Carpathian Drilling Intersects 16 m of 3.96 g/t Au, Including 2.8 m of 18.45 g/t Au on the RDM Gold Project, Brazil

TORONTO, ONTARIO, Jan 12 (MARKET WIRE) --
Carpathian Gold Inc. (TSX: CPN) (the "Corporation" or "Carpathian") is
pleased to announce further drill results from the 100% owned Riacho dos
Machados gold project ("RDM") located in Minas Gerais State, Brazil. This
project was acquired by Carpathian in October, 2008 (see press release
dated Oct. 30, 2008) and a diamond drill program was completed in late
2008 consisting of 64 drill holes totaling 11,277 m. The first set of
results from this program was released in November (see press release
dated Nov. 4, 2008) and the results presented herein are from an
additional 35 drill holes along with re-sampling results from 9 diamond
drill holes completed by the previous operator, Companhia Vale do Rio
Doce, ("Vale") prior to 1996.

Drill results from the current program have encountered strong gold
mineralization below the existing shallow open-pit (maximum 60 m) which,
in addition to confirming historical drill results from Vale, highlights
significant widths of gold mineralization occurring immediately below the
present open-pit as shown in drill hole FRM-12 which intersected 30.0 m
at 2.01 g/t Au. In addition, drill results have extended the gold
mineralization 500 m south of the existing open pit.

Based on the recently completed assays, highlight intersections recently
received are listed below. All of these results represent the portion of
the mineralized zone that is considered to be accessible through the
deepening of the open-pit. A complete list of the assay results can be
found at the end of this press release. A map showing the location of the
drill holes completed can be found on the Corporation's website at
www.carpathiangold.com.

i) North Pit Area (known as Area V)

- 30.0 m at 2.01 g/t Au including 4.3 m of 7.68 g/t Au (hole FRM-12)

- 7.2 m of 3.61 g/t Au & 11.6 m of 2.14 g/t Au (hole F-75, re-sample
drill core from Vale program)

- 15.6 m of 2.53 g/t Au including 4.9 m of 6.36 g/t Au (hole F-101,
re-sample drill core from Vale program)

ii) Central Pit Area (know as Area IV)

- 14.1 m at 1.28 g/t Au including 2.5 m of 2.51 g/t Au (hole FRM-30)

- 12.8 m at 2.09 g/t Au including 2.0 m of 9.33 g/t Au (hole FRM-32)

- 6.9 m at 3.50 g/t Au including 3.0 m of 7.66 g/t Au (hole FRM-35)

- 9.8 m of 1.65 g/t Au including 2.7 m of 3.42 g/t Au (FRM-27)

iii) South Pit Area (known as Area III)

- 13.9 m at 3.66 g/t Au including 4.6 m at 9.25 g/t Au (hole FRM-26)

- 23.5 m at 1.23 g/t Au including 9.4 m at 2.53 g/t Au (hole FRM-31)

- 16.0 m at 3.96 g/t Au including 2.8 m of 18.45 g/t Au (hole FRM-33)

- 10.2 m at 3.75 g/t Au including 3.7 m of 5.64 g/t Au (hole F-103,
re-sample drill core from Vale program)

iiii) Southern Extension Mineralization (south of the open pit)

- 6.4 m at 1.40 g/t Au (FRM-18)

- 4.6 m at 1.54 g/t Au (FRM-14)

- 4.8 m at 1.93 g/t Au (FRM-4)

Notes: Widths are approximate true thicknesses.

"We are encouraged by these results which continue to support
management's vision of near-term production potential for the RDM
Project", said Dino Titaro, President and CEO. "These results confirm the
Vale data and our expectation that RDM could contain significantly more
gold resources than that indicated from the historic Vale information.
Ongoing work includes geologic modeling for a NI 43-101 compliant
resource estimate to be followed by a preliminary economic assessment and
feasibility study for a staged development of the deepening of the
open-pit followed by a future underground operation. Given that the
project already lies within a brownfield permitted Mining Concession with
infrastructure in place, we believe an early-production profile can
potentially be realized and have commissioned EIA and SIA studies."

