CarpathianCarpathian Gold Inc.Gold Inc.

NearNear--Term Gold ProducerTerm Gold ProducerSeptember 2010September 2010

Carpathian Gold Inc.Forward-Looking Statements

Statements made in this presentation may be deemed "forward-looking statements". Forward-looking statements arefrequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, and othersimilar words, or statements that certain events or conditions “may” or “will” occur. All statements in this release, other thanstatements of historical facts, that address future exploration drilling, exploration activities and events or development that theCorporation expects are forward-looking statements Although the Corporation believes the expectations expressed in suchCorporation expects, are forward looking statements. Although the Corporation believes the expectations expressed in suchforward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performanceand actual results or developments may differ materially from those in forward-looking statements. Factors that could causeactual results to differ materially from those in forward-looking statements include market prices, exploitation and explorationsuccesses, continued availability of capital and financing, and general economic, market or business conditions. There canbe no assurance that forward looking statements will prove to be accurate as results and future events could differ materiallybe no assurance that forward-looking statements will prove to be accurate, as results and future events could differ materiallyfrom those anticipated statements. The Corporation undertakes no obligation to update forward-looking statements ifcircumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue relianceon forward-looking statements.

This presentation includes resource information that is compliant with National Instrument 43-101, unless otherwise specified.

2

Carpathian Gold Inc.Company Highlights

• Two prolific gold development projects

• Global resource of 12+ MM oz Au Eq*

(8.46 million ounces Au; 1.4 billion Ibs Cu)

• Robust Preliminary Economic Assessments Completed

• Construction decision in 2010

• Production targeted to commence in late 2011 at +100,000 oz Au gannually with built-in growth profile of up to 400,000 oz Au annually

• Substantial exploration upside

• Attractive valuation at 0.3x NAV versus development and exploration peers at 1.0x and 0.6x NAV, respectively

3

• Proven management and board

* Global mineral content for information purposes only as N.I. 43-101 does not allow summation of Measured + Indicated + Inferred Resources

Carpathian Gold Inc.Capitalization

Capital Structure Ticker: TSX:CPNOne-Month Trading Range: C$0.315 – C$0.52Basic Shares Outstanding: 288MMOptions/Warrants Outstanding: 46 MMMarket Capitalization (F/D): ~C$115 MMCash on hand plus available cash: ~C$27MMDebt: $0

Strike ExpiryOptions

21.1 MM $0.40 May 2013Warrants

11.9 MM $0.33 May 201210.9 MM $0.45 Dec 20111.3 MM $0.23 May 20111.2 MM $0.34 Dec 2011

Enterprise Value (F/D) (excludes available cash):

~C$110 MM

Management/Directors/Insiders ~48%Institutions ~25%

$Total

46.4 MM $0.39

One-Year Share Price Graph

4

Carpathian Gold Inc.Management & Board

• Dino Titaro, M.Sc., P. Geo, Director, President and CEO

– Former President and CEO of A.C.A. Howe International

– Director of Yamana Gold (TSX:YRI)

• Peter Lehner, Chairman

– Held senior management positions in financial institutions and commodity trading & shipping companies

Management Board

• Daniel Kivari, P. Eng., COO

– 32 years experience in underground and open pit operations

– Former VP Operations for the start-up and pre-operations of the Chapada copper/gold porphyry deposit, Brazil

– Former director of Addax & Oryx Advisory and Axmin (TSXV:AXM)

• Julio Carvalho– Over 38 years experience in the Brazilian mining sector

– Former senior positions with Peak Gold (previously TSX:PIK), Goldcorp (TSX:G) and Rio Tinto (ASX:RIO)

• Randall K. Ruff, M.Sc., Executive VP Exploration

– Over 15 years experience in exploration in the western U.S., east and west Africa, and central Europe

– Worked as the project geologist for the fast-track discovery-to-

Goldcorp (TSX:G) and Rio Tinto (ASX:RIO)

– Current President and Director of Rio Novo Gold (TSX:RN)

