Carpathian Gold* (CPN : TSX : $0.58), Net Change: 0.05, % Change: 9.43%, Volume: 2,352,283

Lots of Xcite-ment. Carpathian Gold leapt higher on an exploration update from its wholly-owned Rovina Valley gold-copper project in Romania. Hole RGD-18, the third of three deep holes on the Ciresata Au-Cu porphyry, has successfully intersected the porphyry from 221 m to 930 m for 709 m grading 0.63 g/t Au and 0.14% Cu. The intersection extends Ciresata 280-300 m deeper than previous drilling and was collared 70 m north of RGD-17, which cut 716 m grading 1.14 g/t Au and 0.16% Cu. Ciresata, the highest gold-grade porphyry of the Rovina Valley Project porphyry cluster, is the southern-most of at least three proximal porphyries along a 7.5-km NNE trend on the Rovina property. It is a blind deposit beginning 40-140 m below surface, presently defined to 650 m in widely-spaced holes with a compliant inferred resource of 101.3 Mt grading 0.90 g/t Au and 0.17% Cu at a 0.70 g/t AuEq cut-off (March 2010). Ciresata also remains open laterally and to depth. Given the impressive drill results, Carpathian has commenced a 20,000-m drill program for the Cirestata deposit to upgrade the present inferred resource to the measured and indicated category, define mineralization limits and test satellite targets. Note, this is the first indication of the potential for satellite targets. The March 2010 Preliminary Economic Assessment (PEA) for all three porphyries is based on a resource estimate of 193.1 Mt measured and indicated grading 0.49 g/t Au and 0.18% Cu for 3.07 Moz Au and 760 Mlb Cu plus 177.7 Mt inferred grading 0.68 g/t Au and 0.17% Cu for 3.89 Moz Au and 663 Mlb Cu. Employing 40,000 t/d standard flotation should result in annual production over the first five years amounting to 53.5 Mlb Cu at US$1.05/lb cash cost and 238,000 oz Au at US$483/oz cash cost. A Bay Street analyst commented that the improving investment environment in Romania should begin to crystallize value at Rovina. The current market valuation is dominated by the company’s other project, the Riacho dos Machados gold project in Brazil, for which the company recently entered into a gold purchase and sale agreement for US$30 million. Construction is expected to begin early 2011 with production targeting 100,000 oz/a.