Euro Sun Mining Inc (CPNFF)

[Tommy]

$CPNFF - $CPN.TO - Carpathian Reports RDM Project Remains on Track to Become Brazil's Next Gold Producer in 2013

http://www.carpathiangold.com/news/press-releases/press-release-details/2013/Carpathian-Reports-RDM-Project-Remains-on-Track-to-Become-Brazils-Next-Gold-Producer-in-2013/default.aspx#sthash.AmL4I7ST.dpuf

... "Carpathian is an exploration and development company whose primary business interest is developing near-term gold production on its 100% owned Riacho dos Machados ("RDM") Gold Project in Brazil, which is currently focused on construction, along with progressing its exploration and development plans on its 100% owned Rovina Valley Au-Cu Project ("RVP") located in Romania.

On a company wide basis, Carpathian currently hosts NI 43-101 proven plus probable reserves of 830,200 ounces of gold (proven reserves of 2,300 Kt at 1.30 g/t Au and probable reserves of 18,500 Kt at 1.23 g/t Au) and NI 43-101 mineral resources (inclusive of reserves) of approximately 8.1 million ounces of gold in the measured plus indicated categories (RVP: 405.9 million tonnes at 0.55 g/t Au for 7.19 million ounces, RDM: 19.36 million tonnes at 1.50 g/t Au for 0.936 million ounces) and approximately 0.9 million ounces of gold in the inferred category (RVP: 26.8 million tones at 0.38 g/t Au for 0.33 million ounces, RDM; 9.447 million tones at 1.93 g/t Au for 0.587 million ounces), as well as 1.4 billion pounds of copper in the measured plus indicated category (RVP: 405.9 million tones at 0.16% Cu) and 97.0 million pounds of copper in the inferred category (RVP: 405.9 million tonnes at 0.16% Cu) (see press releases dated July 17, 2012 and April 6, 2011 for further details on resources and reserves).

The RDM Gold Project is targeted to produce in the order of +/-100,000 ounces of gold per annum with an anticipated goal for the commencement of production in the second half of 2013. The Rovina Valley Project will enhance Carpathians growth profile as a mid-tier gold producer.

Mr. Titaro is the qualified person (as defined in National Instrument 43-101) and is responsible for preparing the technical information contained in this news release." ...

[Paullee]

Carpathian Gold Inc. Announces $20 Million Strategic Placement by Barrick Gold Corporation

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TORONTO, ONTARIO--(Marketwire - July 18, 2011) - Carpathian Gold Inc. (TSX:CPN - News; the "Corporation" or "Carpathian") is pleased to announce that it has concluded an agreement (the "Agreement") with Barrick Gold Corporation ("Barrick") for a CDN$20 Million private placement to purchase 38,461,538 common shares (the "Private Placement" and the "Common Shares") of the Corporation at a price of $0.52 per share. The Common Shares will be subject to a four-month hold period. The proceeds from the Private Placement will be exclusively applied to the Corporation's ongoing exploration and development work on its wholly owned Rovina Valley Project ("RVP") situated in west-central Romania.

The Corporation has committed to use certain of the proceeds from the Private Placement to expand the Corporation's previously announced 2011 drill program by at least an additional 15,000 m (from 35,000 m to 50,000 m) which will focus on expanding the Ciresata Au-Cu porphyry deposit as well as testing surrounding targets and other satellite targets on the project as prescribed by Barrick. Additionally, the remainder of the funds will be used to expedite and complete the on-going drill program for purposes of an updated NI 43-101 resource estimate and to fund the on-going pre-feasibility study. The Corporation will have access to Barrick's technical expertise through an advisory technical committee of five people that will be comprised of three Carpathian and two Barrick representatives. In addition, up to two Barrick employees may be seconded to the project at Barrick's expense.

In connection with this announcement, Carpathian's President and CEO Dino Titaro said, "We view the transaction with Barrick as a significant endorsement of the Rovina Valley Project, our exploration team and Romania as a country with world-class mining potential. Equally important is the fact that these added funds together with access to Barrick's expertise will provide a major step up in Carpathian's development plans for the Rovina Valley Project."

Upon closing of the Private Placement, Barrick will own approximately 9.0% of the Corporation's issued capital. Except in certain circumstances, for as long as Barrick does not sell any Common Shares where its interest would fall below 8.5% in the share capital of the Corporation following the disposition, Barrick will have the right to participate in any future equity offerings by the Corporation to maintain its pro-rata share ownership and a right of first refusal, at the asset level only, on any disposition or sale of the Corporation's Romanian assets.

By way of an agreement entered into in connection with the acquisition by the Corporation of its RDM Project in Brazil, Zoneplan Limited and Repalla Inc. have a period of ten days during which they may elect to participate in a contemporaneous private placement under the same pricing terms in order to maintain their respective interests in the Corporation. In the event where such election is made up to its full allotment, the Corporation may issue approximately an additional 12.0 million common shares.

Closing of the Private Placement which is expected to take place on or about August 1, 2011 is subject to the customary conditions and regulatory approvals, including stock exchange approval.

Rovina Valley Project (RVP) Background

RVP is comprised of three Au-Cu porphyry systems (Rovina, Colnic and Ciresata), which were discovered by the Corporation. From 2006 to 2008, 181 diamond drill holes totaling 71,375 m have been completed on the project prior to the present drilling program. In late 2008, PEG Mining Consultants Inc. ("PEG") completed a NI 43-101 resource estimate ("2008 Resource"). A detailed NI 43-101 compliant Preliminary Economic Assessment ("PEA") was released on March 23, 2010. The PEA was completed by PEG, which led a consortium of specialists assembled for the study. The PEA, utilized conventional open-pit mining for the Colnic and Rovina deposits with the Ciresata deposit mined by bulk-underground methods. Ore processing will utilize industry-standard crush-grind and flotation process at a rate of 40,000 tonnes per day to produce a gold-rich saleable copper concentrate. This process does not require the use of cyanide. The study considered a 19 year mine-life over which a total of 6.22 million Au-eq ounces would be produced. At metal prices of US$1,250/oz gold and US$3.00/lb copper the study arrived at a pre-tax NPV of US $870 million based on a 10% discount rate. Further details of the study are presented in previous news releases of the Corporation.

