Cpn -march_1_2011_corporate_presentation_-_v2

Carpathian Gold Inc.

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Forward-Looking Statements

Statements made in this presentation 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 development 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.

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


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Company Highlights

•  Two prolific gold development projects

•  Global resource of 12.7+ MM oz Au Eq* (8.45 million oz Au; 1.4 billion Ib Cu)

•  Robust Preliminary Economic Assessments

•  Key long lead plant equipment purchased for the Ricaho dos Machados (“RDM”) Gold Project, Brazil

•  Up to US $97 million project financing mandated for RDM Gold Project

•  Production targeted to commence 2nd half of 2012 at ≈100,000 oz Au annually with built-in growth profile to 400,000 oz Au annually

•  Substantial exploration upside to still be realized

•  Attractive valuation at 0.5x NAV versus development and exploration peers at 0.8x and 0.6x NAV, respectively

•  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


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Capitalization

Capital Structure (as of March 1/11)

Ticker: TSX:CPN One-Month Trading Range: C$0.53 – C$0.64 Ave. Volume: ≈ 2.0 million/day Basic Shares Outstanding: 388.7 MM Options/Warrants Outstanding: 39.63 MM Market Capitalization (F/D): ~257C$ MM Cash on hand plus available cash: ~52.5C$ MM Debt: $0 Enterprise Value (F/D) (excludes available cash):

~C$204.5 MM

Management/Directors/Insiders Ownership ~35% Institutional Ownership ~30%

Strike Expiry Options 19.7 MM $0.40* May 2013 Warrants 10.7 MM $0.33 May 2012 7.8 MM $0.45 Dec 2011 0.23 MM $0.23 May 2011 1.2 MM $0.34 Dec 2011 Total 39.63 MM $0.39 *Average

One-Year Share Price Graph

Analyst (4) 12 month Target

+$1.25/sh


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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)

•  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

•  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-

pre-feasibility advancement of the Kukuluma and Matandani gold deposits at Geita,Tanzania

•  Guy Charette, Executive VP Corporate –  Over 25 years experience in securities law involving resource

transactions and exploration and development finance.

•  Linda Prager, CA, CFO

–  10 years accounting and finance experience

•  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

•  Peter Lehner, Chairman –  Held senior management positions in financial institutions and

commodity trading & shipping companies –  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) –  Current President and Director of Rio Novo Gold (TSX:RN)

•  David Danziger –  Over 25 years experience in audit, accounting and management

consulting and over 10 years specific in the mineral resource sector

–  Director of Cadillac Ventures (TSXV-CDC) and Renforth Resources (CNSX-RFR)

•  John W. W. Hick –  President of John W Hick Consultants Inc. –  Numerous past senior management positions including CEO of

Medoro Resources, Rio Narcea Gold (previously TSX:RNG), and Chairman of Rayrock 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)

•  Dino Titaro –  See Management description

Management Board


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Key Assets

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

  100% owned brownfields gold project

  Initial EIA permits in place

  1.5 million oz Au total resource*

  Feasibility Study being completed

  2nd half of 2012 targeted commencement of production of ~100,000 oz Au per annum

  Up to US $97 million project financing mandated

  Upside at depth, along strike and in new zone targets

  100% owned 3 porphyry gold-copper discoveries

  Pre-feasibility/feasibility stage

  6.9 million oz Au + 1.4 billion lb Cu total resource*

  NPV8% of US $731 million; 24% IRR (pre-tax) – Based on PEA study – US$1,000/oz Au & US$3.00/lb Cu

  Deposit remains open in all directions – Recent drill hole (RGD-17), 716 m at 1.14 g/t Au &

0.16% Cu

Brazil Minas Gerais

Bahia

Yamana Properties

Kinross Properties

Eldorado Property

Riacho dos Machados (Feasibility/Construction)

Riacho dos Machados (“RDM”) Production targeted for late 2012

Rovina Valley Project (“RVP”) Advanced Stage – highly leveraged to Gold

Major Deposits

Gold-Copper Deposit

Romania Rovina Valley Project (Drilling & pre-Feasibility)


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RDM – Potentially Prolific Mining Camp


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RDM – Key Advantages

* Total mineral content for information purposes only as NI 43-101 does not allow summation of Measured + Idicated + Inferred Resources Resource calculation assumes $950/oz Au

