Carpathian Gold Inc. announces closing of C$7,186,988 bought deal private
placement financing

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Dec. 3 /CNW/ - Carpathian Gold Inc. (CPN-TSX) ("Carpathian" or the "Company") announced today the closing of its previously announced bought deal private placement of units (the "Units") at an issue price of C$0.33 per Unit. Including the Units issued on the exercise of the Underwriters' option, Carpathian issued 21,778,752 Units for aggregate gross proceeds of C$7,186,988. Each Unit is comprised of one common share and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to subscribe for one additional common share of the Company at an exercise price of C$0.45 at any time prior to December 3rd, 2011.

The underwriting syndicate was led by Canaccord Financial Ltd. and included Paradigm Capital Inc. and Blackmont Capital Inc. The offering is subject to final acceptance by the Toronto Stock Exchange.

The net proceeds of the offering will be used for exploration and development of the Company's mineral projects and general corporate purposes.

This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933 as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

About Carpathian

Carpathian Gold is an exploration and development company whose primary business interest is developing near-term gold production on its 100% owned Riacho dos Machados Gold project in Brazil along with progressing its exploration and development plans on its 100% owned Rovina Valley Au-Cu project located in Romania.

Forward-looking Statements

Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statements.

SOURCE CARPATHIAN GOLD INC.

For further information: For further information: Dino Titaro, President & CEO, Or Mike O'Brien, Manager Investor Relations, Tel. (416) 368-7744 (CAN), Fax (416) 260-2243 (CAN), E-mail: info@carpathiangold.com, Website: www.carpathiangold.com; Eric Leboeuf, Investor Relations, Montreal, Tel. (514) 341-0408 or 1-866-460-0408, Fax (514) 341-1527, E-mail: ericleboeuf@paradox-pr.ca; Toni Vallen, Seton Services, UK, Tel. +44 207 229 3177, E-mail: toni@setonservices.co.uk

Organization Profile

CARPATHIAN GOLD INC.

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