• Guy Charette – Over 25 years experience in securities law involving resource

transactions and exploration and development finance p j g g ypre-feasibility advancement of the Kukuluma and Matandani gold deposits at Geita,Tanzania

• Linda Prager, CA, CFO

– 10 years accounting and finance experience

• John W. W. Hick– President & CEO of Medoro Resources (TSX:MRL)

– Numerous past senior management positions including CEO of Rio Narcea Gold (previously TSX:RNG), and Chairman of Rayrock Resources Inc

• Alexandru Nicolici, Geologist, Romanian Country Manager

– 20 years experience in Romania as a geologist and manager

– Former CEO of CUART SA, the regional state-owned mineral exploration company in Romania

Resources Inc

• Patrick J. Mars – Over 30 years experience in the investment industry including

serving as CEO and director of Alfred Bunting and Co.

– Director of Yamana Gold (TSX:YRI) and Aura Gold (TSX:ORA)

5

p p y

Carpathian Gold Inc.Key Assets

Riacho dos Machados (“RDM”) Rovina Valley Project (“RVP”)

BrazilB hiMinas

Gerais

Bahia

Yamana Properties

Riacho dos Machados(Feasibility Stage) Rovina Valley Project

(PEA Completed)

Romania

100%-owned high grade, brownfields, gold project 100%-owned 3 porphyry gold-copper discoveries

Fuzerradvany Concession (Hungary)

Major Deposits

Gold-Copper Deposit

Kinross Properties

Eldorado Property

Q3-2010 feasibility; Q4-2011/Q1-2012 targetedcommencement of production of ≈100,000 oz Au/yr

Pre-feasibility/feasibility stage

6.9 MM oz Au + 1.45 Blbs Cu total resource*

1.505 MM oz Au total resources*

NPV5% of US$123 MM (@ US$900 Au/oz); based on PEA study

NPV8% of US$316 MM (@ US$900 Au/oz & US$2.25/lb Cu); NPV8% of US$731 MM (@ US$1,000 Au/oz & US$3:00/lb Cu)

Deposit remains open in all directions – recent

6

Upside at depth, along strike and in new zone targets

Deposit remains open in all directions – recent drill hole (RGD-17), 716 m of 1.14 g/t Au & 0.16% Cu

* Global mineral content for information purposes only as N.I. 43-101 does not allow summation of Measured + Indicated + Inferred Resources

Carpathian Gold Inc.RDM – Potentially Prolific Mining Camp

7

Carpathian Gold Inc.RDM – Property Map

RDM

0 km

4

(21,000 ha)

(1,000 ha)

8

Carpathian Gold Inc.RDM – Key Advantages

• Substantial scaleSubstantial scale – 22,000 ha of licenses

– 55,000 m of exploration drilling completed

• Brownfields development South end of 1,350 m long open pitSouth end of 1,350 m long open pitSouth end of 1,350 m long open pit• Brownfields development– Existing infrastructure (roads, power, water and facilities)

– Mining concession status for quick re-activation of production

– Ownership of surface rights for surrounding mine area

I iti l d l t it l t d

, g p p, g p p, g p p

– Initial development permits completed

• Robust project economics (from PEA study) & short lead time to production

100 000 A ll CIL i

North end of 1,350 m long pit

120 m deep

North end of 1,350 m long pitNorth end of 1,350 m long pit

120 m deep120 m deep– ≈ 100,000 oz Au annually, CIL processing

– Low cash cost & low capital requirements

– Initial open pit operation of +7 years targeted to commence Q4 2011/Q1 2012

– Feasibility study results by Q3/Q4 2010

120 m deep exploration shaft

120 m deep exploration shaft

120 m deep exploration shaft

• Significant upside– Updated NI 43-101 Resource as of July 2010 - 1.505MM oz. Au

– 200% increase in the open-pit M&I category with 812.3 koz. Au

9

– Open at depth, along strike and in additional gold mineralized shear zone targets

West pit wall and exploration shaftWest pit wall and exploration shaftWest pit wall and exploration shaft