RDM Gold Project

•  Brownfields development –  Existing infrastructure (roads, power, water and facilities) –  Ownership of surface rights in place

–  EIA permits completed for construction

•  Robust project economics (from PEA study) & short lead time to production –  ~100,000 oz Au annual production

–  Low cash cost & low capital requirements –  Initial open-pit of 8 years targeted to commence in 2nd half of 2012

•  Feasibility being completed followed by construction decision

•  Key long lead Plant equipment already purchased

•  Up to US $ 127 million project financing arranged and mandated for project development

–  US $30 million gold sale agreement completed (included in cash & available cash) –  Up to US $97 million mandated with Macquarie Bank + Caterpillar Equipment leasing

•  Significant upside –  Updated NI 43-101 resource as of July 2010 – total* open-pit + underground resource

of 1.5 million oz Au –  Open at depth and along strike within a 14 km long gold mineralized shear zone with

numerous gold targets outlined –  Land area of 22,000 ha, with only a small portion (<20%) of the total area evaluated


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RDM – 2010 Resource Model

Open-Pit Resource M&I: 806.2 Koz Au (17,199 Kt at 1.46 g/t Au) Inf: 355.9 Koz Au (7,179 Kt at 1.54 g/t Au)

Underground Resource M&I: 6.2 Koz Au

(53 Kt at 3.63 g/t Au) Inf: 337 Koz Au (3,922 Kt at 2.67 g/t Au)

Resources still open along strike and at depth


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Key Changes & Optimization Parameters

For Feasibility

Study

RDM – PEA Results (July 2009)

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

Mine Type: Open Pit

Ore Processing Rate: 6,000 tpd

2.2 MM tpa

LOM 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: 7.1 years

Operating Cost: US$20.45/t ore

Royalty 2%

Effective Tax Rate: 15.25%

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

Total Cash Cost: US $428/oz Au

Initial Capital Cost: US $113 MM

Total Capital Cost, including sustaining capital: US $126 MM

NPV7.5% (after tax, @ US $1,000/oz Au): US $143 MM

Payback Period (@ US $1,000/oz Au): 2.5 years

IRR (@ US $1,000/oz Au): 41%

To be updated upon completion of feasibility study


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RDM – PEA* Summary Overview

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

NPV Sensitivity

Au Production & Cash Costs Cash Flow

* To be updated upon completion of feasibility study


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RDM – Site Development Plan

Tailings

Pit Outline

Water reservoir

Waste

Mine Buildings & Plant

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


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RDM – Immediate Growth Potential

•  Underground mineable resource (inferred) of 332,000 oz –  4.0 MM t @ 2.57 g/t Au, ~250 m below pit shell

•  60,000 oz Au per year production –  Potentially start in the third year of open-pit operation –  5.5 year mine life –  ~US $365/oz Au cash cost ($30/t ore operating cost) –  US$58 MM capital cost

•  Pre-tax NPV5% of US $51 MM for expansion to an underground mine (@ US $900/oz Au)

–  35% IRR; ~US $25 MM per annum EBITDA

•  Further potential of 1.1 MM oz (@ 2.9 g/t Au)

Source: Riacho Dos Machodos Gold Project Preliminary Economic Assessment Study prepared by a consortium of engineering companies led by NCL Brasil Ltda * Global mineral content for information purposes only as NI 43-101 does not allow summation of Measured + Indicated + Inferred Resources

Underground Potential

Zone identified with immediate economic underground mining

potential

PEA Open-Pit

On-strike Potential

2 m of 6.92 g/t Au

3.5 m of 10.22 g/t Au

Exploration Targets north of RDM Mine

14 km Shear Zone with Au-As anomalies

RDM Mine 1.5 Moz Au*


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RVP – Three Au-rich Cu Porphyry Deposits

Romania

Rovina Valley Project (RVP)


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RVP – Property Map (94 km2)

Rovina Cu-Au Porphyry Global Resource: 3.3 MM oz Au Eq*

Colnic Au-Cu Porphyry Global Resource: 3.8 MM oz Au Eq*

Ciresata Au-Cu Porphyry Resource: 4.0 MM oz Au Eq*

“still open in size”

Cordurea Target Rocks 0.32 – 2.16 g/t Au

Dumps up to 101 g/t Au, 2,400 g/t Ag

Valisoara Au - (Pb-Zn) Target Breccia Zone 0.6 – 4.0 g/t Au

* Au Eq: $1,000/oz Au; $3.00/lb Cu. Global mineral content for information purposes only as NI 43-101 does not allow summation of Measured + Indicated + Inferred Mineral Resources


