Carpathian Gold Inc.
TSX : CPN

Carpathian Gold Inc.

February 29, 2008 08:49 ET

Drilling on Carpathian's Hungarian Exploration Property Intersects: 9 Metres at 247 g/t Silver and 3.33 g/t Gold

TORONTO, ONTARIO--(Marketwire - Feb. 29, 2008) - Carpathian Gold Inc. (TSX:CPN) ("Carpathian" or "the Corporation") is pleased to report results from its initial exploration drilling program on its 100% owned Fuzzeradvany Concession in northeastern Hungary.

A total of 6 diamond drill holes were completed in December 2007 for a total of 806 metres. This drill program was designed to test the interpreted centre of a large epithermal hot-springs style alteration system, which covers an area of approximately 2 km2, hosted in a sequence of lacustrine sediments and tuffs. Altered tuffs within this sequence host high quality illite deposits that had been exploited through underground mining until it was recently closed in 2006. Underground mapping and sampling has demonstrated the presence of gold-bearing chalcedonic-quartz veinlets cutting the illite alteration zones. Soil geochemistry anomalies highlight three northwest striking breccias and silicification zones up to 1.5 km in length, with anomalous Au-As-Sb. This drill program focused on the eastern-most of the northwest striking breccias-silicification zones, the Korom Teto zone near the underground Illite Mine.

All drill holes intersected alteration features consistent with a shallow-level epithermal mineralized system. Locally, the alteration-mineralization features intersected include hydrothermal breccias, cross-cutting banded quartz-chalcedony veinlets, lattice-structure quartz, and disseminated fine-grained sulphides in intensely silicified tuffs. Assay results indicate this alteration-mineralization system is gold and silver bearing with 5 of 6 drill holes intersecting discrete zones with greater than 1.0 g/t Au. Drill intersections and drill hole descriptions are shown in the tables at the end of this release and are also posted on the Corporation's website (www.carpathiangold.com) along with a drill hole plan map.

Highlight intersection include:

- Hole FR-57 with 24 metres of 1.7 g/t Au and 171 g/t Ag,: Including 9 metres of 3.33 g/t Au and 247 g/t Ag

The six diamond drill holes tested a 450 metre strike length of the north-west striking breccias-silicification zone with a coincident Au-As-Sb soil anomaly. All drill holes intersected gold-silver mineralization with the exception of FR-68 which was abandoned at 107.1 metres due to drilling problems, before reaching its target depth.

"The first pass drilling program on our Hungarian property intersected encouraging silver and gold values within a large untested geochemical and alteration anomaly. We will analyze the results and determine what our next steps will be on this project", said Dino Titaro, President and CEO of Carpathian.

Sample Protocol

All samples collected from this drill program in Hungary were 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. Silver 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, core twins and known gold standards were within the sample submittal. They consist of 12 per cent of submitted samples. 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 in this program were sampled over their entire length with sample lengths varying from 0.7 to 3.0 meters depending on geology.

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 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 the Fuzerradvany Concession first-pass drill
program, December 2007.

-------------------------------------------------------------
Drill From To Length Thickness(i) Au Ag
Hole (m) (m) (m) (m) (g/t) (g/t)
-------------------------------------------------------------

FR-55 28 47 19 12 0.63 16
Incl 38 39.3 1.3 0.8 2.49 21
83 85 2 1.2 3.23 68
119 121 2 1.2 2.09 160
-------------------------------------------------------------
FR-57 101 105 4 2.5 1.03 53
Incl 103 104 1 0.6 3.15 159
111 112 1 0.6 5.73 75
132 156 24 15 1.7 171
Incl 138 154 16 10 2.35 237
Incl 144 153 9 5.6 3.33 247
-------------------------------------------------------------
FR-61 58.9 60 1.1 0.7 3.16 883
66 71 5 3.1 1.22 31
Incl 70 71 1 0.6 4.27 15
-------------------------------------------------------------
FR-68 145 148 3 1.9 1.34 25
-------------------------------------------------------------
FR-69 NSI
-------------------------------------------------------------
FR-74 28.74 59 30.26 19 0.67 40
Incl 28.74 29.74 1 0.6 2.94 946
-------------------------------------------------------------

NSI equals no significant intersections
(i)Estimated true thickness


Drill hole details Table from the Fuzerradvany Concession first-pass
drill program, December 2007.

---------------------------------------------------------
Drill Hole Fence Azimuth Declination Total Depth
(degrees) (degrees) (meters)
---------------------------------------------------------
FR-74 1000N 260 -52 127.2
---------------------------------------------------------
FR-68 1000N 260 -50 148.0
---------------------------------------------------------
FR-69 1000N 80 -47 107.1
---------------------------------------------------------
FR-55 870N 230 -50 150.1
---------------------------------------------------------
FR-57 690N 230 -50 160.8
---------------------------------------------------------
FR-61 550N 230 -50 112.6
---------------------------------------------------------

Note: all drill holes are diamond core


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