Carpathian Gold Inc.: Drilling at the Ciresata Porphyry Cuts Best Hole on Rovina Project; 255.7 m at 2.01 g/t Au eq.

TORONTO, ONTARIO, Aug 05 (MARKET WIRE) --
Carpathian Gold Inc. (TSX: CPN) (the "Corporation" or "Carpathian") is
pleased to report further assay results from its ongoing diamond drilling
program on the Ciresata Porphyry located within the 100% owned Rovina
Exploration License in central Romania . Three additional drill holes
(RGD-10 to 12, inclusive) have been completed since the last set of drill
results were reported on July 7, 2008.

Drill hole RGD-12, which was designed to test for gold and copper
mineralization at depth in the northwestern portion of the deposit,
intersected:

186 m of 1.06 g/t Au and 0.16 %Cu (1.40 g/t Au eq(i)) above a
late-mineral dike.

Below this dike (approximately 25 m true width), RGD-12 intersected
255.7 m (to end of hole) of 1.50 g/t Au and 0.24 %Cu (2.01 g/t Au eq)
which includes 82 m of 2.74 g/t Au and 0.34 %Cu (3.46 g/t Au eq).

Drill hole RGD-10 tested for an extension of the mineralized system to
the northeast of the deposit and intersected:

198 m at 0.60 g/t Au and 0.12 %Cu (0.85 g/t Au eq) extending the Au-Cu
mineralized envelope a minimum of 120 m to the northeast.

(i) Note: gold (Au) and copper (Cu) equivalents utilize gold at
$650 USD/oz and copper at $2.00 USD/lb. Metallurgical recoveries
are not considered.

Both of the above drill holes ended in gold and copper mineralization
at vertical depths in excess of 500 metres. A total of 12 widely spaced
drill holes have now been completed on the Ciresata Porphyry and have
intersected gold and copper mineralization over an approximate area of
350 x 400 m. Results from this early-stage drill program indicates that
the mineralization begins 50 to 120 m below surface beneath a magnetite
altered cover of andesite and remains untested and open in three lateral
directions (northeast, northwest and southeast) and at depth. The
mineralization occurs as stock work veinlets of
quartz-chalcopyrite-pyrite and disseminated chalcopyrite-pyrite hosted in
a tertiary-aged hornblende-feldspar porphyry and hornfels of sediments.
The recent drill results indicate that the gold and copper grades are
increasing with depth.

"We continue to be encouraged with the results from our early-stage drill
program at the Ciresata Porphyry complex", said Dino Titaro, President
and CEO of Carpathian. "Ongoing drilling continues to expand the
gold-copper mineralized envelope with the grades increasing at depth to
levels greater than our typical grades at the Colnic and Rovina porphyry
deposits, four km to the north. Drilling will continue to further
determine the extent and grade of this gold-rich porphyry complex".

A table with a complete list of down hole intersections from drill holes
RGD-10 to RGD-12 is presented at the end of this press release as well as
drill hole orientation details. In addition, a drill hole location plan
map for all the holes drilled to date on Ciresata can be found on the
Corporation's web site at www.carpathiangold.com. Assay results from the
first nine drill holes (RGD-1 to RGD-9) have been reported earlier this
year on February 27th, May 12th, and July 7th.

Drill hole RGD-10 is an angle hole (-64 degrees inclination) drilled
toward the northeast and at 200 m depth intersected Au-Cu mineralized
feldspar-hornblende porphyry to the end of the hole at 569 m. This
mineralization is of moderate grade and includes 198 m (from 268 m down
hole depth) of 0.60 g/t Au and 0.12% Cu (0.85 g/t Au eq). This includes a
30 m interval with 0.73 g/t Au and 0.13% Cu (1.00 g/t Au eq). This
intersection extends the mineralized envelop a minimum 120 m to the
northeast from the higher-grade mineralization intersected in drill hole
RGD-7 which included 287 m at 0.90 g/t Au and 0.20% Cu (1.32 g/t Au eq)
previously reported in a press release on July 7, 2008.

Drill hole RGD-11 is an angle hole (-64 degrees inclination) drilled
toward the southwest from the same drill location as RGD-10. This drill
hole intersected anomalous Au-Cu mineralization starting at 90 m down
hole to the end of the hole at 511.4 hosted mainly in potassic altered
hornfels sediment with intervals of intrusive hornblende-feldspar
porphyry dikes. This hole intersected 262 m (from 162 m down hole) of
0.35 g/t Au and 0.10% Cu (0.56 g/t Au eq) and includes 35 m of 0.59 g/t
Au and 0.15% Cu (0.91 g/t Au eq). This mineralization is interpreted to
be at the edge of the southwest margin of the Ciresata porphyry complex.

