Carpathian Gold Inc.

Carpathian Gold Inc.

July 07, 2008 06:00 ET

CPN Drilling at the New Ciresata Porphyry Discovery Increases the Size of the Mineralized Zone and Intersects High Grade Au+Cu: 457.65 m at 1.20 g/t Au eq. (includes 325.65 m at 1.38 g/t Au eq.)

TORONTO, ONTARIO--(Marketwire - July 7, 2008) - Carpathian Gold Inc. (TSX:CPN) (the "Corporation" or "Carpathian") wishes to report that recent drill results from its ongoing diamond drilling program at the Ciresata porphyry prospect has encountered some of the highest gold grades and copper mineralization to date on both this porphyry and the entire Rovina Exploration License. The Ciresata porphyry is located within the 100% owned Rovina Exploration License in central Romania and is situated approximately 4 km south of the Colnic and Rovina porphyry deposits.

This gold rich - copper porphyry was discovered earlier this year and is potentially the third economic porphyry deposit located on the Rovina Exploration License. Recent drill hole intersection highlights are as follows:

287 m at 0.90 g/t Au and 0.20% Cu (1.32 g/t gold equivalent ("Au eq.")),
including 91 m at 1.26 g/t Au and 0.22% Cu (1.72 g/t Au eq.) from hole RGD-7

457.65 m at 0.88 g/t Au and 0.15% Cu (1.20 g/t Au eq.),
including 325.65 m at 1.04 g/t Au and 0.16% Cu (1.38 g/t Au eq.) from hole

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

Both of these drill holes ended in gold and copper mineralization at vertical depths in excess of 500 metres. A table with a complete list of intersections from drill holes RGD-7 to RGD-9 is presented at the end of this press release as well as drill hole orientation details. In addition, a drill hole location plan map for all the holes drilled to date on Ciresata can be found on the Corporation's web site at Assay results from the first six drill holes (RGD-1 to RGD-6) have been reported earlier this year on February 27th and May 12th.

"These drill results show the gold-rich nature from the recently identified gold-copper porphyry complex at Ciresata", said Dino Titaro, President and CEO of Carpathian. "The drill results from our early-stage program continue to show the significant size potential of this deposit with grades of economic tenor and have also intersected some of the highest and most continuous gold grades with copper mineralization encountered to date on the Rovina Exploration License. The close proximity of Ciresata to the Colnic and Rovina porphyry deposits will add to the feasibility of all three deposits as an integrated operation. Because of the significant mineralization encountered to date on this porphyry and its potential size that has already been outlined by the 2008 drill program, the Ciresata porphyry will now be included in the updated resource estimate that is currently underway for both the Rovina and Conic deposits. Additionally, drilling will continue at Ciresata to further determine the extent of mineralization".

Drill results from the first nine diamond drill holes at Ciresata have intersected gold and copper mineralization over an approximate area of 350 x 350 m. Results from this early-stage drill program indicate mineralization occurs 50 to 120 m beneath a magnetite altered cover of andesite with the mineralization open in three lateral directions (northeast, northwest and southeast) and at depth. Mineralization occurs as stock work veinlets of quartz-chalcopyrite-pyrite and disseminated chalcopyrite-pyrite hosted in tertiary-aged hornblende-feldspar porphyry and hornfels of Cretaceous sediments.

Drill hole RGD-7 is an angle hole drilled orthogonal to the other drill fences to test the northeast and depth extensions of this porphyry. Gold-copper mineralization was intercepted starting at 146 m down-hole to a depth of 234 m where a post mineral dike was encountered. This 88 m interval has an average grade of 0.46 g/t Au and 0.08% Cu (0.63 g/t Au eq.). Below the post-mineral dike the drill hole intersected intensely potassic-altered and stock-worked porphyry and hornfels over the down-hole interval from 340 m to the end of the hole at 627 m. This 287 m interval has an average grade of 0.90 g/t Au and 0.20% Cu (1.32 g/t Au eq.). Within this interval are zones with higher gold and copper grades such as the down hole interval from 340 m to 431 m which encountered 91 m of 1.26 g/t Au and 0.22% Cu (1.72 g/t Au eq.) that also includes 63 m (340 to 403 m) of 1.39 g/t Au and 0.22% Cu (1.85 g/t Au-eq.).

Drill hole RGD-8 is a 130 m step back hole from RGD-3 drilled in a northeast direction. Gold and copper mineralization was intersected in potassic altered and stock-worked porphyry from 176 m to the end of the hole at 633.65 m. This 457.65 m interval has an average grade of 0.88 g/t Au and 0.15% Cu (1.20 g/t Au eq). This includes zones with higher gold and copper grades from 308 m to 633.65 m which encountered 325.65 m of 1.04 g/t Au and 0.16% Cu (1.38 g/t Au eq.) that also includes 58.65 m (575 m to 633.65) of 1.22 g/t Au and 0.12% (1.47 g/t Au eq.).

Drill hole RGD-9 is an angle hole drilled from the same location as RGD-8 but in the opposite direction, to the southwest. This drill hole intersected un-mineralized phyllic altered porphyry and sediment and appears to define the southwest corner of the mineralized body approximately 300 m from the presently known centre of this system.

Resource Estimation Update

As previously reported, AMEC Americas Ltd. ("AMEC") has been retained by the Corporation to complete an updated NI 43-101 compliant resource estimate for the Rovina and Colnic porphyry deposits. This resource estimation work is progressing and will update the previous estimate provided by AMEC on May 29th, 2007 which was based on drilling completed in 2006 on each of these deposits. This update was to include the additional results from the 2007 drilling program, but has now been extended to include drill results up to April 2008 as these additional results have further refined the grade and geological block models for each of the two deposits.

Because of the discovery this year of the Ciresata porphyry and the highly significant results encountered to date, AMEC will now include this deposit in its updated resource estimate. Due to the inclusion of the Ciresata porphyry and the additional 2008 drilling results at Rovina, in conjunction with the heavy workloads experienced by all parties, the updated resource estimate is now expected to be made available early in the fourth quarter of this year.

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 at 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 development-stage 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.

Diamond drill hole intersection table for Holes RGD-7 to RGD-9 on the
Ciresata Porphyry Project, Rovina License, Romania.

Au Cu Au eq(i)
Drill Hole From (m) To (m) Length (m) (g/t) (%) (g/t)
RGD-7 146 234 88 0.46 0.08 0.63
340 627 (eoh) 287 0.90 0.20 1.32
Includes 340 431 91 1.26 0.22 1.72
and 340 403 63 1.39 0.22 1.85
RGD-8 176 633.65 (eoh) 457.65 0.88 0.15 1.20
Includes 308 633.65 (eoh) 325.65 1.04 0.16 1.38
and 245 525 280 0.92 0.18 1.30
and 575 633.65 (eoh) 58.65 1.22 0.12 1.47

(i) Au & Cu Equivalent - utilizes gold at US $650/oz and copper at US
$2.00/lb. Metallurgical recoveries not considered. All intersections are
core-length. A plan map of all drill hole locations to date can be found
on the corporate website

eoh equals end of drill hole

NSI equals no significant assay interception

Diamond drill hole orientation details table for recently completed diamond
drill holes at the Ciresata Porphyry Project.

Drill Hole Fence Azimuth Declination Total Depth Geology-Target
(degrees) (degrees) (meters)
Ciresata Porphyry
NE and
RGD-7 1160E 140 -60 627 depth extension
130 m step
RGD-8 1000N 50 -65 633.65 back from RGD-3
Test SW extension
from same pad as
RGD-9 1000N 230 -75 352 RGD-8

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

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