According to the cautionary statement required by NI 43-101, it should be noted that this PEA is preliminary in nature as it includes inferred mineral resources that cannot be categorized as reserves at this time and as such there is no certainty that the preliminary assessment and economics will be realized. The full Study of the PEA is available on www.SEDAR.com.

About Carpathian

The Corporation is an exploration and development company whose primary business interest is developing near-term gold production on its 100% owned Riacho dos Machados Gold Project in Brazil, which is currently focusing on activities surrounding permitting and construction, along with progressing its exploration and development plans on its 100% owned Rovina Valley Au-Cu Project located in Romania. On a company wide basis, the Corporation currently hosts NI 43-101 resources of 4.0 million ounces of gold in the measured plus indicated categories and 4.5 million ounces of gold in the inferred category, as well as 759.1 million pounds of copper in the measured plus indicated category and 663.1 million pounds of copper in the inferred category.

The Riacho dos Machados Gold Project is targeted to produce in the order of +/-100,000 ounces of gold per annum, with construction targeted by management to be initiated by mid 2011 with an anticipated goal for the commencement of production in late 2012 or early 2013. The Rovina Valley Project will enhance the Corporation's growth profile as a mid-tier gold producer.

[Paullee]

Review of Carpathian's 2010 Activities & Outlook for 2011
Press Release Source: Carpathian Gold Inc. On Monday January 10, 2011, 7:00 am EST
TORONTO, ONTARIO--(Marketwire - Jan. 10, 2011) - Carpathian Gold Inc. (TSX:CPN - News; the "Corporation" or "Carpathian") is pleased to provide a review of the results, progress and achievements for 2010 and an outlook for 2011.

For 2010, the Corporation established goals for the continued advancement of its two wholly owned exploration/development projects, the Riacho dos Machados Gold Project, located in Minas Gerais State, Brazil, and the Rovina Valley Project which is a gold-copper porphyry system located in central Romania.

The Riacho dos Machados Gold Project is the more advanced of the two projects as it represents a near-term production project that will elevate the Corporation to a gold producing company. The primary objectives set out by the Corporation for 2010 were to:


a) complete an updated resource estimate; b) complete a Feasibility Study for the open pit portion of the deposit in mid to late 2010; and c) proceed with a construction decision.

In July of 2010, the Corporation announced an updated resource estimate in which the open pit portion of the resource contained 806,200 ounces in the measured plus indicated Category and 355,900 ounces in the inferred category. A large percentage of the inferred resource is situated at the bottom of the open pit as determined by the pit shell optimization program and the Corporation determined it would be prudent to conduct a follow-up drill program. The goal of the program was to upgrade additional inferred resources to the measured plus indicated category, particularly at depth, to ensure the proper mine design and scheduling was established so as to avoid the risk of the loss of those resources through the open pit mine plan as well as to lengthen the open pit mine life. This additional drill program was completed in late 2010 and it is now anticipated that an updated resource estimate will be completed in January of 2011. Initial results indicate that this program was successful in converting a high percentage of the targeted inferred resources that will be incorporated into the measured plus indicated category. This new open pit resource will then be incorporated into the final Feasibility Study to be released during the first quarter of 2011.

For the Rovina Valley Project, the Corporation set out the following objective for 2010:


a) to complete and release a detailed Preliminary Economic Assessment ("PEA") in the second quarter of 2010; b) to complete a three-hole deep drill program on the Ciresata porphyry system, the highest grade and one of three proximal Au-Cu porphyry deposits as previous drilling showed that many of the drill holes within the Ciresata porphyry system ended in higher-grade gold plus copper mineralization; and c) to complete the required work and documentation to be submitted to the relevant government authorities by the end of the year for the conversion of the Rovina Exploration License to a Mining License.

All of the targeted objectives set out for this project for 2010 were accomplished. The PEA was released in March 2010, and established an economically viable, long mine life project of approximately 19 years producing on average approximately 200,000 ounces of gold plus 50 million pounds of copper per annum. The three deep drill hole program was designed to: 1) test the depth extension of the gold plus copper mineralization within the Ciresata porphyry system in the context of utilizing a bulk underground mining method as outlined in the results of the PEA; 2) confirm the geologic model for the deposit; and 3) begin upgrading the resource to measured plus indicated categories. The results of this drilling program met all of the objectives established and have successfully determined that the Ciresata porphyry system is open and could be significantly larger.

The technical reports for the conversion of the Rovina Exploration License to a Mining License have been completed with subsequent information as requested by the government being delivered.

At the Corporate Level during 2010, the following was achieved.


a) On May 21, 2010, the Corporation concluded a gold purchase and sale agreement (the "Agreement") for US $30 million with Macquarie Bank Limited ("Macquarie Bank") for its RDM Gold Project (the "Project") in Brazil. Under the terms of the Agreement, Macquarie Bank will make upfront cash payments (the "Upfront Payments") totaling US $30 million in return for which it will have the right to purchase 12.5% of the gold produced from the Project at a price of US $400 per ounce of payable gold delivered ("Delivered Gold Ounce"). The price per Delivered Gold Ounce to the Corporation will be subject to an inflation escalator as well as upside price participation for the Corporation of 25% of every Delivered Gold Ounce delivered at a price above US $1,850 per ounce. Macquarie Bank will also have the right to extend its participation to purchase 12.5% of the additional gold produced from any underground operation within the mining concession and five contiguous exploration licenses, as well as any open pit and/or underground operation on the balance of the property ("Expanded Production"), by contributing 12.5% of the capital required to develop the Expanded Production and paying US $450 per Delivered Gold Ounce. This price per ounce will also be subject to adjustment by the price escalation and inflation factor described above. b) On September 21, 2010, the Corporation signed a mandate letter with Macquarie Bank for it to arrange a project financing facility of up to US $75 million to be used to partially fund the development of the Corporation's RDM Gold Project, Brazil. In addition, the Corporation also mandated Caterpillar Financial Services Corporation ("Cat Financial") to arrange an equipment leasing facility for up to US $22 million for the Project. The mandate letters were signed on the basis of indicative term sheets that are normal for transactions of this nature. Due diligence in connection with these mandates is currently underway pending the results of the final release of the Feasibility Study. c) On November 3, 2010, the Corporation closed a "bought deal" financing for gross proceeds in the amount of CDN $51.6 million.

