Carpathian Gold Inc. Toronto, On, TSX : CPN, is principally a mineral exploration and development company. Through its subsidiaries, the Corporation is currently involved in the exploration and development of mineral properties situated in the Carpathian Arc region of Europe, predominantly in Romania, with minor exploration activity in Hungary.

Effective October 30, 2008, Carpathian closed its acquisition of a large exploration/development property, referred to as the Riacho dos Machados Property (“RDM”), in Minas Gerais State, Brazil and is actively assessing the exploration, development and production potential of RDM. The Corporation is also advancing its Rovina License property (“Rovina”) in Romania, where a NI 43- 01 mineral resource estimate was announced in mid 2007 and an update to this resource estimate will be completed and announced during the fourth quarter.

The combined effect of these two exploration/development platforms provides the Corporation with near term production potential at RDM, within a mining friendly jurisdiction, while it currently advances the Rovina property which will require a much longer lead time to possible production.

Carpathian Gold has

• mineral exploration licenses in Romania and Hungary’s Principal Mineral Belts of the Carpathian Arc that are host to known world class Au and Cu deposits. The 94 Sq Km Rovina license hosts the Rovina and Colnic porphyries which are in the advanced exploration stage. The Ciresata porphyry is currently being drilled and has seen promising assays to date.
• 2 Porphyry systems on the Rovina License in Romania – N.I. 43-101 Mineral Resource of 1.41 Moz of Gold and 175.0 Mlbs of Copper and an Inferred Mineral Resource of 1.70 M Moz of Gold and 849.0 Mlbs of Copper. Drilling in '08 is ongoing to expand these resources.
• Additional Gold targets identified on the Rovina License in addition to the recent discovery of the Ciresata porphyry
• Exploration office & experienced team based in Romania.

Carpathian Gold is well positioned for growth as well as acquisitions throughout the Carpathian Arc in neighbouring countries.

Investment Highlights

• Drilling ongoing in 2008 on the Rovina License to expand the Mineral Resources
• No legacy mining activity within the discovery area on the Rovina License deposit
• European funds & institutions hold 27% interest

Romania

• One of Europe's most important historic producers of precious metals, yet under-explored for bulk-mineable gold deposits.
• The "Golden Quadrilateral" location of Carpathian Gold's Rovina license has produced over 55 million ounces of gold.
• Stable government and member of European Union as of January 2,2007