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RVP – Key Advantages

•  Large scale 40,000 tpd project

–  11.2 MM oz Au Eq* total resource

•  Attractive project economics (from PEA study) –  ~200,000 oz Au & ~50 MM lb Cu average annual

production over 19 yr mine life

–  US$81/oz Au cash cost (net of Cu credits)

–  Standard flotation process producing a saleable Cu concentrate

•  Good location in a mining jurisdiction

–  Emerging modern mining district

–  > 55 MM oz Au of historic production

–  Substantial infrastructure (roads, water and power)

–  Gov. encouraging investment and sustainable growth

–  16% corporate tax rate

–  Streamlined permitting process

•  Excellent Value Proposition vs in-country peers

–  Gabriel Resources – $2.7 billion market cap

–  European Goldfields – $2.3 billion market cap

–  Carpathian Gold – $230 million market cap

* Au Eq: $1,000/oz Au; $18.00/oz Ag; $3.00/lb Cu. Global mineral content for information purposes only as NI 43-101 does not allow summation of Measured + Indicated + Inferred Mineral Resources

Golden Quadrilateral Rosia Montana

(GBU) 14 Moz Au

Rosia Poieni (State)

Cu-Au Porphyry

Certej (EGU) 3.5 Moz Au Eq* RVP (CPN)

>11.2 Moz Au Eq* (includes >6.9 Moz Au)


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RVP – PEA Results (March 2010)

Underground Conveyor

Flotation Plant Location Ciresata

Au + Cu Porphyry Rovina

Cu + Au Porphyry Colnic

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

Mine Type: Open Pit & Underground

Ore Processing Rate: 20,000 tpd Open Pit

20,000 tpd Underground Total 14.4 MM tpa

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

Annual Production: 196,000 oz Au 49.4 MM lb Cu

Mine Life: 19 years Total Recoverable Production LOM 3.72 MM oz Au & 938 MM lbs Cu

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

Payability: 97.5% Royalty: 4% Total Cash Cost (net of Cu credits): US $81/oz Au Initial Capital Cost: US $509 MM Total Capital Cost, including sustaining capital: US $786 MM

NPV10% (pre-tax, @ US $1,000/oz Au & US $3.00/lb Cu): US $544 MM

Payback Period (@ US $1,000/oz Au & US $3.00/lb Cu): ~4.0 years IRR (pre-tax, @ US $1,000/oz Au & US $3.00/lb Cu): 24%


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NPV Sensitivity (US $MM)

Financial Model (pre-tax)

Base Case US $900/oz Au US $2.25/lb Cu

Upside Case US $1,000/oz Au US $3.00/lb Cu

NPV0% $1,357 $2,351

NPV5% $569 $1,130

NPV8% $316 $731

NPV10% $200 $544

IRR 16% 24%

RVP – PEA Summary Overview

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

Production Profile Cash Flow

Highlights   Average annual production of 196,000 oz Au and 49 MM

lb Cu (343,600 oz Au Eq) over a 19 year mine life

  Operating cash cost per ounce with Cu as a by-product credit of US $81 per gold ounce or US $446 per ounce gold as co-product basis

  Project pre-tax NPV of US $544 million based on a 10% discount rate and a gold price of US $1,000 per ounce & copper of US $3.00/lb

  Project IRR of 24%, with an ~4.0 year payback on initial project capital expenditures


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Exploration Potential for Resource Growth Gold-Copper mineralized body open to the west and at depth

> 1.2 g/t Au Eq*

Plan View Sectional View

‘Deep drill hole’ and ‘Step-out’ drill programs in-progress

RVP – Ciresata Au-Cu Porphyry

* Au Eq: $1,000/oz Au; $3.00/lb Cu


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Deep drill hole program extends mineralization 280 m below

previous drilling: Depth extension at >0.90 g/t Au-eq; including RGD-18, 114m @

1.14 g/t Au-eq*

Proposed Mining development; 20,000 t/d underground crushing

station

> 1.20 g/t Au-eq*

Au-eq*

RVP – Ciresata Au-Cu Porphyry

High Grade Core

open

N.I. 43-101 Inferred Resource Estimate from 2010 PEA Study;

124.4 Mt at 0.86 g/t Au and 0.17% Cu (1.21 g/t Au eq*)

* Au Eq: $1,000/oz Au; $3.00/lb Cu.