Carpathian Gold Inc.RDM – Open Pit/Underground Model

10* At US$950/oz Au pit shell with underground mineralization

Carpathian Gold Inc.RDM – PEA Results (July 2009)

Mine Type: Open Pit

Ore Processing Rate:6,000 tpd

2.2 MM tpa

LOM Strip Ratio: 9:1LOM Strip Ratio: 9:1

Tonnes Produced & Average Mill Feed Grade: 15.2 MM tonnes @ 1.65 g/t Au

Recovery: 90%

Annual Production: 102,050 oz Au

Total Recoverable Gold Production LOM: 725,645 oz

Mine Life: 7.11 years

Operating Cost: US$20.45/t ore

Royalty 2%

OptimizationPotential

y y

Effective Tax Rate: 15.25%

Refining / Transport / Insurance Cost: US$10/oz Au

Total Cash Cost: US$428/oz Au

I iti l C it l C t US$113 MMInitial Capital Cost: US$113 MM

Total Capital Cost, including sustaining capital: US$125.5 MM

NPV5% (after tax, @ US$900/oz Au): US$123 MM

Payback Period (@ US$900/oz Au): 2.9 years

11Source: Riacho Dos Machodos Gold Project Preliminary Economic Assessment Study prepared by a consortium of engineering companies led by NCL Brasil Ltda, August 2009

Payback Period (@ US$900/oz Au): 2.9 years

IRR (@ US$900/oz Au): 32%

Carpathian Gold Inc.

Hi hli ht NPV S iti it (US$MM)

RDM – PEA Summary Overview

Highlights NPV Sensitivity (US$MM)

Average annual production of 102,000 ounces of gold per annum over an initial 7.1 year mine life

GOLD PRICE (US$/oz)

$750 $800 $850 $900 $950 $1,000Operating cash cost of US$428 per gold ounce

Project after tax NPV of US$123.3 MM based on a 5% discount rate and a gold price of US$900 per ounce

P j t IRR f 32 0% ith 2 9 b k

$ $ $ $ $ $ ,

iscoun

t Rate

0.0% $ 92.3 $ 122.4 $ 152.6 $ 182.7 $ 212.9 $ 243.0

2.5% $ 70.4 $ 97.0 $ 123.7 $ 150.3 $ 176.9 $ 203.5

5.0% $ 52.4 $ 76.0 $ 99.7 $ 123.3 $ 147.0 $ 170.6

7 5% $ 37 4 $ 58 6 $ 79 7 $ 100 8 $ 121 9 $ 143 0

Au Production and Cash Costs Cash Flow

Project IRR of 32.0%, with a 2.9 year payback on initial Project capital expenditures

Di 7.5% $ 37.4 $ 58.6 $ 79.7 $ 100.8 $ 121.9 $ 143.0

10.0% $ 25.1 $ 44.0 $ 62.9 $ 81.9 $ 100.8 $ 119.8

Au Production and Cash Costs Cash Flow

80

100

120

000s

)

$400

$500

$600

$40

$60

ons

0

20

40

60

1 2 3 4 5 6 7 8

Gol

d oz

(0

$0

$100

$200

$300 US$

$0

$20

$40US

$ M

illio

12

1 2 3 4 5 6 7 8Year

Production Cash Costs

$01 2 3 4 5 6 7 8

Year

Source: Riacho Dos Machodos Gold Project Preliminary Economic Assessment Study prepared by a consortium of engineering companies led by NCL Brasil Ltda, August 2009

Carpathian Gold Inc.RDM – Site Development Plan

Water reservoir

Tailings

Water reservoir

Mine Buildings & Plant

Pit Outline

Waste

13Source: Riacho Dos Machodos Gold Project Preliminary Economic Assessment Study prepared by a consortium of engineering companies led by NCL Brasil Ltda

Carpathian Gold Inc.RDM – Extension Potential

• Multiple on-strike exploration targets– Gold mineralization correlates with arsenic-in-soil anomaly over 14 km strike length shear zone

– Good potential for both oxide and sulphide gold mineralization along strike

– Several drill holes intercepted 1 – 15 g/t Au intervals

Open Pit Expansion Exploration Targets

As contours50 ppm blue120 ppm green240 ppm black860 ppm red

Further optimization open pit with potential to deepen it. Further optimization open pit with potential to deepen it.

