CARPATHIAN GOLD INC. ANNOUNCES $16 MILLION “BOUGHT DEAL” FINANCING

Not for distribution to United States newswire services or for dissemination in the United States

TORONTO, ONTARIO--(Marketwired - August 19, 2013) - Carpathian Gold Inc. (TSX:CPN) (the “Corporation” or “Carpathian”) is pleased to announce that it has entered into an agreement with Cormark Securities Inc. and Macquarie Capital Markets Canada Ltd. (collectively the “Co-Lead Underwriters”), which have agreed to purchase, on a bought deal private placement basis, 114,500,000 common shares (the “Shares”) of Carpathian at a purchase price of $0.14 per Share (the “Offering Price”), for aggregate gross proceeds of approximately $16.0 million (the “Offering”).

In addition, the Company has granted the Co-Lead Underwriters an option to purchase up to an additional 24,250,000 Shares at the Offering Price exercisable 2 days prior to closing of the Offering for additional gross proceeds in the amount of up to approximately $3.4 million.

The Offering is scheduled to close on or about September 5, 2013 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto

Stock Exchange and the securities regulatory authorities.

The net proceeds of the Offering will be used for working capital purposes in Brazil.

These securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The common shares will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.