RRD-47A 1114N 3 500 497 0.16 0.22 0.62
---------------------------------------------------------------------------
Incl. 3 186 183 0.19 0.28 0.78
---------------------------------------------------------------------------



Drill hole intersections for Ciresata Holes RGD-1 to RGD-2

---------------------------------------------------------------------------
Drill hole Fence From To Length Au g/t Cu% Au-eg(i)
(m) (m) (m)
---------------------------------------------------------------------------
RGD-1 Explrn 137 303 166 0.78 0.16 1.12
---------------------------------------------------------------------------
Incl. 215 286 71 1.06 0.19 1.46
---------------------------------------------------------------------------
Also 243 262 19 1.26 0.21 1.70
---------------------------------------------------------------------------

---------------------------------------------------------------------------
RGD-2 Explrn 196 249 53 0.31 0.09 0.50
---------------------------------------------------------------------------
236 249 13 0.39 0.09 0.58
---------------------------------------------------------------------------

(i) Au & Cu Equivalent - utilizes gold at US $650/oz and copper at US
$2.00/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.

NSI equals no significant assay interception

(ii) Further drill hole details i.e. Azimuth, declination and total depth
are shown in Drill Hole Descriptions table below.



Drill Hole Details Table

--------------------------------------------------------------------------
Drill Fence Azimuth Declination Total Geology-Target
Hole (degrees) (degrees) Depth
(metres)
--------------------------------------------------------------------------
Colnic Porphyry
--------------------------------------------------------------------------
RCD-73 940N 320 -53 252 Infill, orthogonal
--------------------------------------------------------------------------
RCD-74 1000N 145 -62 318 Infill, orthogonal
--------------------------------------------------------------------------
RCD-75 810N 326 -58 294.25 Infill, orthogonal
--------------------------------------------------------------------------
RCD-76 940N 148 -52 203.25 Infill, orthogonal
--------------------------------------------------------------------------
RCD-77 Explrn 140 -53 500.1 N of porphyry body
--------------------------------------------------------------------------
RCD-78 940N 237 -53 300 NE phyllic altrn margin
--------------------------------------------------------------------------
RCD-79 810N 236 -60 300 SW phyllic altrn margin
--------------------------------------------------------------------------
RCD- 1000N 237 -64 420 Depth extension to NE
80A
--------------------------------------------------------------------------
RCD-81 Explrn 321 -58 300 W of porphyry body
--------------------------------------------------------------------------
RCD-82 1000N 226 -65 250 NW edge of porphyry
--------------------------------------------------------------------------
RCD-83 1120N 234 -60 302 N edge porphyry body
--------------------------------------------------------------------------
RCD-84 1050N 145 -80 261.2 Infill, test W-edge
porphyry
--------------------------------------------------------------------------
RCD-86 1000N 241 -62 150 NW phyllic altrn margin
--------------------------------------------------------------------------
Rovina Porphyry
--------------------------------------------------------------------------
RRD-42 Explrn 208 -68 410 SW extension
--------------------------------------------------------------------------
RRD-43 1036N vertical -90 402 S porphyry body
--------------------------------------------------------------------------
RRD-44 1000N 328 -62 577 Infill main porphyry
body
--------------------------------------------------------------------------
RRD-46 1000N vertical -90 512 Infill main porphyry
body
--------------------------------------------------------------------------
RRD- 1114N vertical -90 500 N extension
47A
--------------------------------------------------------------------------
Ciresata Porphyry
--------------------------------------------------------------------------
RGD-1 Explrn vertical -90 303 Explrn target
--------------------------------------------------------------------------
RGD-2 Explrn 35 -58 249 Explrn target
--------------------------------------------------------------------------


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