Highlights of the Technical Report include:

• 7.19 million ounces of gold plus 1,420 million pounds of copper in measured plus indicated resources, a 134% increase in gold and a 87% increase in copper from the 2008 Resource Estimate;
• Gold equivalent (“Au eq”) resource in the measured plus indicated category of 10.8 million ounces, a 113% increase from the 2008 Resource Estimate;
• 12.2% increase in overall gold grade in the measured plus indicated category from 0.49 g/t Au to 0.55 g/t Au as compared to the 2008 Resource Estimate; with a 110% increase in tonnes; and,
• over 93% of the resources are in the measured plus indicated category with 41% of the measured plus indicated resources from the Ciresata underground bulk mining deposit and 59% from the combined Rovina and Colnic open-pit deposits.

The updated resource estimate is shown below.

Rovina Valley Project 2012 Mineral Resource Estimate at base case cut-off grades (as of July 15, 2012)

• *Au eq. determined by using a gold price of US$1,370 per ounce and a copper price of US3.52/lb. These prices are the 3-year trailing average as of July 10^th, 2012. Metallurgical recoveries are not taken into account for Au eq
• Base case cut-off used in the table are 0.35 g/t Au eq. for the Colnic deposit and 0.25% Cu eq for the Rovina deposit, both of which are amenable to open-pit mining and 0.65 g/t Au eq for the Ciresata deposit which is amenable to underground bulk mining.
• For the Rovina and Colnic porphyries, the resource is an in-pit resource derived from a Whittle shell model using gross metal values of $1,350/oz Au price and $3.00/lb Cu price, net of payable amounts after smelter charges and royalty for net values of US$1,313/oz Au and US$2.57/lb Cu for Rovina and US$2.27/Ib Cu for Colnic).
• A grade-tonnage vs cut-off grades table for each of the deposits is shown at the end of this news release.
• Rounding of tonnes as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content.

At both the Rovina and Colnic deposits, there are higher-grade portions of each deposit that outcrop at surface. These areas represent potential “starter pits” that will be developed to maximize the early extraction of higher-grade gold and copper mineralization (see grade cut-off vs tonnes and grade tables at the end of the news release). As an example, the higher-grade mineralization at Colnic contains measured plus indicated resources at >0.70 g/t Au eq of 51.5 million tonnes at 0.73 g/t Au and 0.12% Cu. At the Rovina deposit, the higher-grade mineralization contains measured plus indicated resource at >0.50% Cu eq of 25.3 million tonnes at 0.51 g/t Au and 0.35% Cu. Ciresata has continuous zone of high-grade gold and copper mineralization in the core of the deposit that persists at depth that is suitable for extraction with an underground bulk-mining method. At Ciresata, the measured plus indicated resource of this core at >1.0 g/t Au eq contains 65.4 million tonnes at 1.01 g/t Au and 0.18% Cu. It is these higher-grade areas that are the focus for the early stages of mining for the on-going pre-feasibility study (“PFS”).

Growth potential for resource expansion on the Project includes depth extensions, satellite deposits, and further evaluation of additional porphyry targets.

A PFS is on-going for the Project and will utilize the 2012 resource estimate. This PFS involves a consortium of international consultants and engineering firms lead by AGP and is planned to be completed in late Q4-2012. The PFS is following the general concepts defined by the 2010 PEA completed in March 22, 2010 whereby the Colnic and Rovina deposits are mined by conventional open-pit mining and the Ciresata deposit by bulk underground mining with processing in a single centralized facility utilizing standard flotation method for Au-Cu recovery.

In addition to the PFS, the Corporation continues with its pro-active stakeholder engagement program whereby the local community and government officials are regularly updated on project status.

Mr. Pierre Desautels, P.Geo, a Principle Partner of AGP is responsible for the mineral resource estimate and Mr. Gordon Zurowski, P.Eng, a Principle Partner of AGP is responsible for the mining aspects of the resource estimate and both are independent qualified persons as defined by NI-43-101 and both have confirmed that they have reviewed the information in this release as it relates to the mineral resource estimate. Mr. Dino Titaro, P.Geo a qualified persons as defined by NI 43-101 has also read this press release and approved its contents.