The following details the results and major achievements established in 2010.

Riacho Dos Machados ("RDM") Gold Project, Brazil


-- In July 2010, the Corporation announced the results of an updated NI 43- 101 resource estimate.

The open pit resource includes:


-- Measured + Indicated - 17.20 MM tonnes at 1.46 g/t Au for 806,200 ounces Au -- Inferred - 7.18 MM tonnes at 1.54g/t Au for 355,900 ounces Au

The underground resource includes:


-- Measured + Indicated - 0.53 MM tonnes at 3.63 g/t Au for 6,200 ounces Au-- Inferred - 3.92 MM tonnes at 2.67 g/t Au for 377,000 ounces Au

The combined open pit and underground resource includes:


-- Measured + Indicated - 17.25 MM tonnes at 1.46 g/t Au for 812,300 ounces Au -- Inferred - 11.10 MM tonnes at 1.94 g/t Au for 692,900ounces Au

Of the total 2010 resource estimate, 99.2% of the measured and indicated resource and 51.4% of the inferred resource is located within a Whittle pit shell. The pit shell was obtained utilizing pit-optimizer software (Whittle Four-X) using appropriate mining and processing costs from the ongoing Feasibility Study, a US $950/ounce gold price and a 0.36 g/t Au cut-off grade. Within this open-pit shell, the measured plus indicated gold resource in the 2010 Resource Estimate has increased by 537,400 ounces, from 268,800 ounces to 806,200 ounces, a 200% increase compared to the 2009 Resource Estimate. Below the open-pit shell and excluding a 15-metre crown pillar, a higher-grade cut-off was utilized (1.09 g/t Au), based on potential economic parameters along with engineering considerations, to define a resource with underground mining potential.

The gold mineralization at RDM is situated within a continuous 14.0 kilometre long shear zone hosted in Precambrian metamorphic rocks with a demonstrated gold endowment. This shear zone is fully covered by the Corporation's mining concession and exploration licenses that extend over a continuous length of approximately 30 kilometres covering an area of approximately 22,000 ha. The most intensely explored zone and location of the current 2010 Resource Estimate only represents approximately 2.0 kilometres of the southern portion of this shear zone. There are numerous surface gold targets of similar gold grade that occur along strike within this shear zone and to date a total of seven (7) exploration targets have been outlined north of the open pit resource area and one to the south.

In addition to the strike extension targets and defined satellite exploration targets, the gold mineralization at RDM is also open at depth. Once the open pit is in production the Corporation plans to evaluate the underground resource, which is higher-grade that could add to the overall operation both in terms of extending the mine life of the Project and potentially increasing the annual production rate by an additional 50%.


-- The Corporation retained an engineering and environmental consortium group consisting of Tecnomin Projetos e Consultoria Ltda, NCL Brasil Ltda, Golder Associates Brasil Consultoria e Projetos Ltda, and YKS Services Ltda to complete a Feasibility Study. The scope of the Feasibility Study was to concentrate solely on placing into production the open pit mineralization. The Project will be a conventional open pit mine with down-the-hole drill rigs and blasting, backhoe excavators, and conventional haul trucks. The processing operation will include crushing the ore and processing it in an industry standard carbon in leach and ADR (adsorption, desorption, and recovery) plant followed by a detoxification process prior to placing the tailings in an impoundment area. Based on metallurgical test work, the gold recovery is estimated at 90%. The open pit mining operation is envisioned to be at a rate of approximately 7,000 tonnes per day. The capital costs, operating costs, infrastructure, layout design required for the Feasibility Study are essentially complete with some optimization work in progress while a final open pit design and mine schedule is being completed based on the additional drilling results carried out in late 2010. It is envisioned that the Feasibility Study will be completed and released during the first quarter of 2011. -- Subsequent to the release of the 2010 Resource Estimate in July, the Corporation drilled an additional 74 core holes for 9,938 m with the objective of converting additional inferred resources in the open pit to the measured plus indicated categories. As of December 31, 2010, a total of 446 drill holes have been incorporated into the database representing approximately 66,421 m. Additionally, during 2010, the Corporation completed condemnation drilling in the proposed areas designated for the waste pile and tailings dam, along with significant geotechnical, metallurgical and acid rock drainage test work. -- In 2010, the Corporation completed the purchase of all surface lands required for the life-of-mine footprint for the open pit mining operation. -- The Corporation was also granted the critical path time line license, the Licenca Previa ("LP") that allows all earthworks in the mine and water retention dams and tailing dams to be constructed. All technical documentation required for the Licenca Instalacao ("LI") that will allow construction to begin on the Project, has been compiled and submitted to the appropriate government authority for approval. -- During the year, the Corporation also continued to advance base line environmental work and social programs.

Rovina Valley Project ("RVP"), Romania

RVP is comprised of three gold-copper porphyry systems discovered by the Corporation on its 100% owned Rovina Exploration License in central Romania. From 2006 to 2009, 181 diamond drill holes totaling 71,375 m have been completed on the project. In late 2008, PEG Mining Consultants Inc. ("PEG") completed a NI 43-101 resource estimate. This resource estimate is based on the drill results from each of the Colnic, Rovina and Ciresata porphyry deposits, utilizing diamond drill hole data from the 2006, 2007 and 2008 drilling campaigns, and is summarized below.


-- Measured + Indicated - 193,100,000 tonnes at 0.49 g/t Au for 3,070,000 ounces Au and 0.18% Cu for 759,100,000 lbs Cu -- Inferred - 177,700,000 tonnes at 0.68 g/t Au for 3,890,000 ounces Au and 0.17% Cu for 663,100,000 lbs Cu

Base case cut-offs used in the table are 0.45 g/t Au eq. for the Colnic deposit, 0.70 g/t Au eq. for the Ciresata deposit and 0.30% Cu. eq. for the Rovina deposit.

