Update on the Rovina Valley Project, Romania; Drilling intersects 516 m at 1.11 g/t Au eq., Including, 177 m at 1.48 g/t Au eq. at Ciresata Porphyry



    TORONTO, Oct. 22 /CNW Telbec/ - Carpathian Gold Inc. (CPN:TSX) (the
"Corporation" or "Carpathian") is pleased to provide an update on exploration
activities on the Rovina Valley Project ("RVP") located within its 100% owned
Rovina Exploration License in central Romania. The RVP includes three
gold-copper porphyry deposits with recent diamond drilling focusing on the
Ciresata Porphyry which was discovered earlier this year, and is located
approximately four km south of the Colnic and Rovina porphyries. A total of
71,000 m of diamond drilling has been completed by Carpathian on the RVP in
the last 2.5 years, resulting in the identification of three Au-Cu porphyries.
Present efforts are focused on a resource estimation update and an economic
evaluation study to guide the next phase of work.

    Drilling

    Three additional drill holes at Ciresata (RGD-13 to 15, inclusive) have
been completed since the last set of drill results were reported in our press
release dated August 5, 2008.
    Drill hole RGD-13 is a 100 m step-back hole from RGD-12 and intersected
gold-copper mineralization beginning at 121 m down the hole to the end of hole
at 637 m with the following intersections:

    
       516 metres of 0.79 g/t Au and 0.15 %Cu (1.11 g/t Au eq.(*)) and
       includes higher grade zones of;

           177 metres of 1.12 g/t Au and 0.17%Cu (1.48 g/t Au eq.(*)) and;

           114 metres of 1.24 g/t Au and 0.14%Cu (1.54 g/t Au eq.(*))

       (*) Note: gold (Au) and copper (Cu) equivalents utilize gold at
           $650 USD/oz and copper at $2.00 USD/lb. Metallurgical recoveries
           are not considered.
    

    This drill hole confirms the grade tenor intersected in hole RGD-12 and
extends this mineralization 100 m to the west which is still open. In
addition, this drill hole ended in high-grade mineralization at 550 m vertical
depth, similar to many of the drill holes in the core of the Ciresata
Porphyry, indicating mineralization continues to be open at depth. Drill holes
RGD-14 and RGD-15 tested for mineralization extensions to the north and
northeast respectively. Both drill holes intersected porphyry-related potassic
alteration and anomalous Au-Cu mineralization at depth. Drill hole RGD-14
intersected 236 m at 0.21 g/t Au and 0.06% Cu (0.34 g/t Au eq.). RGD-15
intersected 72 m at 0.14 g/t Au and 0.07% Cu (0.29 g/t Au eq.).
    A total of 15 widely-spaced drill holes (totaling 7,172 m) have now been
completed on the Ciresata Au-Cu Porphyry this year. The core of Au-Cu
mineralization occurs within quartz-pyrite-chalcopyrite vein stockworks and
disseminated pyrite and chalcopyrite. This mineralization is also hosted
equally in a Tertiary-aged hornblende-feldspar porphyry and hornfelsed
Cretaceous-aged sediments. The presently drill-defined mineralized zone covers
an area of approximately 350 m by 400 m. Mineralization starts at 50 to 120 m
below a surface cover of magnetite-altered andesite and extends to 600 m below
the surface and remains open at depth and to the northwest, west and south.
The core of the presently defined mineralization includes high-grade porphyry
Au grades as shown by the previously reported intersections:

    
       RGD-8:  325.65 m with 1.04 g/t Au and 0.16% Cu (1.38 g/t Au eq.)
               (Press release July 7, 2008)

       RGD-12: 255.7 m with 1.50 g/t Au and 0.24% Cu (2.01 g/t Au eq.)
               (Press release August 5, 2008)

       (*) Note: gold (Au) and copper (Cu) equivalents utilize gold at
           $650 USD/oz and copper at $2.00 USD/lb. Metallurgical recoveries
           are not considered.
    

    "Based on these drilling results and the results announced earlier from
the Ciresata Porphyry deposit (which was discovered earlier this year), we
believe the Ciresata Porphyry will add significantly to the resource base of
the Rovina Valley Project", said Dino Titaro, President and CEO of Carpathian.
"The addition of the gold-rich porphyry complex of Ciresata into the Rovina
Valley Project, which includes the Rovina and Colnic porphyry deposits
four kilometres to the north, will complement the anticipated economic
viability of an integrated mining operation."
    Carpathian has temporarily suspended drilling at the Project, including
the Ciresata Porphyry, pending the results of an updated NI 43-101 compliant
Resource Estimation (see below) and an economic evaluation study. The results
from this work will provide guidance for the follow-up drilling programs.
    A table with a complete list of down-hole intersections from drill holes
RGD-13 to RGD-15 is presented at the end of this press release as well as
drill hole location and orientation details. In addition, a drill hole
location plan map for all holes drilled to date on the Ciresata Porphyry can
be found on the Corporation's web site at www.carpathiangold.com. Assay
results from the first 12 drill holes (RGD-1 to RGD-12) have been reported
earlier this year on February 27th, May 12th, July 7th, and August 5th.

    Resource Estimation Update

    As previously reported, a NI 43-101 compliant Resource Estimate update is
progressing toward completion within this current quarter. This Resource
Estimate is being completed by PEG Mining Consultants, of Ontario, Canada, and
will include the Rovina, Colnic, and Ciresata porphyry deposits utilizing
drilling completed in 2006, 2007, and through April 2008. This Resource
Estimate will update the NI 43-101 compliant Resource Estimate reported in May
2007 by AMEC Americas Ltd. ("AMEC"), which was based only on drilling
completed in 2006 on the Rovina and Colnic porphyry deposits.

