Carpathian Obtains Initial Permitting for the development of the RDM Gold Project, Brazil
(Toronto, Ontario – April 15, 2010) Carpathian Gold Inc. (CPN:TSX) (the “Corporation” or “Carpathian”) wishes to report that it has received the Licença Previa (“LP”), the first of three permits, that allows Carpathian to proceed to build, develop and operate the 100% owned Riacho dos Machados (“RDM”) Gold Project, located in Minas Gerais State. In addition, the definitive feasibility study is progressing on-target for completion at the end of the second quarter of 2010.
Mineração Riacho dos Machados (“MRDM”), the wholly owned Brazilian subsidiary of Carpathian has received the approval for the Licença Previa (“LP”), which is the first of three permits that are required by the Brazilian environmental agency, COPAM, that now allows Carpathian to proceed to build, develop and operate the RDM Gold Project. Carpathian can now initiate land works on the project, such as pre-stripping, construction of the tailings dam and land clearing for the infrastructure. With support documentation from the on-going feasibility study Carpathian will advance to the next step in obtaining the Licença Instalaçấo (“LI”) that will allow construction to begin on the project. The anticipated target date for the LI to be granted is July of this year. The final permit, the Licença Operaçấo (“LO”), which is the final permit required to operate the mine will be obtained when the construction of the project is nearly complete.
Carpathian is also pleased to announce that Hatch Brasil has been commissioned to oversee the completion of the feasibility and will be retained for the management of the engineering, procurement, construction, and the cost control of the project.
The feasibility study is progressing with the anticipated completion at the end of the second quarter. Geologic modelling for the new resource estimate has been completed and includes all data from the phase II in-fill drilling program within the Preliminary Economic Assessment open pit design. This new resource estimate, which is currently underway, will likely be released in conjunction with the reserve estimate at the same time as the public release of the NI 43-101 compliant feasibility study. The results of the in-fill drilling program indicate that the conversion rate of inferred resources to the measured plus indicated category will likely exceed the target of 95%.
About Carpathian
The Corporation is an exploration and development company whose primary business interest is developing near-term gold production on its 100% owned Riacho dos Machados Gold Project in Brazil, which is currently in the feasibility study stage, along with progressing its exploration and development plans on its 100% owned Rovina Valley Au-Cu Project located in Romania. For additional information on the projects, visit the Corporations website at www.carpathiangold.com.
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The TSX does not accept responsibility for the adequacy or accuracy of this news release.
For more information please contact:
Dino Titaro, President & CEO,
Or
Mike O’Brien, Manager Investor Relations
Tel. +1 (416) 368-7744 (CAN)
Fax. +1 (416) 260-2243 (CAN)
e-mail: info@carpathiangold.com
Website: www.carpathiangold.com
Paradox
Investor Relations, Montreal
Tel. +1 (514) 341-0408 or
1-866-460-0408
Fax. +1 (514) 341-1527
e-mail: info@paradox-pr.ca
Toni Vallen
Seton Services, UK
Tel. +44 207 229 3177
e-mail: toni@setonservices.co.uk
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.