Examine bringing in an underground operation in year 3 Examine bringing in an underground operation in year 3 of that could add ≈ 60K oz/yr for a total of a ≈ 160K oz/yrof that could add ≈ 60K oz/yr for a total of a ≈ 160K oz/yrand extend mine life to 10 yrs.and extend mine life to 10 yrs.

FUTURE GROWTH UPSIDE FUTURE GROWTH UPSIDE

RDM Mine1.5 Moz Au*RDM Mine

1.5 Moz Au*

Immediate on-strike potential.

Property potential to provide additional feed from several satellite deposits..

14* Global mineral content for information purposes only as N.I. 43-101 does not allow summation of Measured + Indicated + Inferred Resources

Future On-Strike Growth Targets

p y p p p

Carpathian Gold Inc.RDM – Underground Potential

• Underground mineable resource (inferred) of 332,000 oz (4.0 MM t @ 2.57 g/t Au)

– ~250 m below pit shell– Additional potential of 1.1 MM oz (@ 2.9 g/t

Au)

Mineralization Cross Section

PEA Open PitAu)

• 60,000 oz Au per year production – Production would potentially start in the

third year of open pit operation

p

third year of open pit operation

• 5.5 year mine life

$365/o A cash cost Zone identified with• ~$365/oz Au cash cost– $30/t ore operating cost

• US$57.5 M capital cost

Zone identified with immediate economic underground mining

potential

• Pre-tax NPV5% of US$51.3 MM for expansion to an underground mine (@ US$900/oz Au)

15

– 35% IRR – EBITDA of approx. US$25 MM/yr

Source: Riacho Dos Machodos Gold Project Preliminary Economic Assessment Study prepared by a consortium of engineering companies led by NCL Brasil Ltda

Carpathian Gold Inc.RVP – Three Au-rich Cu Porphyry Deposits

Romania

Rovina Valley Project (RVP)

16

Carpathian Gold Inc.RVP – Property Map

2

Known depositsEpithermal-stylePorphyry-style

Au Cu Pb+Zn+Cu minor Au-Ag

Rovina

boun

dary

Rovina Cu + Au PorphyryGlobal Resource: 3.10 Moz Au Eq*

Rovina License – 94 km2

Au-Cu Pb Zn Cu minor Au Ag

Au+Ag minor base metals

Area of phyllic alterationmapped by Carpathian Gold

Area of hydrothermal alterationfrom historical record

Colnic

na li

cenc

e b

Colnic Au + Cu Porphyry

Rov

inGlobal Resource: 3.69 Moz Au Eq*

Cordurea TargetDacite & Dacite Breccia

Cordurea

CiresataBarza group of deposit

Valea Morii

Rocks 0.32 – 2.16 g Au/tDumps up to 101 g Au/t, 2.4 Kg Ag/t

Valisoara Au - (Pb-Zn) Target

500m250m0mValisoara

PorcureaCiresata Au + Cu Porphyry Resource: 3.96 Moz Au Eq*

“Still open in size”

( ) gBreccia Zone 0.6 – 4.0 g Au/t

17* Au Eq:$675 /oz Au; $1.80 /lb Cu. Global mineral content for information purposes only as N.I. 43-101 does not allow summation of Measured + Indicated + Inferred Mineral Resource

500m250m0m

Carpathian Gold Inc.RVP – Key Advantages

• Large Scale 40,000 t/d Project Golden Quadrilateralg , j– 10.7 MM oz Au Eq* total resource

• Attractive project economics (from PEA study)A 196 000 A & 49 4 MM lb C

Q

•25 km

Rosia Montana (GBU)

