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07/23/2012

Carpathian Progressing on the Mining License for the Rovina Valley Project, Romania

TORONTO, ONTARIO--(Marketwire - July 23, 2012) - Carpathian Gold Inc. (TSX:CPN) ("the Corporation" or "Carpathian") is providing a progress update on the corporation's initiative to convert the 100% owned Rovina Exploration License in west-central Romania to a Mining License under the mining law of Romania and associated regulations and norms. Carpathian, through its wholly-owned subsidiary SAMAX Romania S.R.L. ("SAMAX") has retained a consortium of Romanian certified engineers and specialist to complete the required studies on resources, mining and reserves, baseline environmental, impact, and closure studies as per regulations and norms for mining license application.

The National Agency of Mineral Resources ("NAMR"), Romania, on July 11, 2012 officially notified SAMAX that it has accepted the Rovina Exploration License final report and recognizes the calculated resources and has requested SAMAX to submit the remaining documentation for Mining License Application. This documentation consists of a mining study including the waste management plan, environmental assessment, various impact studies and a closure plan. This requested information has been completed and will be submitted to the NAMR within days.

"We are pleased with the quickness of the NAMR review process and their invitation to advance to the next stage for the conversion of our Exploration License to a Mining License" said Dino Titaro, President and CEO of Carpathian. "This is an important step for the final mining license approval and we continue to be encouraged by the local support for our project in this mining area and will continue to be pro-active with a program of regular consultation with community and regulatory bodies."

To obtain the Mining License, the requested information will form the final components of the application and will require final approval from the NAMR followed by Ministerial approval appropriate to the level of mineral rights tenure. Following the conversion to the Mining License, approval to begin construction and mining operations will require a Building Authorization permit that will include land zonation and final environmental reviews and approval resulting from a full Environmental Impact Assessment ("EIA") study. Carpathian has been continuously working on these programs and will continue advancing the studies required for the EIA in conjunction with its on-going pre-feasibility study and ultimately a feasibility study.