LO Lounor Exploration Inc.

Carpathian Gold Inc. (TSX:CPN) (the "Corporation" or "Carpathian") the
Corporation, is pleased to announce that its wholly owned subsidiary, Mineracao
Riacho dos Machados Ltda. ("MRDM"), which owns and operates the RDM gold
project, Brazil (the "Project"), has received from SUPRAM, the state
environmental agency, the Autorizacao Provisoria de Operacao ("APO"), a
provisional permit, allowing it to proceed with the full operation of its gold
producing facilities. The APO provides the same legal rights as the Licenca de
Operacao ("LO") and allows the Project to proceed in the interim while
arrangements are being performed by the government agencies and related entities
for the issuance of the LO.


As allowed under the previously granted Licenca Instalacao ("LI"), the open-pit
mining operations have proceeded as planned. A total of 19 million tonnes of
material have been extracted with daily rates at approximately 80,000 tonnes.
Mining operations have demonstrated that the 7,000 tonnes per day of ore
production that was proposed in the Feasibility Study, can easily be exceeded,
thereby representing an opportunity to increase gold production due of the extra
processing capacity of the process plant that is rated in excess of 9,000 tonnes
per day.


Wet commissioning and start-up of the process plant has taken place and, with
the granting of the APO, the processing and leaching of ore can commence to
produce gold. During the commissioning and start-up phase, the process plant has
been operating on a continuous basis at a feed rate of 8,500 to 9,000 tonnes per
day, which is well above the initial planned rate of 7,000 tonnes per day.
During the start-up period, the grinding mill consumed energy at approximately
65% of the estimated power to generate a final product at the design particle
size of 80% passing 53 microns. This reduction in power consumption may
represent a major opportunity for a reduction of the estimated operating cost of
the plant.


The Corporation will provide further information on its forecasted gold
production and cash costs once the operation has ramped up over the next few
months. With gold now in the circuit it is anticipated that the first gold pour
will be in December and that the project will produce in excess of 100,000
ounces of gold per year.


"While the unfortunate delay in the start-up of the operation may have affected
the outlook for the Company and led to a cash shortfall situation, it is
nonetheless a pleasure to report that with the receipt of the APO the RDM gold
project can now commence gold production and be Brazil's next gold producer",
said Dino Titaro, Chairman and CEO. "With the wet commissioning of the mill and
process plant, the Project is now ready to receive and process ore from the
mine, with the expectation of its first gold pour within two weeks. The entire
Corporation is grateful for the support it has received from all of its
stakeholders during the last three months of uncertainty. In particular, the
financial support of Macquarie Bank through this period has been crucial and is
highly appreciated by the management team and the board of directors".


As previously announced, the Corporation is conducting a review of strategic
alternative options. Even though the Project is now up and running, this process
remains on-going with continued discussions with a number of parties that have
indicated an interest, and which are presently carrying out due diligence at all
levels, including visits to our operation in Brazil. The Corporation intends to
keep moving forward expeditiously with the strategic review process but there
can be no assurance that any transaction will result. The Corporation does not
intend to disclose further details with respect the process unless and until the
Board of Directors has approved a specific transaction or such disclosure is
otherwise appropriate.


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 ("RDM") 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 ("RVP") 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 1.4
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: 26.8 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 fourth quarter of 2013. The Rovina Valley Project will enhance Carpathian's
growth profile as a mid-tier gold producer.


Mr. Dino Titaro is the qualified person (as defined in National Instrument
43-101) and is responsible for preparing the technical information contained in
this news release.


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.


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


FOR FURTHER INFORMATION PLEASE CONTACT: 
Carpathian Gold Inc.
Shobana Thaya
Director, Corporate Communications & Investor Relations
+1(416) 368-7744 Ext. 239
+1(416) 363-3883 (FAX)
info@carpathiangold.com
www.carpathiangold.com

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