CPN In-Fill & Delineation Drilling on the Rovina Porphyry, Romania, Intersects 513 m at 1.19 g/t Au eq.

TORONTO, ONTARIO, Jul 23 (MARKET WIRE) --
Carpathian Gold Inc. (TSX: CPN) ("the Corporation") is providing an
update on the 2008 drilling activities on its 100% owned Rovina
Exploration License in central Romania, which includes the Rovina and
Colnic porphyry deposits, located approximately 2.5 km apart and the
Ciresata porphyry prospect located approximately 4.5 km south of the
Colnic deposit.

At the Rovina Cu-Au Porphyry, two drill rigs have been active in 2008
with 7,343 m drilled to date this year from 15 diamond drill holes. This
drill program was comprised of in-fill, delineation and boundary
definition drilling designed to upgrade resource categories and delineate
the margins of the mineralized porphyry system. This press release
reports the assay results from 8 drill holes; RRD-57 to RRD-64 which
total 3,926 m of drilling since the last drilling results for this
porphyry were released on May 7th, 2008. Highlight intersections from the
recent assay results include drill hole RRD-57, which is an in-fill drill
hole and intersected mineralization from surface to the end of the hole
at 513 m, with;

513 m at 0.37 g/t Au and 0.39% Cu (1.17 g/t gold equivalent ("Au eq))(i)
including 323 m of 0.42 g/t Au and 0.44 % Cu (1.35 g/t Au eq.)

(i)Note: as used in this release, 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 is defining the northeastern extent of the higher-grade
core of the Rovina deposit within the existing drill pattern. Drill hole
RRD-58 drilled in the 'Gap Zone' between the main Rovina porphyry body
and the satellite Baroc Valley porphyry body encountered a zone of
copper-gold mineralization that continues to demonstrate the continuity
of the mineralization between these two porphyries that remains above a
potential economic cut-off grade. This drill hole returned 114 m of 0.17
g/t Au and 0.19% Cu for a gold equivalent of 0.57 g/t. Drill hole RRD-64,
also in the 'Gap Zone' encountered a similar intersection, 110 m of 0.13
g/t Au and 0.17% Cu for a gold equivalent of 0.49 g/t Au.

"These results verify and extend, as well as help define the higher-grade
core of the Rovina Porphyry in addition to demonstrating the continuity
of mineralization between the Rovina and Baroc Valley porphyry bodies,
said Dino Titaro, President and CEO of Carpathian. "While these results
are beyond the data cut-off for the Resource Estimate update presently
being worked on, they will complement future project evaluation efforts".

Drill holes RRD-62 and 63 tested for deep mineralization on the eastern
edge of the drill pattern and intersected gold and copper mineralization
that remains above a potential economic cut-off grade. For example RRD-63
encountered 205 m of 0.20 g/t Au and 0. 20% Cu for a gold equivalent of
0.62 g/t. These holes indicate that at depth mineralization is open
towards the east.

Drill holes RRD-59, 60, and 61 were scout drill holes designed to test
for the presence of mineralization towards the southern portion of the
Rovina Porphyry. These drill holes encountered barren andesite and
post-mineral phreato-magmatic breccias with some narrow sections of
relatively low grade Cu-Au mineralization. For example RRD-59 intersected
8 m at 0.46 g/t Au an 0.21% Cu, while drill hole RRD-61 intersected 52 m
at 0.17 g/t Au and 0.13% Cu.

A table of drill hole assay intersections for the recently completed
drill holes at the Rovina Porphyry can be found at the end of this press
release. In addition, a drill hole orientation table is included. A
complete listing of all drill hole results for each of the Colnic and
Rovina porphyry systems as well as a drill-hole location map can be found
on the Corporation's web site at www.carpathiangold.com.

Rovina Valley Project

The Rovina Valley Project refers to the Rovina Cu-Au Porphyry, and the
Colnic Au-Cu Porphyry which are 2.5 km apart and both discovered by the
Corporation in 2006. Currently the drilling program at the Rovina and
Colnic porphyries has been put on hold while drilling is ongoing at the
Ciresata Au-Cu Porphyry. Recent results from the Ciresata Porphyry
(Reported July 7th) include RGD-8 that encountered 325.65 m at 1.04 g/t
Au and 0.16% Cu (1.38 g/t Au eq.).