Au eq. determined by using a gold price of US$675 per ounce and a copper price of US$1.80/lb as defined by PEG.

Metallurgical recoveries are not taken into account.

The 2008 resource estimate includes enough contained gold-only ounces (3.07 million ounces in the measured + indicated category and 3.89 million ounces in the inferred Category) to place the Corporation within the top tier of advanced-exploration companies (top 20) hosting resources that have not yet been developed. Drilling has indicated that the total resource size of this project has not yet been fully defined and further immediate potential exists to expand the current resource estimate. Essentially every drill hole in the Ciresata porphyry bottomed in higher-grade gold and copper mineralization. In addition, results from a soil-geochemistry in-fill program highlighted a coincident gold + copper anomaly extending 300 metres west from the present drill hole pattern with greater than 10 ppb gold and greater than 20 ppm copper. This anomaly is a high priority drill target for extending the Ciresata mineralization laterally.

During 2010 the following activities were completed.


-- A detailed PEA was released on March 23, 2010. The PEA was completed by PEG Mining Consultants Inc ("PEG"), which led a consortium of specialists assembled for the study. The project is envisioned to be a conventional open pit mine with down-the-hole drill blast holes, hydraulic shovels and conventional haul trucks for the Rovina and Colnic deposits located approximately 2.5 km apart. Mine production from the combined two open pits is planned at 20,000 tonnes per day. The Ciresata deposit will be mined by a combination of a sublevel panel retreat mining in the upper levels of the deposit accessed by a decline from the surface, and an induced block cave method for the lower part of the deposit. The upper sublevel panel retreat mining will allow mining access to high-grade ore while development is undertaken to prepare for the induced block cave operation at depth. At full capacity, the underground operation will mine 20,000 tonnes per day. Ore from the induced block cave operation will be fed to a centralized process plant located between the Rovina and Colnic deposits via a 6 km inclined conveyor tunnel to the surface.

The onsite metallurgical facility will include conventional unit operations such as crushing, grinding, froth flotation and dewatering to produce a gold-rich copper flotation concentrate. Ore processing will utilize an industry-standard flotation process-only at a rate of 40,000 tonnes per day to produce a gold-rich saleable copper concentrate containing 18 to 22% Cu and 50 to 60 g Au/t. This process does not require the use of cyanide.

A summary of the PEA results is provided below.


-- Average annual gold production of 238,000 ounces per annum for the first five years and averaging 196,000 ounces per annum over the mine life of 19 years, for a total of 3.72 million ounces of recoverable gold over the life-of-mine (LOM). -- Average annual copper production of 53.5 million lbs for the first five years and averaging 49.4 million lbs per annum over the19-year mine life, totaling 938 million lbs of recoverable copper over LOM. -- Total gold equivalent ounces produced over the 19-year mine life is 6.22 million. -- Total operating cash cost of US $81/oz with copper as a by-product credit and US $446/oz gold on a co-product basis (copper cash cost is US $1.05/lb on a co-product basis), using metal prices of US $1,000/oz Au and US $3.00/lb Cu. -- At metal prices of US $1,000/oz gold and US $3.00/lb copper the NPV is US $1.13 billion based on a 5% discount rate. -- Project internal rate of return ("IRR") of 24.2%, with an approximate 3.3-year payback on an initial Project capital expenditure of US $509.4 million, at a gold price of US $1,000/oz and copper price of US $3.00/lb.

There has been no previous commercial mining activity at RVP and the proposed mine site footprint as defined by the PEA does not include any known protected heritage sites or archaeological occurrences and has been designed to minimize impact in the nearby communities of Rovina and Bucuresci.


-- Three deep, vertical core holes for approximately 3,000 m were completed in 2010 to test for the depth extension of the Ciresata mineralization as the results of the PEA highlighted additional upside potential for the resource growth at Ciresata as essentially every drill hole bottomed in higher-grade gold and copper mineralization. The drill program was designed not only to test for the depth extension of the mineralization but also to provide infill drill hole data useful for upgrading the present resource category from inferred to indicated. The results of this drilling program have successfully met the objectives and have added significant depth extensions of gold and copper mineralization below previous drilling in addition to verifying and upgrading the grade tenor of the inferred resource estimate. Results of the three deep drill holes have added 280 to 300 m depth extension of Au-Cu mineralization below the previous drilling, and indicate that the deposit is still open laterally.

Highlight intersections from the 2010 deep-drilling program at Ciresata are as follows:


---------------------------------------------------------------------------Drill hole From (m) To (m) Length (m) Au (g/t) Cu (%) Au-eq(i) (g/t)---------------------------------------------------------------------------RGD-16 142 933 791 0.63 0.14 0.92---------------------------------------------------------------------------Including 316 524 208 1.13 0.19 1.53---------------------------------------------------------------------------RGD-17 160 876 716 1.14 0.16 1.47---------------------------------------------------------------------------Including 216 460 244 1.70 0.22 2.15---------------------------------------------------------------------------RGD-18 221 930 709 0.63 0.14 0.92---------------------------------------------------------------------------Including 309 890 581 0.66 0.16 1.00---------------------------------------------------------------------------Including 320 483 163 0.74 0.15 1.02---------------------------------------------------------------------------(i) To estimate Au-eq (Gold Equivalent) a gold price of US $1,000 and a copper price of US $3.00/lb is used.-- Throughout 2010, the Corporation, through its wholly owned operating subsidiary in Romania, has maintained its proactive local stakeholder engagement program. The program includes local community hall public meetings, a public information centre and partnership programs with local NGO's (partly funded by the European Union) and community leaders to implement community-based projects. The good relations with the community have allowed unhindered surface access for drilling in the project area which requires permission from landowners. In addition, throughout the year the Corporation continued with its long lead time work activities for both EIA and SIA documentation that will be required for the permitting of the project. -- Using the base results of the PEA, the Corporation retained a consortium of State-recognized consulting groups to prepare detailed technical studies required to convert the Rovina Exploration License into a Mining License as per the norms of the National Agency of Mineral Resources ("NAMR"). These studies include preliminary evaluations of social and environmental impacts, risk factors, and economic benefits to be reviewed solely by the NAMR for Mining License designation. These documents have been completed, with additional follow up by documentation being submitted as requested the NAMR for their review. Acceptance and conversion of the Exploration License to a Mining License is anticipated to be in early 2011.