The drill program completed in the fourth quarter of 2008 focused on the
area of the previous open-pit operation along the known 1,350 m long gold
zone and down to a vertical depth of approximately 200 m below the
existing open-pit. In addition, the drill program also evaluated the
possible southern extension of this gold zone by an additional 500 m. In
1996, the previous operator Vale, defined a 'historical resource' (non NI
43-101 compliant) of un-oxidized gold mineralization below the shallow
open pits which mined oxide gold mineralization (see press release dated
Nov. 4, 2008 and NI 43-101 Technical Report on the property dated
February 29, 2008 and filed on www.sedar.com). Along with this drill
program, re-sampling of several of the diamond drill holes completed on
the property by Vale has been completed for verification purposes. The
primary objective of this program is to obtain sufficient drill data to
validate previous drill results, extend the gold zone along strike and
define sufficient mineralization at an open-pit gold grade to justify
deepening the current open-pit by approximately 200 m.

The gold mineralization at RDM is shear zone hosted, within a package of
Precambrian aged metamorphic rocks. This shear zone strikes 20 degrees
and dips 40 to 50 degrees west. The gold mineralization is known to be
continuous over a strike length of 1,350 m and is open at depth to
greater than 550 m at the RDM mine-site. The current drilling program has
demonstrated that this mineralization is now continuous for a strike
length of at least 2,000 m. Within the shear zone, which can reach
thicknesses of up to 40 m, the gold mineralization often occurs as
"stacked mineral zones" with cumulative thicknesses in the order of 15 to
20 m. Recent results continue to support the presence of these "stacked
zones" and include drill hole intersections such as F-75 from Area V
where the overall thickness of the shear zone is 47 m which includes 2
distinct gold mineralized zones totaling 18.8 m at a weighted average of
3.04 g/t Au. These stacked mineralized intersections all occur within the
area being tested for purposes of deepening the existing open-pit.

Sample Protocol

All samples collected from Brazil are prepared and analyzed at the
independent ISO Certified ALS Chemex laboratory, located near Belo
Horizonte, Brazil using industry standard fire assay techniques for gold
on 50-gram sample charges with AAS finish. Coarse blanks, pulp blanks,
pulp duplicates, and known gold standards are inserted on a routine
basis. They consist of 12% per cent of submitted samples. In addition, on
a periodic basis 3% of the crusher rejects are re-submitted and a minimum
of 3% of the pulps will be analyzed at the ISO Certified OMAC Laboratory
in Ireland for check assays. All samples are from split NQ drill core
sampled on a metre by metre basis through the mineralized zone and into
surrounding altered rock.

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 property in Romania as well as gold
exploration and development on its development-stage property in Brazil.
The Corporation has 207,278,454 shares outstanding.

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 I: Diamond drill hole assay intersections from Carpathian drilling
at the RDM project, Minas Gerais, Brazil.

