Near-Term Gold Producer Carpathian Gold Inc. November 5, 2010

Near-Term Gold Producer

Carpathian Gold Inc.

November 5, 2010


2

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.


3

Company Highlights

• Two prolific gold development projects

• Global resource of 12+ MM oz Au Eq* (8.5 million oz Au; 1.5 billion Ib Cu)

• Robust Preliminary Economic Assessments

• Construction decision expected in Q4 2010 on Ricaho dos Machados (“RDM”) Gold Project, Brazil

• Up to US $127 million project financing arranged and 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 0.4x NAV versus development and exploration peers at 1.0x and 0.8x 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


4

Capitalization

Capital Structure (as of Nov 4/10)

Ticker: TSX:CPN

One-Month Trading Range: C$0.54 – C$0.68

Ave. Volume: ≈ 2.5 million/day

Basic Shares Outstanding: 385.2 MM

Options/Warrants Outstanding: 42.9 MM

Market Capitalization (F/D): ~C$265 MM

Cash on hand plus available cash: ~C$72 MM

Debt: $0

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

~C$193 MM

Management/Directors/Insiders Ownership ~35%

Institutional Ownership ~30%

Strike Expiry Options 21.0 MM $0.40* May 2013 Warrants 10.8MM $0.33 May 2012 9.3 MM $0.45 Dec 2011 0.6 MM $0.23 May 2011 1.2 MM $0.34 Dec 2011 Total 42.9 MM $0.39 *Average

One-Year Share Price Graph


5

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


6

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 to be completed in Q4 2010

Mid 2012 targeted commencement of production of ~100,000 oz Au per annum

Up to US $127 million project financing arranged and 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 + 1.5 billion lb Cu total resource*

NPV10% of US $544 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

BrazilMinas Gerais

Bahia

Yamana Properties

Kinross Properties

Eldorado Property

Riacho dos Machados(Feasibility/Construction)

Major Deposits

Gold-Copper Deposit

Rovina Valley Project (PEA Completed)

Romania

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

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


7

RDM – Potentially Prolific Mining Camp


8

RDM – Key Advantages

* Total mineral content for information purposes only as NI 43-101 does not allow summation of Measured + Idicated + Inferred ResourcesResource 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 8-10 years targeted to commence in 2nd half of 2012

• Feasibility study to be completed in Q4, 2010 followed by construction

decision

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

– US $30 million gold sale agreement completed

– Up to US $97 million mandated with Macquarie Bank + Caterpillar Equipment leasing – expected to be completed in late Q4 2010

• 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

– Large land area of 22,000 ha, with only a small portion (<20%) of the total area evaluated


9

RDM – 2010 Resource Model

Open-Pit ResourceM&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 ResourceM&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


10

Key Changes & OptimizationParameters

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%


11

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

(US$MM) Gold Price (US$/oz)

$800 $900 $1,000 $1,100 $1,200

0.0% $122.4 $182.7 $243.0 $303.3 $363.5

2.5% $97.0 $150.3 $203.5 $256.8 $310.0

5.0% $76.0 $123.3 $170.6 $217.9 $265.2

7.5% $58.6 $100.8 $143.0 $185.3 $227.5

10.0% $44.0 $81.9 $119.8 $157.7 $195.6Dis

cou

nt

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100104

98

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96103

97

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Production Total Cash Cost

$53$49

$42

$53

$40

$51$53

$8

$0

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$30

$40

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$60

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* To be updated upon completion of feasibility study


12

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


13

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 Mine1.5 Moz Au*


14

RVP – Three Au-rich Cu Porphyry Deposits

Romania

Rovina Valley Project (RVP)


15

RVP – Property Map

* 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

Known depositsEpithermal-stylePorphyry-style

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

500m250m0m

Cordurea

CiresataBarza group of deposit

Valisoara

Porcurea

Valea Morii

Colnic

Rovina

Ro

vin

a li

cen

ce

bo

un

da

ry

Rovina Cu-Au PorphyryGlobal Resource: 3.1 MM oz Au Eq*

Colnic Au-Cu PorphyryGlobal Resource: 3.7 MM oz Au Eq*

Cordurea TargetDacite & Dacite BrecciaRocks 0.32 – 2.16 g/t Au

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

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

Rovina License – 94 km2

Ciresata Au-Cu PorphyryResource: 4.0 MM oz Au Eq*

“still open in size”


16

RVP – Key Advantages

• Large scale 40,000 tpd project

– 10.7 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 – $2.4 billion market cap

– European Goldfields – $2.7 billion market cap

– Carpathian Gold – $238 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)

>10.7 Moz Au Eq*

(includes >6.9 Moz Au)


17

RVP – PEA Results (March 2010)

Underground Conveyor

Ramp access

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 UndergroundTotal 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 Au49.4 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%


18

NPV Sensitivity (US $MM)

Financial Model(pre-tax)

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

Upside CaseUS $1,000/oz AuUS $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 (398,800 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

350

455428

381 380358 360

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Production (000 oz Au Eq) Cash Cost (US$/oz Au Eq)

$62

$228$214

$177 $174

$153$162

$180

$138 $134

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19

Exploration Potential for Resource GrowthGold-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


20

20,000 t/d Underground

crushing station

Ciresata N.I. 43-101 Inferred Resource Estimate from 2010

PEA Study;

124.4 Mt at 0.86 g/t Au and 0.17% Cu (1.12 g/t Au Eq*)

Note: Deposit also open laterally at shallow depths,

still to be drilled tested

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

2010 drilling extends mineralization 280 m

below previous drilling

“Deep drill hole program Results”

Drill hole From (m)

To (m)

Length (m)

Au (g/t)

Cu (%)

Au-eq* (g/t)