14 Moz Au

Rosia Poieni– Ave. 196,000 oz Au & 49.4 MM lb Cu annual production over LOM

– US$379/oz cash cost

– Standard flotation process producing a saleable Cu concentrate

•34

km

•17 km

(State) Cu-Au Porphyry

– 19 year mine life (LOM)

• Good location in improving jurisdictionLocated in Golden Quadrilateral

Certej (EGU) 3.5 Moz Au Eq*

Rovina Valley Project (CPN)

>10.7 Moz Au Eq*(includes >6.9 Moz Au)

– Located in Golden Quadrilateral

• Emerging modern mining district

• > 55 MM oz Au of historic production

• Substantial existing infrastructure (roads, water and power)and power)

– Improving Romanian operating environment

• Government encouraging investment and sustainable growth

18

• 16% corporate tax rate

• Streamlined permitting process

* Au Eq:$675 /oz Au; $1.80 /lb Cu. Global mineral content for information purposes only as N.I. 43-101 does not allow summation of Measured + Indicated + Inferred Mineral Resource. Au Eq1 (Au + Ag)

Carpathian Gold Inc.RVP – PEA Results (March 2010)

Mine Type: Open Pit & Underground

Ore Processing Rate:20,000 tpd Open Pit

20,000 tpd UndergroundTotal 14.4 MM tpa

Tonnes Produced & LOM Average Mill Feed Grade: 265 MM tonnes of 0.66 g/t Au & 0.18% CuRecovery: 68% Au & 91% CuRecovery: 68% Au & 91% CuConcentrate Production (wet metric tonnes) 122,000 tpaConcentrate Grade (dry) 50 – 60 g Au/t; 18% - 22% Cu

Annual Production: 196,000 oz Au49.4 MM lb Cu

Mine Life: 19 yearsMine Life: 19 yearsTotal Recoverable Production LOM 3.72 MM oz Au & 938 MM lbs Cu

Operating Cost: US$8.49/t ore Open PitUS$11.51/t ore Underground

Payability: 97.5%Royalty: 4%Total Cash Cost (net of Cu credits): US$379/oz AuInitial Capital Cost: US$509 MMTotal Capital Cost, including sustaining capital: US$786.4 MM

NPV8% (pre-tax, @ US$900/oz Au & US$2.25/lb Cu): US$316 MM

Payback Period: (@ US$900/oz Au & US$2.25/lb Cu) 4.9 yearsIRR: 15.7%

19

Flotation Plant Location  Ciresata

Au + Cu PorphyryRovina

Cu + Au PorphyryColnic

Au + Cu Porphyry

Source: Rovina Valley Au-Cu Project Preliminary Economic Assessment Study prepared by a consortium of engineering companies led by PEG Mining, March 2010

Carpathian Gold Inc.

Highlights NPV Sensitivity (US$MM)

RVP – PEA Summary Overview

Highlights NPV Sensitivity (US$MM)

Average annual production of 196,000 ounces of gold & 49.4 million pounds of copper (327,000 Au-eq oz) over a 19 year mine life.

Financial Model(pre-tax)

Base CaseUS $900/oz AuUS $2.25/lb Cu

Near SpotUS $1,000/oz AuUS $3.00/lb Cu

Operating cash cost per ounce with Cu as a by-product credit of US $379 per gold ounce or US $483 per ounce gold as co-product basis.

Project pre-tax NPV of US $316 million based on a 8% discount rate and a gold price of US $900 per ounce & copper of US $2.25/lb

NPV0 $1,357 $2,351

NPV5 $569 $1,130

NPV8 $316 $731

$ $

Au-eq Production and Cash Costs with Cu as a by-product Credit Net Annual Cash Flow

Project IRR of 15.7%, with a 4.9 year payback on initial Project capital expenditures

NPV10 $200 $544

IRR 15.7% 24.2%

a by-product Credit Net Annual Cash Flow

$300$350$400$450$500

300350400450500

000s

)