----------------------------------------------------------------------------

Drill Area From To Length True Au
Hole (m) (m) (m) Thickness (m) (g/t)
----------------------------------------------------------------------------
FRM-4 South Ext. 91.0 97.0 6.0 4.8 1.93
----------------------------------------------------------------------------
Incl. 95.0 97.0 2.0 1.6 5.08
----------------------------------------------------------------------------
FRM-6 South Ext. 71.0 72.0 1.0 1.0 1.08
----------------------------------------------------------------------------
FRM-8 South Ext. NSI
----------------------------------------------------------------------------
FRM-10 III/South Ext. 46.6 49.6 3.0 3.0
1.02----------------------------------------------------------------------------
FRM-12 V 218.0 253.0 35.0 30.0 2.01
----------------------------------------------------------------------------
Incl. 219.0 222.0 3.0 2.6 5.19
----------------------------------------------------------------------------
And 242.0 247.0 5.0 4.3 7.68
----------------------------------------------------------------------------
FRM-13 III/South Ext. 49.0 54.0 5.0 3.9 1.24
----------------------------------------------------------------------------
60.0 61.0 1.0 0.8 8.82
----------------------------------------------------------------------------
FRM-14 South Ext. 49.0 55.0 6.0 4.6 1.54
----------------------------------------------------------------------------
FRM-17 South Ext. 68.2 69.2 1.0 0.8 17.15
----------------------------------------------------------------------------
FRM-18 South Ext. 66.8 75.8 9.0 6.4 1.40
----------------------------------------------------------------------------
Incl. 70.8 75.8 5.0 3.5 2.27
----------------------------------------------------------------------------
FRM-21 South Ext. 67.5 74.5 5.0 3.8 0.56
----------------------------------------------------------------------------
FRM-23 South Ext. 59.5 61.5 2.0 1.8 1.16
----------------------------------------------------------------------------
FRM-24 V 300.0 308.0 8.0 7.1 1.28
----------------------------------------------------------------------------
Incl. 301.0 303.0 2.0 1.8 3.63
----------------------------------------------------------------------------
FRM-25 III 154.5 159.5 5.0 4.3 3.86
----------------------------------------------------------------------------
Incl. 154.5 157.5 3.0 2.6 5.51
----------------------------------------------------------------------------
FRM-26 III 169.5 172.5 3.0 2.8 1.74
----------------------------------------------------------------------------
195.5 210.5 15.0 13.9 3.66
----------------------------------------------------------------------------
Incl. 200.5 205.5 5.0 4.6 9.25
----------------------------------------------------------------------------
FRM-27 IV 207.15 218.15 11.0 9.8 1.65
----------------------------------------------------------------------------
Incl. 215.15 218.15 3.0 2.7 3.42
----------------------------------------------------------------------------
FRM-28 III 150.5 152.5 2.0 1.9 1.13
----------------------------------------------------------------------------
169.5 173.5 4.0 3.7 2.48
----------------------------------------------------------------------------
FRM-29 IV 197.0 199.0 2.0 1.8 2.37
----------------------------------------------------------------------------
231.0 234.0 3.0 2.7 1.82
----------------------------------------------------------------------------
FRM-30 IV 48.1 65.1 17.0 14.1 1.28
----------------------------------------------------------------------------
Incl. 62.1 65.1 3.0 2.5 2.51
----------------------------------------------------------------------------
FRM-31 III 171.0 196.0 25.0 23.5 1.23
----------------------------------------------------------------------------
Incl. 176.0 186.0 10.0 9.4 2.53
----------------------------------------------------------------------------
And 179.0 183.0 4.0 3.8 4.03
----------------------------------------------------------------------------
FRM-32 IV 88.0 101.0 13.0 12.8 2.09
----------------------------------------------------------------------------
Incl. 99.0 101.0 2.0 2.0 9.33
----------------------------------------------------------------------------
FRM-33 III 171.0 181.0 17.0 16.0 3.96
----------------------------------------------------------------------------
Incl. 171.0 174.0 3.0 2.8 18.45
----------------------------------------------------------------------------
FRM-34 III/South Ext. 229.0 232.0 3.0 2.7 1.63
----------------------------------------------------------------------------
FRM-35 IV 7.0 14.0 7.0 6.9 3.50
----------------------------------------------------------------------------
Incl. 9.0 12.0 3.0 3.0 7.66
----------------------------------------------------------------------------
FRM-38 III 218.4 221.4 3.0 2.7 3.82
----------------------------------------------------------------------------
FRM-39 IV 234.3 236.3 2.0 1.8 2.72
----------------------------------------------------------------------------
249.3 252.3 3.0 2.7 1.07
----------------------------------------------------------------------------
FRM-40 III 222.4 229.4 7.0 6.1 1.78
----------------------------------------------------------------------------
Incl. 225.4 229.4 4.0 3.5 2.86
----------------------------------------------------------------------------
FRM-41 V NSI
----------------------------------------------------------------------------
FRM-42 III 161.45 167.45 6.0 5.7 2.26
----------------------------------------------------------------------------
Incl. 161.45 164.45 3.0 2.8 3.44
----------------------------------------------------------------------------
And 162.45 163.45 1.0 0.9 6.32
----------------------------------------------------------------------------
FRM-43 III 193.55 205.55 12.0 11.9 1.06
----------------------------------------------------------------------------
Incl. 195.55 199.55 4.0 4.0 2.52
----------------------------------------------------------------------------
FRM-44 V 150.0 153.0 3.0 2.8 2.07
----------------------------------------------------------------------------
FRM-45 III 76.4 77.4 1.0 0.9 1.65
----------------------------------------------------------------------------
FRM-49 III 54.0 57.0 3.0 3.0 1.14
----------------------------------------------------------------------------
FRM-50 III 191.3 195.3 4.0 3.7 2.12
----------------------------------------------------------------------------
206.3 219.3 13.0 12.1 1.85
----------------------------------------------------------------------------
Incl. 206.3 212.3 6.0 5.6 3.33
----------------------------------------------------------------------------
FRM-52 III 51.0 61.0 10.0 9.9 1.89
----------------------------------------------------------------------------
FRM-62 III 87.2 98.2 11.0 9.6 1.37
----------------------------------------------------------------------------
Incl. 90.2 95.2 5.0 4.4 2.10
----------------------------------------------------------------------------