Hungary

No fieldwork was completed in Hungary during the year and the Corporation will be terminating its activities within the country.

2011 Outlook

The Corporation's priorities are to continue to advance the RDM Gold Project towards a construction decision as well as to continue to advance and expand the resources at the Rovina Valley Project. The following lists the major objectives for 2011.

RDM Gold Project, Brazil


-- Complete an updated resource estimate, followed by a reserve estimate and Feasibility Study within the first quarter of 2011. -- Announce a construction decision within the first quarter of 2011 in preparation for targeted production in late 2012. -- Finalize and secure the necessary project financing for construction of the project. -- Continue exploration drilling (approximately 13,000 m) primarily on- strike following up on the positive results obtained to outline additional shallow resources for future growth and extend the mine life of the project. -- Commence evaluation studies for the exploitation of deeper resources via an underground operation with the objective of adding approximately 50% more mineable material approximately half way through the open pit mining operation.

Rovina Valley Project, Romania


-- Obtain final approval for the conversion of the Exploration License to a Mining License. -- Complete an initial planned drilling program of 20,000, which commenced in late 2010 with the primary objective of drilling a combination of in- fill holes and lateral extension holes on the Ciresata deposit in order to build upon the size of the deposit as well as to test satellite targets on the project. -- Advance the project to the pre-feasibility stage and complete an updated resource estimate. -- Continue EIA and SIA programs throughout the year as well as all long- lead time programs that will be required for permitting of the project. -- Initiate the detailed permitting process in order to put the project into production.

Further details on the Corporation and the individual projects can be found on the Corporation's website at www.carpathiangold.com.

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

[Paullee]

Carpathian Concludes US$30 Million Gold Sale Agreement With Macquarie Bank

Marketwire - May 5, 2010) - Carpathian Gold Inc. (TSX:CPN - News; the "Corporation" or "Carpathian") is pleased to announce that it has concluded a gold purchase and sale agreement (the "Agreement") for US$30 million with Macquarie Bank Limited ("Macquarie Bank") for its RDM gold project (the "Project") in Brazil. Closing is expected to take place upon delivery of final legal opinions and Brazilian central bank and regulatory approvals, all of which is in process and expected to be obtained shortly.

Under the terms of the Agreement, Macquarie Bank will make upfront cash payments (the "Upfront Payments") totaling US$30 million in return for which it will have the right to purchase 12.5% of the gold produced from the Project at a price of US$400 per ounce of payable gold delivered ("Delivered Gold Ounce"). Based on the current life of mine model (as determined from the Preliminary Economic Assessment ("PEA") previously released on August 12, 2009), the effective total proceeds per ounce to Carpathian per Delivered Gold Ounce will be approximately US$730. The price per Delivered Gold Ounce to Carpathian will be subject to an inflation escalator as well as upside price participation for Carpathian of 25% of every Delivered Gold Ounce delivered at a price above US$1,850 per ounce. Macquarie Bank will also have the right to extend its participation to purchase 12.5% of the additional gold produced from any underground operation within the mining concession and five contiguous exploration licenses, as well as any open pit and/or underground operation on the balance of the property ("Expanded Production"), by contributing 12.5% of the capital required to develop the Expanded Production and paying US$450 per Delivered Gold Ounce. This price per ounce will also be subject to adjustment by the price escalation and inflation factor described above.

"The early stage and participatory nature of this financing by Macquarie Bank clearly demonstrates their confidence in the Project and confirms our belief to the effect that Carpathian has a robust gold project at Riacho dos Machados that can be developed quickly" said Dino Titaro, President and CEO. "Macquarie Bank has entered into this Agreement following completing its due diligence as a result of which it is providing an early stage financial commitment to the Project which represents a key component of our overall financing strategy. The upfront cash payment in conjunction with the additional purchase price received for the gold when delivered to Macquarie Bank, has a margin that well exceeds the total cash costs, inclusive of capital, for the development of the resource as defined in the recent Preliminary Economic Assessment".

The Corporation will apply these funds towards the advancement and construction of the Project, beginning with the commencement of civil works on the project and the ordering of long lead time equipment in accordance with the specifications of the feasibility study, which is currently being completed. The first payment of US$7.5 million will be available to Carpathian immediately upon delivery of, inter alia, legal opinions and registration of the Agreement in Brazil. The second payment of US$7.5 million will be available upon, inter alia, the issuance of the construction license, (the Licenca Instalac o or "LI"). It is anticipated that the granting of the LI will be in place on or about July of this year. The final payment of US$15.0 million will be available when, inter alia, the new updated NI 43-101 resource estimate is completed and the balance of the Project construction financing has been secured.

The Agreement also provides financing flexibility as it allows for a senior ranking secured financing to be put in place if needed. The Agreement, which has a thirty year term, does not provide for any guarantees as to the number of ounces that will ultimately be produced from the Project apart from an initial completion guarantee. As consideration for entering into the Agreement, Carpathian will issue Macquarie Bank 5.0 million common shares. The full agreement will be filed on http://www.SEDAR.com/ once the transaction is closed.

Carpathian is in advanced discussions with a number of financial institutions regarding debt financing for the Project and is also evaluating other forms of non-equity funding.