$100$120$140$160$180

lions

$0$50$100$150$200$250$300

050

100150200250300

1 2 3 4 5 6 7 8 9 10

US$

Gol

d Eq

. oz

( 0

$0$20$40$60$80

$100U

S$ M

il

20

1 2 3 4 5 6 7 8 9 10Year

Production Cash Costs

1 2 3 4 5 6 7 8 9 10Year

Source: Rovina Valley Au-Cu Project Preliminary Economic Assessment Study prepared by a consortium of engineering companies led by PEG Mining, March 2010

Carpathian Gold Inc.RGD-17

RVP – Room for Growth

Ciresata Porphyry Mineralized Section of

Drill hole RGD-17N T

ower

553

m

716 m of1.14 g/t Au & 0.16% Cu

CN

21Drawing by Zhen

© SkyscraperPage.com

Carpathian Gold Inc.Upcoming Milestones

2010 2011 2012 2013Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Brazil

Updated NI 43-101 Resource

Feasibility Study

Mine Financing

Permitting & Construction

Production

Studies For Production Rate Expansion

Additional Infill & Regional Exploration

Romania

PEA Study

EIA/SIA programs

Drilling & Expansion of Ciresata Porphyry

Updated NI 43-101 Resourcep

Feasibility Study

Permitting & Construction

Production

22

Regional Exploration Drilling

Carpathian Gold Inc.NI 43-101 Resource Estimate

Riacho dos Machados – RDM

Category Tonnage Grade(g/t Au)

Contained Metal(oz Au)

M&I Resource 17,252,000 1.46 812,300 I f d R 11 101 000 1 94 692 900

Rovina Valley Project – RVP

Category TonnageGrade

(g/t Au)Contained Metal

(oz Au)

Inferred Resource 11,101,000 1.94 692,900

(g ) ( )

M&I Resource 193,100,000 0.49 3,070,000Inferred Resource 177,700,000 0.68 3,890,000

Category Tonnage Grade(%Cu)

Contained Metal(Cu lbs)( ) ( )

Total Resources

M&I Resource 193,100,000 759,100,000Inferred Resource 177,700,000 663,100,000

0.180.17

M&I Resource 210,352,000 3,880,000 oz AuInferred Resource 188,801,000 4,580,000 oz Au

Category Tonnage Contained Metal

23

M&I Resource 193,100,000 759,100,000 lbs CuInferred Resource 177,700,000 663,100,000 lbs Cu

Metal Prices: For RDM Resources – US$950/oz Au; For RVP Resources – US$675/oz Au & US$1.80/lb Cu

Carpathian Gold Inc.Production & Cash Flow Profile

Gold Production Profile

*

356398500

600

Au)

$500

$600

Au)

RVP ProductionRDM Production (Open Pit)RVP Cash Cost (net of Cu credits)RDM Cash Cost (Open Pit)

(Gold Only) *

100 104 98 113

262

356

200

300

400

Prod

uctio

n (0

00 o

z A

$200

$300

$400

Cas

h C

ost (

US$

/oz

A

Cash Flow Profile

0

100

2011 2012 2013 2014 2015 2016 2017 2018

P

$0

$100 C

Cash Flow Profile

$221$210

$150

$200

$250

S$ M

M)

RVP Cash FlowRDM Cash Flow (Open Pit)

*

$37$50 $44

$57$47

$50

$100

$150

Cas

h Fl

ow (U

S

24* RVP generates Cu production of 61 MM lb in 2016, 53 MM lb in 2017, and 56 MM lb in 2018Source: 2009 RDM PEA Study assuming US$900/oz Au and 2010 RVP PEA Study, assuming US$900/oz Au &US$2.25/lb Cu

$02011 2012 2013 2014 2015 2016 2017 2018

Carpathian Gold Inc.Comparable Valuations(US$ millions, unless otherwise noted) Share Market Enterprise Resources EV / ResourcesCompany Price Cap Value M+I Total M+I Total P / NAV

12-Aug-10 (US$MM) (US$MM) (000 oz) (000 oz) (US$/oz) (US$/oz)

