Carpathian Files NI 43-101 Technical Report on the Rovina Valley Project, Romania, Which Details a Measured + Indicated Resou...

Carpathian Gold Inc. (TSX:CPN) ("the Corporation" or "Carpathian") wishes to
announce that it filed on SEDAR (www.sedar.com) on August 31, 2012, the
technical report on its 100% owned Rovina Valley Project ("Project") titled "NI
43-101 Technical Report, - Mineral Resource Estimate Update for the Rovina
Valley Project, West-Central Romania" ("Technical Report"). As previously
announced on July 17, 2012, the updated resource estimate for the Project is
7.19 million ounces of gold and 1.42 billion pounds of copper in the measured +
indicated categories and 0.33 million ounces of gold and 97 million pounds of
Copper in the inferred category, as detailed below. The Project hosts' three
gold-rich copper porphyry deposits, namely the Colnic, Rovina and Ciresata
porphyries. The Technical Report was prepared by AGP Mining Consultants Inc.
("AGP"), an independent consulting firm.


Click here for the full report
(http://www.carpathiangold.com/investors/financials-reports/Technical-Reports/default.aspx)


Highlights of the Technical Report include:



--  7.19 million ounces of gold plus 1,420 million pounds of copper in
    measured plus indicated resources, a 134% increase in gold and a 87%
    increase in copper from the 2008 Resource Estimate; 
--  Gold equivalent ("Au eq") resource in the measured plus indicated
    category of 10.8 million ounces, a 113% increase from the 2008 Resource
    Estimate; 
--  12.2% increase in overall gold grade in the measured plus indicated
    category from 0.49 g/t Au to 0.55 g/t Au as compared to the 2008
    Resource Estimate; with a 110% increase in tonnes; and, 
--  over 93% of the resources are in the measured plus indicated category
    with 41% of the measured plus indicated resources from the Ciresata
    underground bulk mining deposit and 59% from the combined Rovina and
    Colnic open-pit deposits. 



The updated resource estimate is shown below.

Rovina Valley Project 2012 Mineral Resource Estimate at base case cut-off grades
(as of July 15, 2012)




----------------------------------------------------------------------------
Resource                   Tonnage     Au    Cu     Gold    Copper  Au eq(i)
Category                    (MM t)  (g/t)   (%)  (MM oz)  (MM lbs)   (MM oz)
----------------------------------------------------------------------------
Measured                                                                    
  Rovina (open-pit)           31.8   0.36  0.30     0.37     209.0      0.91
  Colnic (open-pit)           29.4   0.64  0.12     0.61      75.0      0.80
Ciresata (underground)        29.7   0.86  0.16     0.82     105.0      1.09
                                                                            
Total Measured                90.9   0.62  0.19     1.81     389.0      2.80
                                                                            
Indicated                                                                   
  Rovina (open-pit)           73.5   0.27  0.23     0.64     370.0      1.59
  Colnic (open-pit)          106.3   0.47  0.10     1.59     226.0      2.18
Ciresata (underground)       135.1   0.72  0.15     3.15     435.0      4.26
                                                                            
Total Indicated              315.0   0.53  0.15     5.38   1,031.0      8.03
----------------------------------------------------------------------------
                                                                            
Total Measured +                                                            
 Indicated                   405.9   0.55  0.16     7.19   1,420.0     10.84
----------------------------------------------------------------------------
 
----------------------------------------------------------------------------
Resource                   Tonnage     Au    Cu     Gold    Copper  Au eq(i)
Category                    (MM t)  (g/t)   (%)  (MM oz)  (MM lbs)   (MM oz)
----------------------------------------------------------------------------
                                                                            
Inferred                                                                    
  Rovina (open-pit)           13.4   0.19  0.20     0.08      60.0      0.24
  Colnic (open-pit)            3.8   0.32  0.10     0.04       8.0      0.06
Ciresata (underground)         9.6   0.67  0.14     0.21      29.0      0.28
                                                                            
  Total Inferred              26.8   0.38  0.16     0.33      97.0      0.58
----------------------------------------------------------------------------

--  (i)Au eq. determined by using a gold price of US$1,370 per ounce and a
    copper price of US3.52/lb. These prices are the 3-year trailing average
    as of July 10th, 2012. Metallurgical recoveries are not taken into
    account for Au eq 
--  Base case cut-off used in the table are 0.35 g/t Au eq. for the Colnic
    deposit and 0.25% Cu eq for the Rovina deposit, both of which are
    amenable to open-pit mining and 0.65 g/t Au eq for the Ciresata deposit
    which is amenable to underground bulk mining. 
--  For the Rovina and Colnic porphyries, the resource is an in-pit resource
    derived from a Whittle shell model using gross metal values of $1,350/oz
    Au price and $3.00/lb Cu price, net of payable amounts after smelter
    charges and royalty for net values of US$1,313/oz Au and US$2.57/lb Cu
    for Rovina and US$2.27/Ib Cu for Colnic). 
--  A grade-tonnage vs cut-off grades table for each of the deposits is
    shown at the end of this news release. 
--  Rounding of tonnes as required by reporting guidelines may result in
    apparent differences between tonnes, grade and contained metal content. 



