TORONTO, ONTARIO--(Marketwired - Oct. 3, 2014) - Carpathian Gold Inc. (TSX:CPN) (the "Corporation" or "Carpathian") advises that it has concluded a further extended forbearance and amendment agreement (the "Agreement") with Macquarie Bank Limited ("Macquarie") in respect of the project finance facility (the "Facility") entered into between Macquarie and the Corporation's wholly-owned subsidiary, Mineração Riacho dos Machados Ltda. ("MRDM"). The Agreement provides for a US$2.5 million increase in the amount of funds made available under Tranche 3 of the project finance facility entered into between Macquarie and the Corporation's wholly-owned subsidiary, Mineração Riacho dos Machados Ltda. ("MRDM"), for a total facility of up to US$172.5 million of which approximately $US171.5 million is currently drawn. Under the terms of the Agreement, the forbearance expires on October 31, 2014, with repayment of any funds drawn down under Tranche 3 to be effected by December 31, 2014. There is no assurance that Macquarie will agree to any further extensions of the forbearance.

In addition, the Corporation advises that it has concluded a further extended forbearance and amendment agreement with Macquarie in respect of the gold stream transactions entered into among Macquarie, the Corporation and MRDM. The previously announced forbearance period which expired on September 30, 2014 has been extended to October 31, 2014. There is no assurance that Macquarie will agree to any further extensions of the forbearance.

About Carpathian

Carpathian is an exploration and development company whose primary business interest is developing near-term gold production at its 100% owned Riacho dos Machados Gold Project in Brazil. In addition, it is also focussed on advancing its exploration and development plans on its 100% owned Rovina Valley Au-Cu Project located in Romania.