[Paullee]

Carpathian Receives a Positive Preliminary Economic Assessment for its Rovina Valley Gold-Copper Project, Romania

TORONTO, ONTARIO--(Marketwire - March 23, 2010) - Carpathian Gold Inc. (TSX:CPN - News; the "Corporation" or "Carpathian") is pleased to announce the results of the NI 43-101 compliant Preliminary Economic Assessment Study ("PEA" or the "Study") on its 100% owned Rovina Valley Gold-Copper Project ("RVP" or the "Project") located in the Golden Quadrilateral mining district of west-central Romania. The PEA was compiled by a consortium of engineering companies led by PEG Mining Consultants Inc. ("PEG") of Ontario, Canada. The Project includes three proximal gold-copper porphyries discovered and delineated by Carpathian and named from north to south, Rovina, Colnic, and Ciresata. All three porphyries occur along a north-northeast trend over a distance of 7.5 km. Since 2006 Carpathian has completed 71,375 metres of diamond drilling culminating in the discovery of the third porphyry, the 'blind' Ciresata deposit in 2008. The Ciresata deposit has the highest gold grade of the three porphyries and is presently open at depth and laterally. The PEA is based on the NI 43-101 compliant resource estimate released on November 17th, 2008, which defined a total of 193.1 Mt at 0.49 g/t Au and 0.18% Cu for 3.07 million ounces Au and 759.1 M lbs Cu (5.09 Moz Gold Equivalent ("Au-eq"(i))) in the measured + indicated resource categories and 177.7 Mt at 0.68 g/t Au and 0.17% Cu for 3.89 million ounces Au and 663.1 M lbs Cu (5.66 Moz Au-eq(i)) in the inferred resource category.

Each of the three porphyry deposits contains higher-grade core zones which are the focus of the mining activity in the present PEA which was designed to maximize the early return on the project. The PEA utilizes conventional open-pit mining at the Rovina and Colnic deposits and bulk-underground mining at the Ciresata deposit. Ore processing utilizes an industry-standard flotation process-only at a rate of 40,000 tonnes per day to produce a gold-rich saleable copper concentrate containing 18 to 22% Cu and 50 to 60 g Au/t. This process does not require the use of cyanide.

Highlights of the Study include:


- Average annual gold production of 238,000 ounces per annum for the first five years and averaging 196,000 ounces per annum over the mine life of 19 years, for a total of 3.72 million ounces of recoverable gold over the life-of-mine (LOM). - Average annual copper production of 53.5 million lbs for the first five years and averaging 49.4 million lbs per annum over the19 year mine life, totalling 938 million lbs of recoverable copper over LOM. - Total Gold Equivalent ounces produced over the 19 year mine life is 6.22 million. - Total operating cash cost of US $379 per gold ounce with copper as a by- product credit and US $483 per gold ounce on a co-product basis (Copper cash cost is US $1.05 on a co-product basis). - Project net present value ("NPV") of US $316 million based on an 8% discount rate at prices of US $900 per ounce for gold and US $2.25 per pound of copper. - At near spot metal prices of US $1,000 per oz gold and US $3.00 per lb. copper the NPV is US $731 million based on an 8% discount rate. - Project internal rate of return ("IRR") of 15.7%, with a 4.9 year payback on an initial Project capital expenditure of US $509.4 million, at a gold price of US $900/oz and copper price of US $2.25/lb. - Project internal rate of return ("IRR") of 24.2%, with a 3.3 year payback on an initial Project capital expenditure of US $509.4 million, at a gold price of US $1000/oz and copper price of US$3.00/lb.
"We are pleased with the positive results from the PEA" said Dino Titaro, President and CEO, "especially with the potential to grow the resource base at the gold-rich Ciresata porphyry which is a covered deposit discovered during the 2008 drilling campaign". Mr. Titaro added "we believe that with additional deep-drilling at Ciresata, where many of the drill holes ended in mineralization, and additional step out drilling to test lateral extensions and nearby porphyry targets, the demonstrated economic viability of the RVP Au-Cu project could be further enhanced. The lack of legacy mining issues and sensitive archaeological sites, the use of a flotation process for Au-Cu recovery, which does not require the use of cyanide, and strong community-based stakeholder relations have provided Carpathian with good support from the local communities. For Carpathian, this PEA study which demonstrates economic viability of a large long life deposit with approximately 200,000 gold only ounces per annum production (+325,000 Au-eq ounces), combined with our near term production potential from the Riacho Dos Machodos gold project in Brazil, which is in the feasibility stage with +100,000 ounces gold per annum production as demonstrated in its PEA study, puts Carpathian's future production profile within the mid-tier gold producer ranks".

The following table presents a list of the Project parameters and assumptions derived from the PEA and cash flow model. While the cost assumptions and mining plan are considered to be at a very high confidence level, the Study includes inferred resources as part of the assessment and as such is classified as a PEA.


---------------------------------------------------------------------------- Base Case using open pit design for Rovina & Colnic and bulk underground Project Parameters mining for Ciresata----------------------------------------------------------------------------Total Tonnes Ore Produced 265,000,000 ----------------------------------------------------------------------------Open Pit Ore Production Rate 20,000 t/d ----------------------------------------------------------------------------Underground Ore Production Rate 20,000 t/d ----------------------------------------------------------------------------Average Ore Processing Rate 14.4 million t/yr ----------------------------------------------------------------------------Average mill/flotation concentrator feed grade LOM 0.66 g/t Au; 0.18% Cu ----------------------------------------------------------------------------Concentrate production (wet metric tonnes) 122,000 t/yr ----------------------------------------------------------------------------Concentrate grade (dry) 50 - 60 g Au/t; 18 - 22% Cu ----------------------------------------------------------------------------Gold Recovery (average) 68% ----------------------------------------------------------------------------Copper Recovery (average) 91% ----------------------------------------------------------------------------Total Recoverable Gold Production LOM 3.72 million oz ----------------------------------------------------------------------------Total Recoverable Copper Production LOM 938 million lbs ----------------------------------------------------------------------------Total Gold equivalent oz Production LOM 6.22 million oz Au- eq(i) ----------------------------------------------------------------------------Exchange Rate RON:US$ 3.35 ----------------------------------------------------------------------------Exchange Rate Euro:US$ 1.44 ----------------------------------------------------------------------------Mine life 19 years ----------------------------------------------------------------------------Average Annual Gold Production First 5 years 238,000 oz LOM 196,000 oz ----------------------------------------------------------------------------Average Annual Copper Production First 5 years 53.5 million lbs LOM 49.4 million lbs ----------------------------------------------------------------------------Average Annual Gold Equivalent Ounces Produced First 5 years 380,000 oz Au-eq(i) LOM 327,000 oz Au-eq.(i)----------------------------------------------------------------------------Initial Capital US $509.4 million ----------------------------------------------------------------------------Total Capital (Including Sustaining Capital) US $786.4 million ----------------------------------------------------------------------------Total Mining Operating Cost Open Pit LOM US $3.60/t milled ----------------------------------------------------------------------------Total Mining Operating Costs Underground LOM US $6.62/t milled ----------------------------------------------------------------------------Processing Cost US 4.44/t milled ----------------------------------------------------------------------------G&A US $0.45/t milled ----------------------------------------------------------------------------Smelter and Refinery Terms Copper Minimum deduction 1.0% of delivered copper Base Charge US $60/dmt Refinery Charge US $0.06/lb payable Gold Refining Charge $10/ounce Gold Payable 98.5% ----------------------------------------------------------------------------Corporate Tax Rate (PEA financials done pre-tax) 16% ----------------------------------------------------------------------------Royalty to Government 4% ----------------------------------------------------------------------------Cash Operating Cost Per Ounce Au with Cu by-product credit US $379 per ounce ----------------------------------------------------------------------------Cash Operating Cost Per Ounce Au as a co-product US $483 per ounce ----------------------------------------------------------------------------Cut-Off grade Open Pit 0.31 g/t Au-eq(i) ----------------------------------------------------------------------------Cut-off grade underground 0.61 g/t Au-eq(i) ----------------------------------------------------------------------------Open-pit Strip Ratio LOM Rovina Porphyry 2.4:1 Colnic Porphyry 1.6:1 ----------------------------------------------------------------------------Underground mining method Sublevel panel retreat + induced block cave ----------------------------------------------------------------------------(i) To estimate Au-eq (Gold Equivalent) a gold price of US $675 and a copperprice of US $1.80 was used. This is consistent with the Au-eq. calculations the Corporation has used in its previous press releases since 2006.
The project mine design uses a conservative gold price of US $750 per ounce and a copper price of US $1.75 per pound. For the base case financial model a gold price of US $900 and copper price of US $2.25/lb was used.