Drill hole RGD-12 is a steeply dipping angle hole (-76 degrees
inclination) drilled toward the northeastern portion of the gold-copper
mineralization. It intersected a hornblende-feldspar porphyry starting at
60 m down hole with intense stock work mineralization to 263 m. This
mineralization includes 186 m (from 77 m down hole) of 1.06 g/t Au and
0.16% Cu (1.40 g/t Au eq) which is inclusive of 61 m (from 198 m down
hole) of 2.11 g/t Au and 0.24% Cu (2.62 g/t Au eq). Below 263 m a
predominantly low-grade, late-mineral dike is encountered to a hole depth
of 400 m. This late mineral dike was intersected in drill hole RGD-2 to
the north of RGD-12, and is interpreted to have a true width of 25 m;
with RGD-12 drilled obliquely and down dip through the dike. From 400 m
to the end of the hole at 620.7 m, potassic-altered hornfelsed-sediment
with intense stock work mineralization was intersected. This hole
intersected 255.7 m (from 365 m down hole) of 1.50 g/t Au and 0.24% Cu
(2.10 g/t Au eq) and includes 82 m (from 411 m down hole) with 2.74 g/t
Au and 0.34% Cu (3.46 g/t Au eq.).

Resource Estimation Update

As previously reported, AMEC Americas Ltd. ("AMEC") had been retained by
the Corporation to complete an updated NI 43-101 compliant resource
estimate for the Rovina and Colnic porphyry deposits intended to update
the previous NI 43-101 resource estimate of May, 2007 produced by AMEC.
This resource estimation work is progressing however, AMEC will no longer
be completing this estimate and PEG Mining Consultants, of Ontario,
Canada, has been retained to complete this NI 43-101 compliant resource
estimate for the Rovina, Colnic and Ciresata porphyry deposits. This
resource estimate will include the drilling completed in 2006, 2007, and
through April 2008 and is still on schedule for a release date in the
fourth quarter of this year.

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 at
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 and Hungary as well as
gold exploration and development on its development-stage property
acquisition 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.

Diamond drill-hole intersection table for Holes RGD-10 to RGD-12 on the
Ciresata Porphyry Project, Rovina License, Romania.
----------------------------------------------------------------------------
Au Cu Au eq(i)
Drill Hole Fence From (m) To (m) Length (m) (g/t) (%) (g/t)
----------------------------------------------------------------------------
RGD-10 960N 262 569(eoh) 307 0.52 0.11 0.75
----------------------------------------------------------------------------Incl
des 268 466 198 0.60 0.12 0.85
----------------------------------------------------------------------------
And 274 304 30 0.73 0.13 1.00
----------------------------------------------------------------------------
RGD-11 960N 167 429 262 0.35 0.10 0.56
----------------------------------------------------------------------------
Includes 199 248 49 0.53 0.14 0.83
----------------------------------------------------------------------------
199 234 35 0.59 0.15 0.91
----------------------------------------------------------------------------
RGD-12 1060N 77 263 186 1.06 0.16 1.40
----------------------------------------------------------------------------
156 259 103 1.57 0.20 1.99
----------------------------------------------------------------------------
198 259 61 2.11 0.24 2.62
----------------------------------------------------------------------------
365 620.7(eoh) 255.7 1.50 0.24 2.01
----------------------------------------------------------------------------
411 574 163 1.94 0.29 2.55
----------------------------------------------------------------------------
411 493 82 2.74 0.34 3.46
----------------------------------------------------------------------------

Diamond drill-hole intersection table for Holes RGD-10 to RGD-12 on the
Ciresata Porphyry Project, Rovina License, Romania.
----------------------------------------------------------------------------
Drill Hole Fence Azimuth Declination Total Depth Geology-Target
(degrees) (degrees) (meters)
----------------------------------------------------------------------------
RGD-10 960N 50 -64 569 Test for NE extension
----------------------------------------------------------------------------
RGD-11 960N 230 -64 511.4 Test for SE extension
----------------------------------------------------------------------------
RGD-12 1060N 40 -76 620.7 Test for depth extension
----------------------------------------------------------------------------

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)

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
Email: ericleboeuf@paradox-pr.ca

Seaton Services, UK
Toni Vallen
+44 207 229 3177
Email: toni@setonervices.com

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