RDM

Carpathian Gold Inc. (TSX:CPN) (the "Corporation" or "Carpathian") reports that
the commencement of gold production at its wholly owned Riacho dos Machados
Project ("RDM" or "Project") located in the state of Minas Gerais, Brazil has
been delayed into Q4, 2013. The timing of the first gold pour is pending the
commissioning of the mill by a third party group and the wet commissioning of
the balance of the gold production line. In the interim, mining continues with
ore being stock piled in anticipation of the commencement of operations.


The delay in the start-up of gold production has resulted in the Corporation
having a lack of sufficient resources at a time when capital as well as
commodity markets are difficult. Consequently, the Corporation's Board of
Directors has determined that it is in the best interest of the Corporation to
pursue strategic alternatives. The Corporation has retained Origin Merchant
Partners and Paradigm Capital Inc. as financial advisors in connection with this
process. The various alternatives being considered include, but are not limited
to, a business combination with another company, a recapitalization, a sale of
the Corporation or its assets, a strategic investment in the Corporation or its
subsidiaries by a third party, or any combination thereof.


Carpathian has entered into discussions and has executed confidentiality
agreements with a number of interested parties. The Corporation has not set a
schedule to complete its evaluation and, at present, there can be no assurance
as to what, if any, strategic alternatives might be pursued by the Corporation.
The Corporation does not intend to disclose further details with respect to its
review of strategic alternatives unless and until its Board of Directors has
approved a specific transaction or such disclosure is otherwise appropriate.


In addition, the Corporation, and its wholly owned subsidiary Minercao Riacho
dos Machados Ltda, which owns and operates the Project, are holding discussions
with Macquarie Bank Limited ("Macquarie") in order to secure any necessary
amendments to, and waivers under, the credit facility to facilitate the
strategic review process. The Corporation is also in discussions with Macquarie
and other parties with a view to providing bridge financing or other forms of
financing while these strategic alternatives are considered and long term
funding can be secured.


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 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 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 1.4
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: 26.8 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 fourth quarter of 2013. The Rovina Valley Project will enhance Carpathian's
growth profile as a mid-tier gold producer.


Mr. Dino 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.


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.


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


FOR FURTHER INFORMATION PLEASE CONTACT: 
Carpathian Gold Inc.
Shobana Thaya
Director, Corporate Communications & Investor Relations
+1(416) 368-7744
+1(416) 363-3883 (FAX)
info@carpathiangold.com
www.carpathiangold.com

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