Update on the Rovina Valley Project, Romania;
Drilling intersects 516 m at 1.11 g/t Au eq.,
Including, 177 m at 1.48 g/t Au eq. at Ciresata Porphyry

(Toronto, Ontario – October 22, 2008) Carpathian Gold Inc. (CPN:TSX) (the “Corporation” or “Carpathian”) is pleased to provide an update on exploration activities on the Rovina Valley Project (“RVP”) located within its 100% owned Rovina Exploration License in central Romania.  The RVP includes three gold-copper porphyry deposits with recent diamond drilling focusing on the Ciresata Porphyry which was discovered earlier this year, and is located approximately four km south of the Colnic and Rovina porphyries.  A total of 71,000 m of diamond drilling has been completed by Carpathian on the RVP in the last 2.5 years, resulting in the identification of three Au-Cu porphyries.  Present efforts are focused on a resource estimation update and an economic evaluation study to guide the next phase of work.

Drilling

Three additional drill holes at Ciresata (RGD-13 to 15, inclusive) have been completed since the last set of drill results were reported in our press release dated August 5, 2008.

Drill hole RGD-13 is a 100 m step-back hole from RGD-12 and intersected gold-copper mineralization beginning at 121 m down the hole to the end of hole at 637 m with the following intersections:

516 metres of 0.79 g/t Au and 0.15 %Cu (1.11 g/t Au eq.*) and includes higher grade zones of;

177 metres of 1.12 g/t Au and 0.17%Cu (1.48 g/t Au eq.*) and;

114 metres of 1.24 g/t Au and 0.14%Cu (1.54 g/t Au eq.*)
* Note: gold (Au) and copper (Cu) equivalents utilize gold at $650 USD/oz and copper at $2.00 USD/lb. Metallurgical recoveries are not considered.

This drill hole confirms the grade tenor intersected in hole RGD-12 and extends this mineralization 100 m to the west which is still open.  In addition, this drill hole ended in high-grade mineralization at 550 m vertical depth, similar to many of the drill holes in the core of the Ciresata Porphyry, indicating mineralization continues to be open at depth.  Drill holes RGD-14 and RGD-15 tested for mineralization extensions to the north and northeast respectively.  Both drill holes intersected porphyry-related potassic alteration and anomalous Au-Cu mineralization at depth.  Drill hole RGD-14 intersected 236 m at 0.21 g/t Au and 0.06% Cu (0.34 g/t Au eq.).  RGD-15 intersected 72 m at 0.14 g/t Au and 0.07% Cu (0.29 g/t Au eq.).

A total of 15 widely-spaced drill holes (totaling 7,172 m) have now been completed on the Ciresata Au-Cu Porphyry this year.  The core of Au-Cu mineralization occurs within quartz-pyrite-chalcopyrite vein stockworks and disseminated pyrite and chalcopyrite.  This mineralization is also hosted equally in a Tertiary-aged hornblende-feldspar porphyry and hornfelsed Cretaceous-aged sediments.  The presently drill-defined mineralized zone covers an area of approximately 350 m by 400 m.  Mineralization starts at 50 to 120 m below a surface cover of magnetite-altered andesite and extends to 600 m below the surface and remains open at depth and to the northwest, west and south.  The core of the presently defined mineralization includes high-grade porphyry Au grades as shown by the previously reported intersections:

RGD-8: 325.65 m with 1.04 g/t Au and 0.16% Cu (1.38 g/t Au eq.) (Press release July 7, 2008)

                RGD-12: 255.7 m with 1.50 g/t Au and 0.24% Cu (2.01 g/t Au eq.) (Press release August 5,              2008)
* Note: gold (Au) and copper (Cu) equivalents utilize gold at $650 USD/oz and copper at $2.00 USD/lb. Metallurgical recoveries are not considered.

“Based on these drilling results and the results announced earlier from the Ciresata Porphyry deposit (which was discovered earlier this year), we believe the Ciresata Porphyry will add significantly to the resource base of the Rovina Valley Project”, said Dino Titaro, President and CEO of Carpathian.  “The addition of the gold-rich porphyry complex of Ciresata into the Rovina Valley Project, which includes the Rovina and Colnic porphyry deposits four kilometres to the north, will complement the anticipated economic viability of an integrated mining operation.”

