Carpathian Gold Corporate and Exploration Update on the RDM Gold Project, Brazil

Carpathian Gold Inc. wishes to announce that it has completed the 100% acquisition of Melbourne Ventures Fund LLC on October 30, 2008. With the completion of this acquisition, Carpathian now controls 100% of the Riacho Dos Machados gold project (”RDM”) located in Minas Gerais State, Brazil. RDM includes a past producing open-pit gold mine which was operated by Companhia Vale do Rio Doce (”Vale”) between 1986 and 1997, from which oxide gold ore was mined to maximum depths of 60 m below the surface. The RDM gold project covers 22,000 hectares that is comprised of 12 exploration licenses covering the north and south extensions of the RDM Shear Zone that extends over 20 kilometres and one Mining Concession on which mineral and surface rights exist as well as infrastructure from the previous mining operation.

In 1996, Vale defined an ‘historical resource’ in the sulphide zone below the then operating open-pits, of 3.77 Mt at 4.61 g/t Au for approximately 560,000 ounces of gold using a 2 g/t Au cut-off grade. This historical resource is based on a series of diamond drilling programs and underground development and sampling along the southern portion of the Shear Zone.

In anticipation of closing the acquisition, Carpathian has already begun work on the project. Diamond drilling has been underway and an office has been established in Nova Lima, Minas Gerais State, Brazil and key staff have been hired. The work program has been designed to: 1) validate the historical resource; 2) evaluate the possibility of expanding the mineralized zone along strike and thus the overall resource potential; 3) define sufficient gold mineralization at a high enough gold grade to justify deepening the current open-pit by approximately 200 m as well as expanding it on strike; 4) define the size and tenor of the gold mineralization below the open-pit expansion for a potential underground operation down to a vertical depth of at least 500 m; 5) obtain samples for further metallurgical test work; 6) complete a NI 43-101 compliant resource estimate based on the historical drill results and Carpathians’ drill results; 7) simultaneously work on environmental and social programs, and; obtain sufficient information to complete a Preliminary Economic Assessment on the project.

Carpathian has retained the services of NCL Engineering, from Belo Horizonte, in Brazil, to complete a NI 43-101 compliant Resource Estimate and a Preliminary Economic Assessment based on historical drill results as well as results from Carpathian’s diamond drilling program. Results from the diamond drilling program that has been underway on the project will be released shortly.

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 property in Romania as well as gold exploration and development on its development-stage property in Brazil. The Corporation has 207,278,454 shares outstanding.