TORONTO, Oct. 31 /CNW Telbec/ - Carpathian Gold Inc. (CPN:TSX) (the
"Corporation" or "Carpathian") wishes to announce that it has completed the
100% acquisition of Melbourne Ventures Fund LLC on October 30, 2008
(previously announced and detailed on December 7, 2007 and April 14, 2008).
With the completion of this acquisition, Carpathian now controls 100% of the
Riacho Dos Machados gold project ("RDM") located in Minas Gerais State,
Brazil. RDM includes a past producing open-pit gold mine which was operated by
Companhia Vale do Rio Doce ("Vale") between 1986 and 1997, from which oxide
gold ore was mined to maximum depths of 60 m below the surface. The RDM gold
project covers 22,000 hectares that is comprised of 12 exploration licenses
covering the north and south extensions of the RDM Shear Zone that extends
over 20 kilometres and one Mining Concession on which mineral and surface
rights exist as well as infrastructure from the previous mining operation.
In 1996, Vale defined an 'historical resource' in the sulphide zone below
the then operating open-pits, of 3.77 Mt at 4.61 g/t Au for approximately
560,000 ounces of gold using a 2 g/t Au cut-off grade. This historical
resource is based on a series of diamond drilling programs and underground
development and sampling along the southern portion of the Shear Zone.
In anticipation of closing the acquisition, Carpathian has already begun
work on the project. Diamond drilling has been underway and an office has been
established in Nova Lima, Minas Gerais State, Brazil and key staff have been
hired. The work program has been designed to: 1) validate the historical
resource; 2) evaluate the possibility of expanding the mineralized zone along
strike and thus the overall resource potential; 3) define sufficient gold
mineralization at a high enough gold grade to justify deepening the current
open-pit by approximately 200 m as well as expanding it on strike; 4) define
the size and tenor of the gold mineralization below the open-pit expansion for
a potential underground operation down to a vertical depth of at least 500 m;
5) obtain samples for further metallurgical test work; 6) complete a NI 43-101
compliant resource estimate based on the historical drill results and
Carpathians' drill results; 7) simultaneously work on environmental and social
programs, and; 8) obtain sufficient information to complete a Preliminary
Economic Assessment on the project.
Carpathian has retained the services of NCL Engineering, from Belo
Horizonte, in Brazil, to complete a NI 43-101 compliant Resource Estimate and
a Preliminary Economic Assessment based on historical drill results as well as
results from Carpathian's diamond drilling program. Results from the diamond
drilling program that has been underway on the project will be released
Mr. Titaro is the qualified person (as defined in National Instrument
43-101) overseeing the design and implementation of the present exploration
programs. He is responsible for preparing the technical information contained
in this news release.
The Corporation is a mineral exploration company focused on gold
exploration primarily on its property in Romania as well as gold exploration
and development on its development-stage property in Brazil. The Corporation
has 207,278,454 shares outstanding.
The TSX does not accept responsibility for the adequacy or accuracy of
this news release.
Forward-Looking Statements: This press release includes certain
statements that may be deemed "forward-looking statements". Forward-looking
statements are frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate", and other similar
words, or statements that certain events or conditions "may" or "will" occur.
All statements in this release, other than statements of historical facts,
that address future exploration drilling, exploration activities and events or
developments that the Corporation expects, are forward-looking statements.
Although the Corporation believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results or
developments may differ materially from those in forward-looking statements.
Factors that could cause actual results to differ materially from those in
forward-looking statements include market prices, exploitation and exploration
successes, continued availability of capital and financing, and general
economic, market or business conditions. There can be no assurance that
forward-looking statements will prove to be accurate, as results and future
events could differ materially from those anticipated statements. The
Corporation undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change. The reader
is cautioned not to place undue reliance on forward-looking statements.
For further information:
For further information: Dino Titaro, President & CEO, or Mike O'Brien,
Manager Investor Relations, +1 (416) 368-7744 (CAN), Fax. +1 (416) 260-2243
(CAN), email@example.com, www.carpathiangold.com; Eric Leboeuf, Investor
Relations, Montreal, +1 (514) 341-0408 or 1-866-460-0408, Fax. +1 (514)
341-1527, firstname.lastname@example.org; Toni Vallen, Seton Services, UK, +44 207
229 3177, email@example.com; Renmark Financial Communications Inc.:
Jeffery Szita, firstname.lastname@example.org; Ryan van de Polder,
email@example.com; (514) 939-3989, Fax: (514) 939-3717,