Gold Developers

Detour Gold Corporation C$27.92 $2,328 $1,763 17,203 22,412 $102 $79 1.1xGabriel Resources, Ltd. C$4.71 $1,765 $1,518 12,355 14,352 $123 $106 1.3xSeabridge Gold, Inc. C$26.50 $1,056 $986 46,415 64,213 $21 $15 n/a Perseus Mining Ltd A$2 27 $875 $665 3 334 6 264 $200 $106 0 8xPerseus Mining Ltd. A$2.27 $875 $665 3,334 6,264 $200 $106 0.8xFronteer Gold Inc C$6.75 $820 $633 3,292 5,021 $192 $126 1.0xGuyana Goldfields Inc. C$7.93 $667 $548 3,214 4,579 $171 $120 1.3xMedoro Resources Ltd. C$2.04 $540 $368 8,411 11,021 $44 $33 1.4xGreystar Resources Ltd. C$3.67 $322 $185 9,824 11,167 $19 $17 0.5xLuna Gold Corp. C$0.55 $223 $201 1,038 1,485 $194 $135 n/a Victoria Gold Corp. C$0.70 $193 $136 2,691 3,854 $51 $35 0.5xRio Novo Gold Inc. C$1.35 $117 $84 653 912 $128 $92 n/a

Group Average $113 $79 1.0xGroup Median $123 $92 1.1x

Gold Explorers

Exeter Resource Corporation C$6.30 $514 $448 14,335 24,289 $31 $18 0.5xRainy River Resources Ltd. C$6.02 $448 $372 2,375 5,035 $157 $74 0.9xy $ $ $ , , $ $International Tower Hill Mines Ltd. C$6.49 $439 $381 10,961 13,718 $35 $28 0.9xAmpella Mining Limited A$1.66 $287 $268 n/a 1,194 n/a $224 n/a Keegan Resources Inc. C$6.30 $294 $238 2,013 3,460 $118 $69 0.8xQueenston Mining Inc. C$3.35 $229 $184 1,122 2,519 $164 $73 0.5xVolta Resources Inc. C$1.50 $167 $116 1,241 2,611 $94 $45 0.6xSandspring Resources Ltd. C$1.35 $125 $106 2,903 3,801 $37 $28 0.4xRio Alto Mining Limited C$0 88 $112 $70 1 882 1 977 $37 $36 0 6xRio Alto Mining Limited C$0.88 $112 $70 1,882 1,977 $37 $36 0.6xSulliden Gold Corporation Ltd. C$0.65 $98 $72 1,044 1,334 $69 $54 0.7xMagellan Minerals Limited C$0.97 $84 $63 269 368 $232 $170 n/a Oromin Explorations Ltd. C$0.81 $81 $58 1,632 1,894 $35 $30 0.5xBelo Sun Mining Corp C$0.43 $64 $53 840 2,665 $63 $20 n/a

Group Average $89 $67 0.6xGroup Median $66 $45 0 6x

25Notes: - Assumes 0.96 US$/C$ and 0.90 US$/A$ exchange rates

- NAVs based on consensus analyst estimates- Carpathian NAV based on RDM after-tax NPV5% of US$123MM, plus RVP pre-tax NPV8% of US$316 MM (reduced by 16% for post-tax estimate), plus ~C$22 MM diluted cash balance

Group Median $66 $45 0.6x

Carpathian Gold Inc. C$0.35 $106 $83 3,887 8,466 $21 $10 0.3x

Carpathian Gold Inc.Summary

• Two prolific gold development projects

• Global resource of 12+ MM oz Au Eq*

(8.46 million oz Au; 1.4 billion Ibs Cu)

• Robust Preliminary Economic Assessments Completed

• Construction decision in 2010

• Production targeted to commence in late 2011/early 2012 at +100,000 g yoz Au annually with built-in growth profile of up to 400,000 oz Au annually

• Substantial exploration upsideSubstantial exploration upside

• Attractive valuation at 0.3x NAV versus development and exploration peers at 1.0x and 0.6x NAV, respectively

26

• Proven management and board* Global mineral content for information purposes only as N.I. 43-101 does not allow summation of Measured + Indicated + Inferred Resources