RGD-17 160 876 716 1.14 0.16 1.47

Including 216 460 244 1.70 0.22 2.15

And 363 460 97 2.02 0.24 2.51

RGD-16 142 933 791 0.63 0.14 0.92

Including 316 524 208 1.13 0.19 1.52

and 373 501 128 1.27 0.20 1.68

RVP – Ciresata Au-Cu Porphyry


21

RGD-17

Drawing by Zhen© SkyscraperPage.com

CN

To

wer

553

mRVP – 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 1.70Yamana La Pepe 187 0.57 3.4 0.57Andina Volcan 356 0.87 9.9 0.87Kinross Refugio 397 0.69 8.8 0.69Exeter 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 0.95Ciresata Porphyry 101 0.90 2.9 0.17 1.27RVP – 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


22

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 Resource

Feasibility Study

Permitting & Construction

Production

Regional Exploration Drilling


23

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 AuInferred Resource 188,801,000 4,580,000 oz Au

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

Total Resources

Category Tonnage

Contained Metal

Rovina Valley Project – RVP

Category TonnageGrade(g/t Au)

Contained Metal(oz Au)

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

Category TonnageGrade(%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 193,100,000 759,100,000Inferred Resource 177,700,000 663,100,000

0.180.17


24

Production & Cash Flow Profile

* 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$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

$53 $49 $42 $53

$102

$280$268

$0

$50

$100

$150

$200

$250

$300

$350

2012 2013 2014 2015 2016 2017 2018

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RVP Cash Flow

RDM Cash Flow (Open Pit)

100 104 98 113

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398

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2012 2013 2014 2015 2016 2017 2018

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RVP Production (Gold Only)*RDM Production (Open Pit)RVP Cash Cost (net of Cu credit)*RDM Cash Cost (Open Pit)


25

Comparable Valuations

Notes: - Assumes 1.00 US$/C$ and 1.01 US$/A$ exchange rates (as of November 4, 2010)- NAVs based on consensus analyst estimates- Carpathian NAV based on RDM after-tax NPV (7.5%) of US$143 MM, plus RVP pre-tax NPV (10%) of US$544MM (reduced by 16% for post-tax estimate), plus ~US$72 MM diluted net cash balance

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

4-Nov-10 (US$MM) (US$MM) (000 oz) (000 oz) (US$/oz) (US$/oz)

Gold Developers

Gabriel Resources, Ltd. C$7.00 $2,737 $2,478 12,355 14,352 $201 $173 0.8x

Detour Gold Corporation C$30.75 $2,690 $2,058 18,903 22,617 $109 $91 1.1x

Perseus Mining Ltd. A$3.17 $1,385 $1,183 3,668 6,330 $322 $187 1.0x

Seabridge Gold, Inc. C$29.83 $1,259 $1,178 46,415 64,213 $25 $18 n/a

Fronteer Gold Inc C$8.65 $1,116 $896 3,292 5,021 $272 $178 1.3x

Guyana Goldfields Inc. C$11.52 $1,020 $915 3,177 4,545 $288 $201 1.0x

Medoro Resources Ltd. C$2.00 $543 $374 7,665 10,051 $49 $37 1.3x

Greystar Resources Ltd. C$4.73 $425 $290 9,824 11,167 $30 $26 0.8x

Victoria Gold Corp. C$1.40 $411 $353 3,060 4,953 $115 $71 0.9x

Luna Gold Corp. C$0.73 $353 $312 903 1,303 $346 $240 n/a

Rio Novo Gold Inc. C$2.44 $274 $196 653 912 $301 $215 0.8x

Group Average $187 $131 1.0x

Group Median $201 $173 1.0x

Gold Explorers

Rainy River Resources Ltd. C$10.63 $912 $779 2,375 5,035 $328 $155 1.3x

International Tower Hill Mines Ltd. C$8.54 $611 $548 10,961 13,718 $50 $40 1.3x

Exeter Resource Corporation C$5.97 $558 $497 21,155 26,309 $23 $19 0.6x

Ampella Mining Limited A$2.24 $492 $469 n/a 1,194 n/a $393 n/a

Queenston Mining Inc. C$5.80 $467 $373 1,122 2,519 $333 $148 0.8x

Keegan Resources Inc. C$8.31 $413 $349 2,013 3,460 $174 $101 0.7x

Sandspring Resources Ltd. C$3.00 $375 $348 2,640 6,062 $132 $57 1.0x

Sulliden Gold Corporation Ltd. C$1.43 $316 $244 1,044 1,334 $233 $183 0.6x

Volta Resources Inc. C$1.87 $259 $211 1,519 3,132 $139 $67 0.6x

Rio Alto Mining Limited C$1.75 $251 $227 2,557 3,815 $89 $60 0.7x

Oromin Explorations Ltd. C$1.31 $190 $150 1,406 1,549 $107 $97 0.7x

Magellan Minerals Limited C$1.30 $146 $100 269 368 $373 $273 n/a

Group Average $180 $133 0.8x

Group Median $139 $99 0.7x

Carpathian Gold Inc. C$0.62 $264 $192 3,855 8,507 $50 $23 0.4xCarpathian Gold Inc. C$0.62 $265 $193 3,855 8,507 $50 $23 0.4x


26

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+ MM oz Au Eq* (8.5 million oz Au; 1.5 billion Ib Cu)

• Robust Preliminary Economic Assessments

• Construction decision expected in Q4 2010 on Ricaho dos Machados (“RDM”) Gold Project, Brazil

• Up to US $127 million project financing arranged and 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 0.4x NAV versus development and exploration peers at 1.0x and 0.8x NAV, respectively

• Proven management and board

Documents

Near-Term Gold Producer Carpathian Gold Inc. November 5, 2010