About Carpathian

Carpathian is an exploration and development company whose primary business interest is developing near-term gold production on its 100% owned Riacho dos Machados (“RDM”) Gold Project in Brazil, which is currently focusing on activities surrounding permitting and construction, along with progressing its exploration and development plans on its 100% owned Rovina Valley Au-Cu Project located in Romania.

On a company wide basis, Carpathian currently hosts NI 43-101 proven plus probable reserves of 830,200 ounces of gold (proven reserves of 2,300 Kt at 1.30 g/t Au and probable reserves of 18,500 Kt at 1.23 g/t Au) and NI 43-101 mineral resources (inclusive of reserves) of approximately 8.1 million ounces of gold in the measured plus indicated categories (RVP: 405.9 million tonnes at 0.55 g/t Au for 7.19 million ounces, RDM: 19.36 million tonnes at 1.50 g/t Au for 0.936 million ounces) and approximately 0.9 million ounces of gold in the inferred category (RVP: 26.8 million tonnes at 0.38 g/t Au for 0.33 million ounces, RDM; 9.447 million tonnes at 1.93 g/t Au for 0.587 million ounces), as well as 1.42 billion pounds of copper in the measured plus indicated category (RVP: 405.9 million tonnes at 0.16% Cu) and 97.0 million pounds of copper in the inferred category (RVP: 405.9 million tonnes at 0.16% Cu) (see press releases dated July 17, 2012 and April 6, 2011 for further details on resources and reserves).

The RDM Gold Project is targeted to produce in the order of +/-100,000 ounces of gold per annum with an anticipated goal for the commencement of production in the second half of 2013. The Rovina Valley Project will enhance Carpathians growth profile as a mid-tier gold producer.

Forward-Looking Statements: Statements and certain information contained in this press release and any documents incorporated by reference may constitute “forward-looking statements” within the meaning of applicable Canadian securities legislation which may include, but is not limited to, information with respect to the Corporation’s expected production from, and further potential of, the Corporation’s properties; the Corporation’s ability to raise additional funds; the future price of minerals, particularly gold and copper; the estimation of mineral reserves and mineral resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks. Often, but not always, forward-looking statements/information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements/information is based on management’s expectations and reasonable assumptions at the time such statements are made. Estimates regarding the anticipated timing, amount and cost of exploration and development activities are based on assumptions underlying mineral reserve and mineral resource estimates and the realization of such estimates are set out herein. Capital and operating cost estimates are based on extensive research of the Corporation, purchase orders placed by the Corporation to date, recent estimates of construction and mining costs and other factors that are set out herein.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Carpathian and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include: uncertainties of mineral resource estimates; the nature of mineral exploration and mining; variations in ore grade and recovery rates; cost of operations; fluctuations in the sale prices of products; volatility of gold and copper prices; exploration and development risks; liquidity concerns and future financings; risks associated with operations in foreign jurisdictions; potential revocation or change in permit requirements and project approvals; competition; no guarantee of titles to explore and operate; environmental liabilities and regulatory requirements; dependence on key individuals; conflicts of interests; insurance; fluctuation in market value of Carpathian’s shares; rising production costs; equipment material and skilled technical workers; volatile current global financial conditions; and currency fluctuations; and other risks pertaining to the mining industry. Although Carpathian has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein or incorporated by reference are made as of the date of this presentation or as of the date of the documents incorporated by reference, as the case may be, and Carpathian does not undertake to update any such forward-looking information, except in accordance with applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers are cautioned not to place undue reliance on forward-looking information. The forward-looking information contained or incorporated by reference in this document is presented for the purpose of assisting shareholders in understanding the financial position, strategic priorities and objectives of the Corporation for the periods referenced and such information may not be appropriate for other purposes.