Company Information for Carpathian Gold Inc

TSX-CPN

www.carpathiangold.com

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TSX; CPN

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Company Statement

Carpathian Gold Inc. (TSX:CPN) is a mineral exploration company focused on the exploration and development of mineral projects with a goal of becoming a gold producing company.

Carpathian has finalized the Riacho dos Machados (RDM) gold project transaction in Brazil in late 2008. RDM is a gold project with previous open-pit (oxide) mining undertaken by CVRD. The operation produced 170,000 ozs Au (2 g/t ) from 1989 to 1997 when it was shut down due to the weakness in the price of gold and a change of strategy by CVRD. CPN plans to provide a NI43-101 compliant resource in early-mid 2009 with the goal to commence mining through deepening of the existing open pit at a rate of 4500tpd followed by underground mining by ramp access.

The company also has significant exploration properties in both Romania and Hungary located within the Carpathian Arc Region of Eastern/Central Europe. Through its subsidiaries, the main focus of exploration efforts to date has been on the wholly-owned Rovina license and now referred to as the Rovina Valley Project, which is situated in the historic gold producing “Golden Quadrilateral” area of Central Romania. This license consists of three discoveries being the Rovina, Colnic and Ciresata gold- copper porphyry deposits. All of these deposits are in an advanced exploration stage and the goal is to take them to the development stage in the near future.

Carpathian has released its NI 43-101 compliant updated mineral resource estimate for the Rovina Valley Project (Colnic, Rovina and Ciresata porphyries) in Romania (see Nov 17, 2008 News Release) based on drill hole data from the 2006, 2007 and 2008 drilling campaigns. This second Resource estimate was provided by PEG Mining Consultants of Toronto, Ontario. The total Measured + Indicated Resource is 5.07 Million ozs. Au eq ( 3.07Moz Au, 759Mlbs. Cu) and the total Inferred Resource is 5.69 Million ozs. Au eq. (3.89Moz Au, 663Mlbs Cu) contained within 370 million tonnes.

Resource	Tonnage	Au	Cu	Au eq*	Gold	Copper	Au eq*
Category	(mt)	(g/t)	(%)	(g/t)	(MOZ)	(Mlbs)	(Moz)
Measured	22.0	0.55	0.24	1.00	0.39	117.0	0.70
Indicated	171.1	0.49	0.17	0.80	2.68	642.0	4.39
Total Measured + Indicated	193.1	0.49	0.18	0.82	3.07	759.1	5.09
Total Inferred	177.7	0.68	0.17	0.99	3.89	663.1	5.66

Carpathian has recently Joint Ventured their Hungarian properties to CARACAL, a subsidiary of Electrum Ltd., a private global gold group with a portfolio of over 80 exploration projects worldwide. CARACAL has the right to earn a 80% interest in the Hungarian properties by funding $ US 1.2 million in exploration over the next 3 years.

Carpathian Gold is managed by a highly experienced resource team focused on maximizing shareholder value by using sound geological and economic parameters for discovery as well as future mine development.

Current Operations

Romania
Rovina License (94 km²)
The Rovina License lies within the Metalliferi Mountains, in the southern part of the Apuseni Mountains, in the area known as the Golden Quadrilateral which has historically produced over 55 millions ozs. of gold. The License is strategically located approximately 20 km southwest of Rosia Montana.

Initial reconnaissance mapping and sampling was completed in late 2005. This license includes 5 known mineralized prospects. Mapping and sampling by Carpathian identified copper-gold mineralized potassic-porphyry style alteration outcropping at two of these prospects, Rovina and Colnic, which lie 2.5 km apart.

As of September 2008, approximately 200 diamond drill holes have been completed on the license for approximately 80,000 m of core. In addition, ground magnetic surveys have been completed on selected portions of the license along with Induced Polarization Surveys, soil geochemistry surveys, and reconnaissance mapping and outcrop sampling.

This work has outlined the discovery of 3 potentially economic gold-rich copper porphyries. These are the Colnic and Rovina porphyryies originally discovered in late 2005 , located approximately 2.5 km from one another and the newly discovered Ciresata porphyry located approximately 4 km from the Colic porphyry. The close proximity of these three porphyries are conducive to one overall potential mining operation. The Ciresata porphyry has had exceptional drill results with 255.7 metres at 2.01 g/t Au eq. being the best hole to date; (see PR Aug 5,2008) on company website. Please see updated 43-101 Resource above and on the company website at www.carpathiangold.com
Brazil

Riacho dos Machados (RDM) Gold Project
The Riacho dos Machados (RDM) Gold Project located in southeastern Brazil approximately 540 km north of Belo Horizonte in Minas Gerais State, one of Brazil’s oldest and most important mining states.

The project consists of a single 1000 – hectare mining concession and 12 exploration areas covering an additional 21,000 hectares. The mining concession includes surface rights ownership for 266.6 hectares and has significant mining infrastructure inherited from an open-pit oxide heap leach gold operation (Mina de Ouro Fino) that was operated from 1989-1997 by Companhia Vale do Rio Doce (Vale), Brazil’s largest mining company.

This permitted brownfield gold project has an historical resource (from Vale) consisting of 560,000 ozs Au with 3.77 million tonnes at 4.6 g/t Au (non 43-101) and an immediate potential to significantly increase the size of the historical resource. An aggressive work program is underway with a newly opened CPN site office. Please go to www.carpathiangold.com for detailed information on RDM.