Notes: Assay intersections are calculated using a 0.30 g/t Au cut-off
and maximum allowable dilution of three consecutive metres at less than
0.30 g/t Au. Drill hole details i.e. i.e. Azimuth, declination and total
depth are shown in Drill Hole Descriptions Table III, as shown below.

Table II: Diamond drill hole assay intersections from Carpathian
re-sampling of diamond core drilled by Vale at the RDM project, Minas
Gerais, Brazil.

----------------------------------------------------------------------------

Drill Area From To Length True Au
Hole (m) (m) (m) Thickness (m) (g/t)
----------------------------------------------------------------------------
F-56 III 100.0 102.0 2.0 1.8 1.19
----------------------------------------------------------------------------
And 109.0 111.0 2.0 1.8 2.27
----------------------------------------------------------------------------
F-58 III 87.0 93.0 6.0 4.9 1.54
----------------------------------------------------------------------------
Incl. 88.0 89.0 1.0 0.8 5.34
----------------------------------------------------------------------------
108.0 118.0 10.0 8.7
2.13----------------------------------------------------------------------------
F-75 V 69.0 78.0 9.0 7.2 3.61
----------------------------------------------------------------------------
Incl. 70.0 71.0 1.0 0.8 16.60
----------------------------------------------------------------------------
98.0 116.0 18.0 11.6 2.14
----------------------------------------------------------------------------
112.0 113.0 1.0 0.9 16.45
----------------------------------------------------------------------------
F-80 V 67.00 76.00 9.0 7.9 1.62
----------------------------------------------------------------------------
F-99 IV/V 226.0 233.0 7.0 6.1 2.65
----------------------------------------------------------------------------
Incl. 229.0 231.0 2.0 1.7 7.23
----------------------------------------------------------------------------
F-100 V 200.0 204.0 4.0 3.8 2.02
----------------------------------------------------------------------------
Incl. 202.0 203.0 1.0 1.0 5.12
----------------------------------------------------------------------------
235.0 237.0 2.0 1.9 1.55
----------------------------------------------------------------------------
F-101 IV/V 228.0 231.0 3.0 2.9 2.37
----------------------------------------------------------------------------
245.0 261.0 16.0 15.6 2.53
----------------------------------------------------------------------------
Incl. 253.0 258.0 5.0 4.9 6.36
----------------------------------------------------------------------------
F-102 V 207.0 209.0 2.0 1.9 0.91
----------------------------------------------------------------------------
F-103 III 89.0 100.0 11.0 10.2 3.75
----------------------------------------------------------------------------
Incl. 89.0 93.00 4.0 3.7 5.64
----------------------------------------------------------------------------
And 98.0 100.0 2.0 1.8 7.75
----------------------------------------------------------------------------
114.0 116.0 2.0 1.8 1.53
----------------------------------------------------------------------------

Notes: Assay intersections are calculated using a 0.30 g/t Au cut-off
and maximum allowable dilution of three consecutive metres at less than
0.30 g/t Au. Drill hole details i.e. i.e. Azimuth, declination and total
depth are shown in Drill Hole Descriptions Table III, as shown below.

Table III: Drill Hole Details for holes completed by Carpathian at the
RDM Project (prefix FRM-xx). Also included are diamond drill holes
completed by Vale from which Carpathian has re-sampled and assayed with
drill hole prefix F-xx.