At both the Rovina and Colnic deposits, there are higher-grade portions of each
deposit that outcrop at surface. These areas represent potential "starter pits"
that will be developed to maximize the early extraction of higher-grade gold and
copper mineralization (see grade cut-off vs tonnes and grade tables at the end
of the news release). As an example, the higher-grade mineralization at Colnic
contains measured plus indicated resources at greater than 0.70 g/t Au eq of
51.5 million tonnes at 0.73 g/t Au and 0.12% Cu. At the Rovina deposit, the
higher-grade mineralization contains measured plus indicated resource at greater
than 0.50% Cu eq of 25.3 million tonnes at 0.51 g/t Au and 0.35% Cu. Ciresata
has continuous zone of high-grade gold and copper mineralization in the core of
the deposit that persists at depth that is suitable for extraction with an
underground bulk-mining method. At Ciresata, the measured plus indicated
resource of this core at greater than 1.0 g/t Au eq contains 65.4 million tonnes
at 1.01 g/t Au and 0.18% Cu. It is these higher-grade areas that are the focus
for the early stages of mining for the on-going pre-feasibility study ("PFS").


Growth potential for resource expansion on the Project includes depth
extensions, satellite deposits, and further evaluation of additional porphyry
targets.


A PFS is on-going for the Project and will utilize the 2012 resource estimate.
This PFS involves a consortium of international consultants and engineering
firms lead by AGP and is planned to be completed in late Q4-2012. The PFS is
following the general concepts defined by the 2010 PEA completed in March 22,
2010 whereby the Colnic and Rovina deposits are mined by conventional open-pit
mining and the Ciresata deposit by bulk underground mining with processing in a
single centralized facility utilizing standard flotation method for Au-Cu
recovery.


In addition to the PFS, the Corporation continues with its pro-active
stakeholder engagement program whereby the local community and government
officials are regularly updated on project status.


Mr. Pierre Desautels, P.Geo, a Principle Partner of AGP is responsible for the
mineral resource estimate and Mr. Gordon Zurowski, P.Eng, a Principle Partner of
AGP is responsible for the mining aspects of the resource estimate and both are
independent qualified persons as defined by NI-43-101 and both have confirmed
that they have reviewed the information in this release as it relates to the
mineral resource estimate. Mr. Dino Titaro, P.Geo a qualified persons as defined
by NI 43-101 has also read this press release and approved its contents.


About Carpathian

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 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, 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 tonnes at 0.38 g/t Au for 0.33 million ounces, RDM;
9.447 million tonnes at 1.93 g/t Au for 0.587 million ounces), as well as 1.42
billion pounds of copper in the measured plus indicated category (RVP: 405.9
million tonnes 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.


Forward-Looking Statements: Statements and certain information contained in this
press release and any documents incorporated by reference may constitute
"forward-looking statements" within the meaning of applicable Canadian
securities legislation which may include, but is not limited to, information
with respect to the Corporation's expected production from, and further
potential of, the Corporation's properties; the Corporation's ability to raise
additional funds; the future price of minerals, particularly gold and copper;
the estimation of mineral reserves and mineral resources; conclusions of
economic evaluation; the realization of mineral reserve estimates; the timing
and amount of estimated future production; costs of production; capital
expenditures; success of exploration activities; mining or processing issues;
currency exchange rates; government regulation of mining operations; and
environmental risks. Often, but not always, forward-looking
statements/information can be identified by the use of words such as "plans",
"expects", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", or "believes" or variations (including negative
variations) of such words and phrases, or statements that certain actions,
events or results "may", "could", "would", "might" or "will" be taken, occur or
be achieved. Forward-looking statements/information is based on management's
expectations and reasonable assumptions at the time such statements are made.
Estimates regarding the anticipated timing, amount and cost of exploration and
development activities are based on assumptions underlying mineral reserve and
mineral resource estimates and the realization of such estimates are set out
herein. Capital and operating cost estimates are based on extensive research of
the Corporation, purchase orders placed by the Corporation to date, recent
estimates of construction and mining costs and other factors that are set out
herein. 

Forward-looking information involves known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or achievements of
Carpathian and/or its subsidiaries to be materially different from any future
results, performance or achievements expressed or implied by the forward-looking
statements. Such factors include: uncertainties of mineral resource estimates;
the nature of mineral exploration and mining; variations in ore grade and
recovery rates; cost of operations; fluctuations in the sale prices of products;
volatility of gold and copper prices; exploration and development risks;
liquidity concerns and future financings; risks associated with operations in
foreign jurisdictions; potential revocation or change in permit requirements and
project approvals; competition; no guarantee of titles to explore and operate;
environmental liabilities and regulatory requirements; dependence on key
individuals; conflicts of interests; insurance; fluctuation in market value of
Carpathian's shares; rising production costs; equipment material and skilled
technical workers; volatile current global financial conditions; and currency
fluctuations; and other risks pertaining to the mining industry. Although
Carpathian has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause actions,
events or results to differ from those anticipated, estimated or intended.
Forward-looking information contained herein or incorporated by reference are
made as of the date of this presentation or as of the date of the documents
incorporated by reference, as the case may be, and Carpathian does not undertake
to update any such forward-looking information, except in accordance with
applicable securities laws. There can be no assurance that forward-looking
information will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information. Accordingly,
readers are cautioned not to place undue reliance on forward-looking
information. The forward-looking information contained or incorporated by
reference in this document is presented for the purpose of assisting
shareholders in understanding the financial position, strategic priorities and
objectives of the Corporation for the periods referenced and such information
may not be appropriate for other purposes.