Hungary (Joint Ventured with Electrum Ltd. August 2008)
Fuzerradvany Concession (92 sq km)
At the Fuzerradvany Concession, rhyolite tuffs and ignimbrite overlie unexposed metamorphosed Paleozoic and Precambrian basement. Sandstones and siltstones overlie the rhyolite units. Late-stage rhyolite intrusives cut the sediments. Geological mapping has defined a large area of hot spring style alteration covering 1.2 km². Alteration features include areas of opaline-chalcedonic silicification related sinters, hydrothermal eruption breccias and pockets of advanced-argillic and argillic alteration.

Drilling in late 2007 on (6 core holes for 806 metres) all intersected alteration features consistent with a shallow-level epithermal mineralized system. Locally, the alteration-mineralization features intersected include hydrothermal breccias, cross-cutting banded quartz-chalcedony veinlets, lattice-structure quartz, and disseminated fine-grained sulphides in intensely silicified tuffs. Assay results indicate this alteration-mineralization system is gold and silver bearing with 5 of 6 drill holes intersecting discrete zones with > 1.0 g/t Au.

Kanazvar Prospecting License
The Kanazvar License covers 2.25 km2 adjacent to the Lahoca gold deposit. The Lahoca deposit is a volcanic-hosted epithermal high-sulfidation gold deposit with resources of 35.5 Mt at 1.35 g/t Au for a total contained 1.54 Moz gold. The Lahoca mineralization occurs to within 100 – 200 m of the Kanazvar License boundary. Reconnaissance geologic mapping of the Kanazvar License shows hydrothermal alteration is widespread over much of the property. The underlying Eocene – Early Miocene hornblende-biotite andesite flows and tuffs have locally undergone intense silicification. In addition, large silicified zones consisiting of sheeted chalcedonic-quartz veining have been identified near Kanazvar Hill within the License. Results from a soil auger program on the license yielded anomalous gold values ranging from 10 to 139 ppb Au.

The Kanazvar License has good potential to host gold mineralization related to the Lahoca deposit and/or a similar mineralizing system. However, gold in the Lahoca deposit is associated with enargite, luzonite, tennantite, and pyrite and is refractory using conventional cyanide recovery processes. Future exploration programs for the Kanazvar License will need to include careful consideration of metallurgical characteristics.

COMPANY STATISTICS
Company Ticker - TSX:CPN
S/O -Basic            207.3 M
S/O -FD(1)           244.1 M
Major Shareholders
Management/Directors/Insiders   ≈ 55%
Institutions                                 ≈ 24 %

Cash & Short Term Inv. (at September 30, 2008) $US 8.0M
Debt (at September 30, 2008)             $US 0.0M

Major Metals                                        Gold, Copper
Website                                               www.carpathiangold.com
(1) 12,765,000 options outstanding at a weighted and exercise price of $0.42 and maturity by May 13, 2013.
25 million shares reserved for when RDM exceeds 1.0 Moz.

Geographical Spread

Romania
Hungry
Brazil

Board of Directors and Key Management

Dino Titaro	President & CEO, Director
Peter S. Lehner	Chairman of Board, Director
Kevin Flaherty	Director
Guy Charette	Director
Patrick J. Mars	Director
Mr. John W. Hick	Director
Randall K Ruff	Executive Vice-President, Exploration
Dan Kivari	Chief Operating Officer
Linda Prager	CFO and Secretary
Alexandru Nicolici	Managing Director, SAMAX Romania SRL
Gilberto Sad	Mining Engineer, Director of Operations, Brazil

Company Address

365 Bay St. Suite 500
Toronto, M5H 2V1


Telephone:	+ 1-416-368-7744
Facsimile:	+1-416-260-2243
Email:	info[at]carpathiangold.com
Website:	http://www.carpathiangold.com

Additional Address/Key Contact

BRAZIL OFFICE
Alameda da Serra, 1021
Office 211
Nova Lima – Minas Gerais
Brazil
CEP:34.000-000
Phone: +55 (31) 3286 5703

ROMANIA OFFICE
SAMAX Romania S.R.L.
Str. Aleea Viitorului, nr. 2A, Sala 6
Cod 330075, Deva
Jud. Hunedoara , Romania
t: (+40) 254-232-070
office@samax.sintec.ro

Capital

207 .3 Million Shares Outstanding

Annual General Meeting

TBA for 2009

Year End

December 31

Major Shareholders

Santa Elina Mines Corp.	41.0 %
Hyposwiss Privatbank AG	9.69%
Sprott Asset Management	9.32%
Mavinaur, LLP	7.57%
AGF Management	3.23

Most Recent Statement

17/11/08 - Carpathian Doubles Multi-Million Ounce Gold Resource on the Rovina Valley Project, Romania -
04/11/08 - Carpathian Drilling intersects 8 m of 6.95 g/t Au on the RDM Gold Project, Brazil
31/10/08 - Carpathian Gold Corporate and Exploration Update on the RDM Gold Project, Brazil
23/10/08 - Update on the Rovina Valley Project, Romania
13/08/08 - Carpathian Gold announces Joint Venture of Hungarian Properties
05/08/08 - Drilling at the Ciresata Porphyry cuts best hole on Rovina Project

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