Carpathian Gold Inc. (TSX:CPN) (the "Corporation" or "Carpathian") wishes to
provide the following project updates and expanded plans for 2011.


RDM Gold Project, Brazil

The Feasibility Study ("FS") for the 100% owned Riacho dos Machados ("RDM") Gold
Project, located in Minas Gerais State, Brazil is nearing completion with peer
reviews underway and results anticipated to be released within the coming weeks.
This study will include a new updated resource estimate based on the additional
drilling of 74 core holes for 9,938 metres, completed at the end of 2010. The
objective of that drill program was to upgrade a large portion of the inferred
resources within the open pit portion of the deposit to the measured plus
indicated resource category. This new resource is being utilized in the FS for
the mineral reserve status.


Carpathian has already purchased a 9,000 tonne per day ball mill, crushers (the
"Plant") and additional equipment complimentary to the Plant. Additional long
lead items required for the construction and development of the project are also
in the process of being obtained with Hatch Engineering and Lyon Engineering
advancing EPCM in anticipation of the construction decision.


Exploration drilling along the northern strike extension of the deposit will
also be carried out during the year with five targets presently defined.
Currently, an initial 6,300 metres of drilling has been designated for this
program, which will likely expand, pending the drill results.


Carpathian's objective is to commence the construction of this project in the
first half of 2011, with the goal of the commencement of gold production in the
latter half of 2012.


Rovina Valley Project, Romania

As previously announced, a 20,000 metre drilling program is underway on the 100%
owned Rovina Valley Project ("RVP"), Romania. The primary objective of this
program is to drill a combination of in-fill holes and lateral extension holes
on the Ciresata gold-rich copper porphyry in order to build upon the size of the
deposit. This work program follows the successful drilling in 2010 that expanded
the deposit at depth by an additional 280 to 300 metres below previous drilling.



Based on drill results to date, a second drill rig is being mobilized to the
project and an additional two to three drill rigs will follow. The objective is
to accelerate the pace of drilling and to add an additional +15,000 metres of
drilling on the project in order to continue to evaluate the depth and lateral
extension of the Ciresata porphyry, provide further upgrading on the remaining
inferred resources on both the Colnic and Rovina porphyry systems and test
satellite targets. 


Bulk sample metallurgical test work for pre-feasibility/feasibility design
purposes will be completed in 2011 along with additional detailed geotechnical
work, mining and process design work following the recommendations of the
Preliminary Economic Assessment study completed in 2010. 


The objective of this expanded work program is to complete a new resource on the
entire project, with the goal of providing a resource to be dominantly in the
measured plus indicated category and expected for completion by the end of 2011.
This information along with the other technical work programs will be utilized
in a pre-feasibility/feasibility study to be completed within the first half of
2012.


The long lead environmental, social and permitting programs will also be
expanded during the year. All of the documentation to convert the current
Exploration License to a Mining License has been submitted as per the norms of
the National Agency of Mineral Resources ("NAMR") for their review and
acceptance.


About Carpathian 

The Corporation is an exploration and development company whose immediate
business interest is to develop gold production in the near term at its 100%
owned Riacho dos Machados Gold Project in Brazil. Currently, the Feasibility
Study for the RDM Gold Project is being completed. 


As the RDM Gold Project is being developed to the production phase, the
Corporation will advance its exploration and development plans for it's 100%
owned Rovina Valley Au-Cu Project located in Romania. When the Rovina Project is
brought into production, this will elevate the Corporation's gold output
resulting in it becoming a substantial mid-tier gold producer.


On a company wide basis, the Corporation currently hosts NI 43-101 resources of
3.88 million ounces of gold in the measured plus indicated categories and 4.58
million ounces of gold in the inferred category plus 759.1 million pounds of
copper in the measured plus indicated category and 663.1 million pounds of
copper in the inferred category. 


The Riacho dos Machados 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 gold production in late 2012. 


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.