The sensitivity table below shows various NPV results for the base case as well as for a financial model at near spot metal prices of US $1,000 per ounce and copper prices of US $3.00/lb.


---------------------------------------------------------------------------- Base Case Near Spot US $900/oz Au US $1,000/oz Au Financial Model US $2.25/lb Cu US $3.00/lb Cu ----------------------------------------------------------------------------NPV0 pre-tax US $1,357 million US $2,351 million ----------------------------------------------------------------------------NPV5 pre-tax US $569 million US $1,130 million ----------------------------------------------------------------------------NPV8 pre-tax US $316 million US $731 million ----------------------------------------------------------------------------IRR pre-tax 15.7% 24.2% ----------------------------------------------------------------------------Years to payback from start of production 4.9 years 3.3 years ----------------------------------------------------------------------------
Sensitivity charts using a broader range of gold and copper prices are shown at the end of this press release.

According to the cautionary statement required by NI 43-101, it should be noted that this assessment is preliminary in nature as it includes inferred mineral resources that cannot be categorized as reserves at this time and as such there is no certainty that the preliminary assessment and economics will be realized. The full Study will be available at the Company's website www.carpathiangold.com and on http://www.SEDAR.com/ within 45 days.

Proposed Mining Plan and Processing

The PEA study was completed by PEG, which led a consortium of specialists assembled for the Study. PEG was responsible for the preparation of the overall study as well as the mineral resource estimate, open pit mine design, metallurgical test work, and economic models. The underground design was developed by Python Mining Consultants as part of PEG's mining team. Other members of the consortium included Porcupine Engineering Services Inc. who was responsible for the surface infrastructure including tailings management facility. BGC Engineering Inc. was responsible for the geotechnical aspects of the project of both the open pit and underground designs. EHA Engineering Ltd. was responsible for the ore process plant flow sheet design and costing with Mineral Services LLC responsible for the metal market information and smelter and refinery costs.

The Project will be a conventional open pit mine with down-the-hole drill blast hole, hydraulic shovels and conventional haul trucks for the Rovina and Colnic deposits located approximately 2.5 km apart. Mining production from the combined two open pits is planned at 20,000 t/d. The Ciresata deposit will be mined by a combination of a sublevel panel retreat mining in the upper levels of the deposit accessed by a decline from the surface, and an induced block cave method for the lower part of the deposit. The upper sublevel panel retreat mining will allow mining access to high-grade ore while development occurs to prepare for the induced block cave operation at depth. At full capacity, the underground operation will mine 20,000 t/d. Ore from the induced block cave operation will be fed to the centralized process plant located between the Rovina and Colnic deposits via a 6 km inclined conveyor tunnel to the surface.

The onsite metallurgical facility will process 40,000 t/d and will include conventional unit operations such as crushing, grinding, froth flotation and dewatering to produce a gold-rich flotation concentrate. Metallurgical test work has determined that good recoveries and saleable concentrate grades are attainable through flotation only, and the use of cyanide leaching is not required.

Metallurgical testing has been completed on samples of drill core from each deposit at SGS Geosol, Brazil and at SGS Minerals Services, Lakefield, Canada. The work consists of preliminary grindability testing, batch rougher and cleaner testing, mineralogy and locked cycle flotation testing. Preliminary grindability work has established that the ore is moderately hard, with a Bond work index of between 13.6 and 17.3 kWh/t. Locked cycle flotation testing has demonstrated that a simple flotation flow sheet with moderate grinds and low reagent additions is able to generate saleable copper concentrates averaging 18 to 22% copper and 50 to 60 g/t Au concentrate. In recognition of an increased gold price forecast, recent metallurgical work targeted a flotation concentrate containing higher concentrations of gold-bearing pyrite. The high gold content of this product is anticipated to attract excellent downstream processing terms.

Metallurgical predictions derived from locked cycle test data are summarized below:


---------------------------------------------------------------------------- Recovery to Sample Head Assay Concentrate Assay Concentrate ------------------------------------------------------------ Cu (%) Au (g/t) Cu (%) Au (g/t) Cu (%) Au (%)----------------------------------------------------------------------------Rovina 0.26 0.27 24.3 20 93.2 69.9----------------------------------------------------------------------------Colnic 0.12 0.70 13.6 63 91.7 67.9----------------------------------------------------------------------------Ciresata 0.16 0.93 18.7 82 89.4 66.9----------------------------------------------------------------------------
Concentrate will be produced at a life of mine average rate of 122,000 t/yr wet metric tonnes (115,000 t/y dry metric tonnes). Earlier analysis of flotation concentrates has highlighted no significant levels of deleterious elements.