-------------------------------------------------------------------------
Dr
ill Area Northing(i) Azimuth(i) Declination Total
Hole (degrees) (degrees) Depth (m)
-------------------------------------------------------------------------
FRM-4 South Ext. 9,187N 0 -90 120.5
-------------------------------------------------------------------------
FRM-6 South Ext. 8.940N 270 -60 100.6
-------------------------------------------------------------------------
FRM-8 South Ext. 9,400N 0 -90 109.6
-------------------------------------------------------------------------
FRM-10 III/South Ext. 9,348N 270 -61 70.4
-------------------------------------------------------------------------
FRM-12 V 10,417N 0 -90 277.9
-------------------------------------------------------------------------
FRM-13 III/South Ext. 9,465N 270 -90 73.0
-------------------------------------------------------------------------
FRM-14 South Ext. 9,372N 0 -90 72.0
-------------------------------------------------------------------------
FRM-17 South Ext. 9,295N 0 -90 76.0
-------------------------------------------------------------------------
FRM-18 South Ext. 9.230N 0 -90 97.6
-------------------------------------------------------------------------
FRM-21 South Ext. 9,187N 0 -90 85.8
-------------------------------------------------------------------------
FRM-23 South Ext. 9.139N 0 -90 94.2
-------------------------------------------------------------------------
FRM-24 V 10,392N 270 -85 350.1
-------------------------------------------------------------------------
FRM-25 III 9,560N 270 -85 202.8
-------------------------------------------------------------------------
FRM-26 III 9,930N 270 -85 217.6
-------------------------------------------------------------------------
FRM-27 IV 10,240N 270 -85 256.5
-------------------------------------------------------------------------
FRM-28 III 9,670N 270 -85 199.8
-------------------------------------------------------------------------
FRM-29 IV 10,040N 270 -85 256.8
-------------------------------------------------------------------------
FRM-30 IV 10,310N 270 -85 121.7
-------------------------------------------------------------------------
FRM-31 III 9,830N 270 -85 218.6
-------------------------------------------------------------------------
FRM-32 IV 10,375N 270 -60 120.0
-------------------------------------------------------------------------
FRM-33 III 9.780N 270 -85 215.2
-------------------------------------------------------------------------
FRM-34 III/South Ext. 9,440N 270 -85 256.7
-------------------------------------------------------------------------
FRM-35 IV 10,325N 270 -60 83.6
-------------------------------------------------------------------------
FRM-38 III 9,505N 270 -85 323.1
-------------------------------------------------------------------------
FRM-39 IV 10,125N 270 -85 280.8
-------------------------------------------------------------------------
FRM-40 III 9,645N 270 -85 270.7
-------------------------------------------------------------------------
FRM-41 V 10,585N 270 -85 283.9
-------------------------------------------------------------------------
FRM-42 III 9,620N 270 -85 200.9
-------------------------------------------------------------------------
FRM-43 III 9,505N 270 -60 231.9
-------------------------------------------------------------------------
FRM-44 V 10,690N 270 -75 210.7
-------------------------------------------------------------------------
FRM-45 III 9,480N 270 -84 139.6
-------------------------------------------------------------------------
FRM-49 III 9,540N 270 -60 80.2
-------------------------------------------------------------------------
FRM-50 III 9,735N 270 -85 252.8
-------------------------------------------------------------------------
FRM-52 III 9,600N 270 -60 81.5
-------------------------------------------------------------------------
FRM-62 III 9.815N 270 -85 118.5
-------------------------------------------------------------------------
F-56 III 9,800N 0 -90 123.5
-------------------------------------------------------------------------
F-58 III 9,900N 270 -87 132.4
-------------------------------------------------------------------------
F-75 V 10,642N 0 -90 159.3
-------------------------------------------------------------------------
F-80 V 10,692N 0 -90 104.8
-------------------------------------------------------------------------
F-99 IV/V 10.492N 266 -86 265.0
-------------------------------------------------------------------------
F-100 V 10,645N 0 -90 256.1
-------------------------------------------------------------------------
F-101 IV/V 10,395N 270 -81 298.9
-------------------------------------------------------------------------
F-102 V 10,695N 270 -87 237.7
-------------------------------------------------------------------------
F-103 III 9,654N 0 -90
119.3-------------------------------------------------------------------------

Notes: (i) All Northings are in local grid coordinates which are
rotated 20 degrees west from true north. (i)All drill hole azimuths are
local grid azimuths, i.e. rotated 20 degrees west from true north.

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

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

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