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RGD-17

Drawing by Zhen © SkyscraperPage.com

CN

Tow

er

553

m

RVP – Room for Growth: Deposit Size and Valuation

Company Deposit Mt Au (g/t) Au

MM oz Cu (%) Au Eq*

(g/t) Ag (g/t) Ag

MM oz

Kinross La Coipa 40 1.11 1.4 1.11 42.7 55 Kinross Lobo-Marte 108 1.70 5.9 1.70 Yamana La Pepe 187 0.57 3.4 0.57 Andina Volcan 356 0.87 9.9 0.87 Kinross Refugio 397 0.69 8.8 0.69 Exeter Caspiche 1,774 0.46 26.4 0.17 0.81

Kinross/Barrick Cerro Casale 1,411 0.56 25.4 0.21 0.99 1.6 70.6

Carpathian Gold RVP 371 0.58 7.0 0.18 0.95 Ciresata Porphyry 101 0.90 2.9 0.17 1.27 RVP – PEA Study 265 0.66 3.72 0.18 1.03

From (m) To (m) Length (m) Au (g/t) Cu (%) Au Eq* (g/t)

160 876 716 1.14 0.16 1.47

including 160 593 433 1.38 0.18 1.75 including 216 460 244 1.70 0.22 2.15

and 363 460 97 2.02 0.24 2.51

Hole RGD-17, Ciresata Porphyry

Au-Rich Cu Porphyries – Maricunga Belt Comparisons to the Rovina Valley Project

* Au Eq: $1,000/oz Au; $3.00/lb Cu


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Upcoming Milestones

2011 2012 2013 2014 Q1 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

Expansion Drilling & Regional Exploration

Romania EIA/SIA programs

Drilling & Expansion of Ciresata Porphyry

Updated NI 43-101 Resource

Pre-Feasibility/ Feasibility Study

Permitting Process

Construction (Production targeted for 2015/16)

Regional Exploration Drilling


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N.I. 43-101 Resource

Resource calculation based on US$950/oz Au for RDM; US$675/oz Au and US$1.80/lb Cu for RVP

M&I Resource 210,352,000 3,880,000 oz Au Inferred Resource 188,801,000 4,580,000 oz Au M&I Resource 193,100,000 759,100,000 lbs Cu Inferred Resource 177,700,000 663,100,000 lbs Cu

Total Resources

Category Tonnage Contained Metal

Rovina Valley Project – RVP

Category Tonnage Grade (g/t Au)

Contained Metal (oz Au)

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

Category Tonnage Grade (%Cu)

Contained Metal (lbs Cu)

Riacho dos Machados – RDM

Category Tonnage Grade (g/t Au)

Contained Metal (oz Au)

M&I Resource 17,252,000 1.46 812,300 Inferred Resource 11,101,000 1.94 692,900

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

0.18 0.17


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Production & Cash Flow Profile

* RVP generates Cu production of 61 MM lb in 2016, 53 MM lb in 2017, and 56 MM lb in 2018 Source: 2009 RDM PEA Study assuming US$1,000/oz Au and 2010 RVP PEA Study, assuming US$1,000/oz Au & US$3.00/lb Cu

Gold Production Profile

Cash Flow Profile


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Comparable Valuations

Notes: - Assumes 1.02 US$/C$ and 1.01 US$/A$ exchange rates (as of February 25, 2011) - NAVs based on consensus analyst estimates


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Summary

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

•  Two prolific gold development projects

•  Global resource of 12.7+ MM oz Au Eq* (8.45 million oz Au; 1.4 billion Ib Cu)

•  Robust Preliminary Economic Assessments

•  Key long lead plant equipment purchased for the Ricaho dos Machados (“RDM”) Gold Project, Brazil

•  Up to US $97 million project financing mandated for RDM Gold Project

•  Production targeted to commence 2nd half of 2012 at ≈100,000 oz Au annually with built-in growth profile to 400,000 oz Au annually

•  Substantial exploration upside to still be realized

•  Attractive valuation at 0.5x NAV versus development and exploration peers at 0.8x and 0.6x NAV, respectively

•  Proven management and board

Cpn -march_1_2011_corporate_presentation_-_v2

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