Social-Environmental setting

The state-owned Brad-Barza underground gold mine is located approximately 7 km to the west of the RVP and closed operations in 2007. There has been no previous commercial mining activity at the RVP. There has been some limited underground exploration galleries completed by the State at the Rovina deposit, and a few underground exploration drifts at the Colnic deposit. The present mine site footprint does not include any known protected heritage sites or archaeological occurrences and has been designed to minimize impact in the nearby communities of Rovina and Bucuresci. Carpathian, through its wholly owned operating subsidiary in Romania, SAMAX Romania SRL ("SAMAX"), has maintained a proactive local stakeholder engagement program starting from the initial drilling in early 2006 to the present. The program includes local community hall public meetings, a public information centre opened in 2007, and partnership programs with local NGO's (with European Union funding) and community leaders to implement community-based projects. SAMAX's good relations with the community have allowed unhindered surface access for drilling in the project area which requires permission from landowners.

Future Upside

The covered Ciresata deposit was discovered near the end of the 2008 drilling campaign and remains open at depth and laterally. The present inferred resource is based on 15 drill holes, with several holes ending in mineralization and the potential for resource growth is considered very good. In addition, in the Ciresata area, satellite drill targets have been identified and provide new targets for drill testing. Carpathian has also identified other porphyry targets in the vicinity of the RVP and programs to enable testing of these targets are in-place.

In addition to the exploration potential, the present mining boundaries of the deposits as currently defined in the PEA study are by base-case economic cut-off grades with significant resource tonnage presently excluded from the mining plan. Increasing metal prices and recoveries can lower these cut-off grades and have the potential to provide more tonnage for mining, which will be reviewed as the project progresses into the feasibility study stage.

The preliminary metallurgical programs conducted to date have demonstrated that excellent copper recoveries are readily achievable using a simple flotation process. Conversely, the recovery of gold has been negatively influenced by losses to the pyrite-rich cleaner tailings stream and this is considered to be an opportunity for significant improvement. As the project progresses, metallurgical flow sheet optimisations are planned to improve flotation chemistry and thereby reduce gold losses to this stream.

Current Work Activities

Carpathian has re-commenced diamond drilling at the Ciresata porphyry. In addition, a consortium of State-recognized consulting groups have been retained and are advancing technical studies required to convert the Rovina Exploration License into a Mining License as per the norms of the National Agency of Mineral Resources ("NAMR"). These studies include preliminary evaluations of impacts, risk factors, and economic benefits to be reviewed solely by the NAMR for Mining License designation which is targeted to be completed by year-end.

RVP Background

The RVP is located in west-central Romania and lies within the historic gold producing district known as the 'Golden Quadrilateral'. The 'Golden Quadrilateral' is one of the largest gold producing areas in Europe and is estimated that more that 55 Moz of gold have been produced since the Roman period (ca 2000 yrs ago). The bulk of this historic gold production has come from low-to-intermediate sulphidation epithermal veins hosted in intermediate tertiary age volcanic and sub-volcanic complexes. Since opening-up to western exploration companies, a further 12.5 Moz of gold in the reserve category have been defined associated with these low-to-intermediate epithermal mineralization centers. Carpathian was granted the 94 square kilometre Rovina Exploration license in late 2005 though a public tender and bid process. Generative exploration work by Carpathian geologists defined the Colnic porphyry target, which was drill-tested in February 2006 and led to the discovery and delineation of the Colnic Au-Cu porphyry deposit. Later in 2006, drilling at the Rovina porphyry discovered a significant gold component to the known copper mineralization. Drilling continued through 2008 with a total of 71,375 m diamond drill core completed. Near the end of this drilling campaign, drilling at the Ciresata porphyry target discovered the blind Ciresata Au-Cu porphyry below an altered barren cover of 75 to 150 m. The Ciresata porphyry is the highest gold-grade porphyry known in the western Tethyan orogenic belt.

The RVP is located approximately 17 km northwest of European Goldfields Certej gold-silver Project which is quickly moving forward on its permitting process and construction permits as outlined in their press release dated March 16, 2010.

Qualified Persons

The following qualified persons as defined in National Instrument 43-101 has read and approved the relevant technical portions of this news release:

Mr. Gordon Zurowski, P. Eng., Principal Mining Engineer of PEG Consultants Inc., Ontario, Canada

Mr. Andy Holloway, P. Eng., Principal Process Engineer of PEG Consultants Inc., Ontario, Canada

Mr. Eric Harkonen, P. Eng, MBA, Principal Project Manager/ Mine Engineer of PEG Consultants, Inc., Ontario, Canada

Mr. Al Hayden, P. Eng., President of EHA Engineering Ltd, Ontario, Canada

Mr. Titaro, P. Geo., is the qualified person (as defined in National Instrument 43-101) responsible for preparing the information contained in this news release.

[KevinFx]

CARPATHIAN GOLD INC. ANNOUNCES CLOSING OF C$7,186,988 BOUGHT DEAL PRIVATE PLACEMENT FINANCING

(Toronto, Ontario – December 3, 2009) Carpathian Gold Inc. (CPN-TSX) (“Carpathian” or the “Company”) announced today the closing of its previously announced bought deal private placement of units (the “Units”) at an issue price of C$0.33 per Unit. Including the Units issued on the exercise of the Underwriters’ option, Carpathian issued 21,778,752 Units for aggregate gross proceeds of C$7,186,988. Each Unit is comprised of one common share and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to subscribe for one additional common share of the Company at an exercise price of C$0.45 at any time prior to December 3rd, 2011.

The underwriting syndicate was led by Canaccord Financial Ltd. and included Paradigm Capital Inc. and Blackmont Capital Inc. The offering is subject to final acceptance by the Toronto Stock Exchange.