Carpathian has temporarily suspended drilling at the Project, including the Ciresata Porphyry, pending the results of an updated NI 43-101 compliant Resource Estimation (see below) and an economic evaluation study.  The results from this work will provide guidance for the follow-up drilling programs. 

A table with a complete list of down-hole intersections from drill holes RGD-13 to RGD-15 is presented at the end of this press release as well as drill hole location and orientation details.  In addition, a drill hole location plan map for all holes drilled to date on the Ciresata Porphyry can be found on the Corporation’s web site at www.carpathiangold.com.  Assay results from the first 12 drill holes (RGD-1 to RGD-12) have been reported earlier this year on February 27th, May 12th, July 7th, and August 5th.

Resource Estimation Update
As previously reported, a NI 43-101 compliant Resource Estimate update is progressing toward completion within this current quarter. This Resource Estimate is being completed by PEG Mining Consultants, of Ontario, Canada, and will include the Rovina, Colnic, and Ciresata porphyry deposits utilizing drilling completed in 2006, 2007, and through April 2008.  This Resource Estimate will update the NI 43-101 compliant Resource Estimate reported in May 2007 by AMEC Americas Ltd. (“AMEC”), which was based only on drilling completed in 2006 on the Rovina and Colnic porphyry deposits.
Metallurgical Sampling and Test Work Program
To complement the Resource Estimation and provide data for economic evaluations, further metallurgical sampling and test work for the RVP is underway.  This is in addition to the bench-scale test work completed by SGS-Lakefield on composite samples from the Rovina and Colnic porphyries in 2007 which concluded that a gold-rich saleable copper concentrate could be produced from Rovina and Colnic utilizing a conventional flotation recovery process (reported May 29, 2007).  Recent metallurgical work includes an Advanced Copper (QEMSCAN) and Gold Mineralogy Study by SGS-Lakefield on composite samples from Colnic and Ciresata.  Additional samples for bench-scale test work are presently being shipped to SGS-Geosol, in Belo Horizonte, Brazil, from the Rovina, Colnic, and Ciresata porphyries.  This work is geo-metallurgical in design and will examine recovery characteristics of various grade ranges and alteration types.  In addition, 1,110 m of metallurgical drilling at Rovina, Colnic, and Ciresata have been completed to collect a 6 tonne sample for pre-feasibility optimization metallurgical test work with the performing lab yet to be determined.

Sample Protocol

All samples collected from any program in Romania and Hungary are prepared and analyzed at the independent Rom Analize SRL Laboratory in Gura Rosiei, Romania, owned and operated by ISO Certified ALS-Chemex Laboratory, using industry standard fire assay techniques for gold on 50-gram sample charges with AAS finish. Copper is analyzed using the industry-standard method of aqua-regia digest on a 0.40-gram sub sample with an AAS finish. Coarse blanks, pulp blanks, pulp duplicates, core twins and known gold and copper standards are inserted on a routine basis. They consist of 15 per cent of submitted samples.  In addition, coarse rejects from 3% of the samples are periodically re-submitted for analysis.  For the current drill program a minimum of 3% of sample pulps are analyzed at the ISO Certified OMAC Laboratory in Ireland, for check assays. The drill assays reported in this press

release are from split HQ and NQ size diamond core with the remaining half retained for reference. All holes are sampled at one metre intervals from the top to the end of the hole.

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 properties in Romania as well as gold exploration on its development-stage property acquisition in Brazil.

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 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.

Diamond drill-hole intersection table for Holes RGD-13 to RGD-15 on the Ciresata Porphyry Project, Rovina License, Romania.

* Au & Cu Equivalent - utilizes gold at US $650/oz and copper at US $2.00/lb. Metallurgical recoveries not considered. A plan map of all drill hole locations to date can be found on the corporate website www.carpathiangold.com
eoh = end of drill hole

Location and orientation of diamond drill-holes at the Ciresata Porphyry project, Rovina Exploration License.