As previously reported, AMEC Americas Ltd. ("AMEC") has been retained by
the Corporation to complete an updated NI 43-101 compliant resource
estimate for the Rovina and Colnic porphyry deposits that will include
drilling results up to April, 2008. This resource estimation work is
progressing and will update the previous estimate provided by AMEC on May
29th, 2007, which was based on drilling completed in 2006 on each of
these deposits. In addition, this resource estimate will include the
recently discovered Ciresata Au-Cu mineralization. The estimated time for
delivery of these resource estimates is early in the fourth quarter of
this year. At Ciresata, drilling is on-going and a further minimum of
15,000 metres is proposed to better define the size potential and grade
continuity of this Au-rich porphyry system. Additional drill results for
the Ciresata porphyry, subsequent to those reported on July 7, 2008, will
be released as they become available.

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. 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 on
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, Hungary and on its
development-stage property in Brazil.

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.

Table 1 Location of Diamond drill hole intersections for holes RRD-57 to
RRD-64 on the Rovina Porphyry deposit, Rovina Exploration License, Romania.

---------------------------------------------------------------------------
Au Cu Au eq(i)
Drill Hole Fence From (m) To (m) Length (m) (g/t) (%) (g/t)
---------------------------------------------------------------------------
RRD-57 1153N 0 513(eoh) 513 0.39 0.38 1.19
---------------------------------------------------------------------------
Includes 55 378 323 0.42 0.44 1.35
---------------------------------------------------------------------------
and 178 378 200 0.51 0.46 1.48
---------------------------------------------------------------------------
RRD-58 793N 201 315 114 0.17 0.19 0.57
---------------------------------------------------------------------------
Includes 201 235 34 0.16 0.22 0.62
---------------------------------------------------------------------------
RRD-59 1000N 196 266 70 0.04 0.15 0.36
---------------------------------------------------------------------------
And 440 448 8 0.46 0.21 0.90
---------------------------------------------------------------------------
RRD-60 793N 393 407 14 0.26 0.18 0.64
---------------------------------------------------------------------------RRD-6
1000N 34 86 52 0.17 0.13 0.44
---------------------------------------------------------------------------
and 241 280 39 0.14 0.11 0.37
---------------------------------------------------------------------------
RRD-62 1153N 341 486(eoh) 145 0.19 0.16 0.53
---------------------------------------------------------------------------
Includes 453 486(eoh) 33 0.33 0.23 0.82
---------------------------------------------------------------------------
RRD-63 1153N 296 501(eoh) 205 0.20 0.20 0.62
---------------------------------------------------------------------------
Includes 412 477 65 0.26 0.23 0.75
---------------------------------------------------------------------------
RRD-64 860N 234 344 110 0.13 0.17 0.49
---------------------------------------------------------------------------
234 283 49 0.16 0.21 0.60
---------------------------------------------------------------------------

(i)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 equals end of drill hole

Further drill hole details i.e. Azimuth, declination and total depth are
shown in Drill Hole Descriptions table below.

Table 2 Orientation details of Diamond drill holes for recently completed
diamond drill holes at the Rovina Porphyry deposit.

----------------------------------------------------------------------------
Drill Hole Fence Azimuth Declination Total depth Geology-Target
(degrees) (degrees) (meters)
----------------------------------------------------------------------------
Rovina Porphyry
----------------------------------------------------------------------------
RRD-57 1153N vertical -90 513 NE extension of
mineralized core
----------------------------------------------------------------------------
RRD-58 793N 330 -75 458.25 N extension of Gap
Zone
----------------------------------------------------------------------------
RRD-59 1000N vertical -90 501 Test of SE porphyry
apophyses
----------------------------------------------------------------------------
RRD-60 793N 330 -60 496 Test for south
extension w/in
glam brx body
----------------------------------------------------------------------------
RRD-61 1000N 305 -60 485 Test for south
extension w/in
glam brx body
----------------------------------------------------------------------------
RRD-62 1153N vertical -90 486 Test for deep NW
extension
----------------------------------------------------------------------------
RRD-63 1153N vertical -90 501 Test for deep NW
extension
----------------------------------------------------------------------------
RRD-64 860N 330 -75 485.8 N extension of Gap
Zone
----------------------------------------------------------------------------

The TSX does not accept responsibility for the adequacy or accuracy
of this news release.

Contacts:
Carpathian Gold Inc.
Dino Titaro
President & CEO
(416) 368-7744 (CAN)
(416) 260-2243 (CAN) (FAX)

Carpathian Gold Inc.
Mike O'Brien
Manager Investor Relations
(416) 368-7744 (CAN)
(416) 260-2243 (CAN) (FAX)
Email: info@carpathiangold.com
Website: www.carpathiangold.com

Eric Leboeuf
Investor Relations, Montreal
(514) 341-0408 or 1-866-460-0408
(514) 341-1527 (FAX)
Email: ericleboeuf@paradox-pr.ca

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