    Metallurgical Sampling and Test Work Program

    To complement the Resource Estimation and provide data for economic
evaluations, further metallurgical sampling and test work for the RVP is
underway. This is in addition to the bench-scale test work completed by
SGS-Lakefield on composite samples from the Rovina and Colnic porphyries in
2007 which concluded that a gold-rich saleable copper concentrate could be
produced from Rovina and Colnic utilizing a conventional flotation recovery
process (reported May 29, 2007). Recent metallurgical work includes an
Advanced Copper (QEMSCAN) and Gold Mineralogy Study by SGS-Lakefield on
composite samples from Colnic and Ciresata. Additional samples for bench-scale
test work are presently being shipped to SGS-Geosol, in Belo Horizonte,
Brazil, from the Rovina, Colnic, and Ciresata porphyries. This work is
geo-metallurgical in design and will examine recovery characteristics of
various grade ranges and alteration types. In addition, 1,110 m of
metallurgical drilling at Rovina, Colnic, and Ciresata have been completed to
collect a 6 tonne sample for pre-feasibility optimization metallurgical test
work with the performing lab yet to be determined.

    Sample Protocol

    All samples collected from any program in Romania and Hungary are
prepared and analyzed at the independent Rom Analize SRL Laboratory in Gura
Rosiei, Romania, owned and operated by ISO Certified ALS-Chemex Laboratory,
using industry standard fire assay techniques for gold on 50-gram sample
charges with AAS finish. Copper is analyzed using the industry-standard method
of aqua-regia digest on a 0.40-gram sub sample with an AAS finish. Coarse
blanks, pulp blanks, pulp duplicates, core twins and known gold and copper
standards are inserted on a routine basis. They consist of 15 per cent of
submitted samples. In addition, coarse rejects from 3% of the samples are
periodically re-submitted for analysis. For the current drill program a
minimum of 3% of sample pulps are analyzed at the ISO Certified OMAC
Laboratory in Ireland, for check assays. The drill assays reported in this
press release are from split HQ and NQ size diamond core with the remaining
half retained for reference. All holes are sampled at one metre intervals from
the top to the end of the hole.
    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 properties in Romania as well as gold exploration
on its development-stage property acquisition in Brazil.

    ---------------------------------------
    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.

    
    Diamond drill-hole intersection table for Holes RGD-13 to RGD-15 on the
    Ciresata Porphyry Project, Rovina License, Romania.

    -------------------------------------------------------------------------
                                                         Au    Cu  Au eq.(*)
    Drill Hole   Fence   From (m)  To (m)   Length (m) (g/t)   (%)   (g/t)
    -------------------------------------------------------------------------
    RGD-13       1060N     121    637(eoh)    516      0.79    0.15    1.11
    -------------------------------------------------------------------------
    Includes               251    637(eoh)    386      0.92    0.17    1.28
    -------------------------------------------------------------------------
    And                    370    547         177      1.12    0.17    1.48
    -------------------------------------------------------------------------
                           433    547         114      1.24    0.14    1.54
    -------------------------------------------------------------------------
                           505    547          42      1.44    0.14    1.74
    -------------------------------------------------------------------------
    RGD-14       1260N     274    510         236      0.21    0.06    0.34
    -------------------------------------------------------------------------
    Includes               322    337          15      0.44    0.09    0.63
    -------------------------------------------------------------------------
    RGD-15       1060N     385    457          72      0.14    0.07    0.29
    -------------------------------------------------------------------------
                           593    610          17      0.28    0.06    0.41
    -------------------------------------------------------------------------

    (*) Au & Cu Equivalent - utilizes gold at US $650/oz and copper at
        US $2.00/lb. Metallurgical recoveries not considered. A plan map of
        all drill hole locations to date can be found on the corporate
        website www.carpathiangold.com

        eoh = end of drill hole

    Location and orientation of diamond drill-holes at the Ciresata Porphyry
    project, Rovina Exploration License.

    -------------------------------------------------------------------------
                        Azimuth  Declination Total Depth
    Drill Hole  Fence  (degrees)  (degrees)   (metres)    Geology-Target
    -------------------------------------------------------------------------
    Ciresata Porphyry
    -------------------------------------------------------------------------
    RGD-13      1060N     45        -70         637       Step-back from
                                                          RGD-12
    -------------------------------------------------------------------------
    RGD-14      1260N     48        -75         592       Test for NW
                                                          extension
    -------------------------------------------------------------------------
    RGD-15      1060N     50        -70         661       Test for NE
                                                          extension
    -------------------------------------------------------------------------
    




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), info@carpathiangold.com, www.carpathiangold.com; Eric Leboeuf, Investor
Relations, Montreal, +1 (514) 341-0408 or 1-866-460-0408, Fax. +1 (514)
341-1527, ericleboeuf@paradox-pr.ca; Toni Vallen, Seton Services, UK, +44 207
229 3177, toni@setonservices.com; Renmark Financial Communications Inc.:
Jeffery Szita, jszita@renmarkfinancial.com; Ryan van de Polder,
rvandepolder@renmarkfinancial.com; (514) 939-3989, Fax: (514) 939-3717,
www.renmarkfinancial.com

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