Carpathian Gold Inc.

Carpathian Gold Inc.

September 24, 2007 14:36 ET

Carpathian Gold Inc.: Update to Shareholders

TORONTO, ONTARIO--(Marketwire - Sept. 24, 2007) - Carpathian Gold Inc. (TSX:CPN) ('the Corporation") wishes to provide an update on its exploration projects and activities.

Diamond drilling of the Corporations two wholly-owned Au + Cu porphyry deposits located in central Romania on the Rovina Exploration License is ongoing. Both deposits remain open and are undergoing further drilling to upgrade the resource categories, average grade and delineation of their potential size.

Through its wholly-owned Romanian subsidiary, the Corporation is operating under a valid Urbanization Certificate that is required by law and determines the levels of impact studies required by local regulatory agencies in order to complete and carry out the exploration programs. The Corporation is operating under its third valid certificate to reflect its increased levels of exploration activity. This process requires that public consultations be held as such consultations represent an important step in the certification process. The Corporation is pleased to state that it enjoys excellent working relationships with local communities and governmental authorities as evidenced by the fact that it has to date applied for and obtained all such permits as were required in order to carry out its activities. Furthermore, the Corporation, as a large holder of mineral exploration licenses in Romania, continues to have a good working relationship with the National Agency of Mineral Resources which is responsible for all exploration and mining activity in the country.

Preliminary metallurgical test work results from the Rovina and Colnic porphyry deposits has demonstrated excellent copper and gold recoveries with a saleable copper concentrate containing a significant portion of the gold that can be extracted through a standard cyanide-free flotation process (see press release dated May 29, 2007). Additional test work will be carried out as further drilling expands the size of each deposit to optimize the recoveries and process flow sheet and to establish the ultimate process design parameters.

Long lead-time environmental and socio-economic baseline studies are continuing and have been underway since the deposits were initially discovered. Concurrently, community-business partnership projects are in progress and the Corporation has good working relationships with several of the surrounding communities. In addition, it is also developing progressive working relationships with independent Civil Society groups to address needs of local communities. Golder and Associates, along with local consultants, have been retained to assist in the design and implementation of all of these programs.

The following is a summary of the activities that are currently underway.

- Four diamond drill rigs are fully operational on the wholly-owned Rovina
Exploration License, Romania, and are carrying out resource delineation
and extension drilling of the Colnic and Rovina Au + Cu porphyry
deposits. Drilling will continue into 2008.

- Drilling to provide information about geotechnical and further
metallurgical characteristics for each deposit of the Colnic and Rovina
porphyry deposits will also be carried out this year.

- For 2007, 21,882 metres of diamond-drill core have been completed to date
in 53 drill holes including:

-- 19 cores holes for 8,187 metres on the Colnic Deposit

-- 23 core holes for 11,014 metres on the Rovina Deposit

-- 11 core holes for 2,681 metres on the Galaxy prospect

- Up to date 2007 drilling results have been released (see press releases
dated April 30, 2007, June 18, 2007 and September 5, 2007) with further
assay results on 3 holes to be released in the near future and 11 holes
pending assay results.

-- Highlight drill-hole intersections previously released (September 5,
2007) include:

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.

- Second stage generative exploration comprised of geological mapping and
soil sampling has now been completed with a ground-magnetic geophysical
survey underway on the Ciresata porphyry target located approximately 4
km southwest from Colnic deposit.

- Drilling will commence on the Ciresata porphyry target in the 4th quarter
of 2007.

- In addition to the work in Romania, a 1,130 metre diamond drill program
will commence this month on the wholly-owned Fuzzeradvany Concession in
Hungary, to evaluate the shallow-level epithermal (hot-springs style)
gold potential of this project area.

The Corporations short-term to medium-term objectives for the Rovina
Exploration License can be summarized as follows.

- Continue the planned work programs through the balance of 2007 to obtain
drilling results and/or other technical results which will be reported
in press releases on a timely and regular basis.

- Prepare all technical and analytical information obtained during 2007,
with the objective of providing an updated resource estimate in early

- Continue metallurgical test work programs for optimization and process

- Continue progressing with the community engagement programs in parallel
with long lead-time studies of Environmental and Socio-economic baselines
designed to meet requirements prescribed for feasibility studies and the
Equator Principles.

- Continue an aggressive drilling program throughout 2008 in order to
further expand and evaluate the current two deposits as well as any other
mineralized targets on the Rovina License and surrounding area with the
ultimate objective of preparing at least a prefeasibility level report
during the later part of 2008.

In addition, the Corporation will continue with its long stated objectives of rationalizing all of its non-key exploration licenses in Romania and Hungary and to identify suitable short lead time projects that could be added to further build on its current asset base.

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)