Carpathian Gold Inc. Rovina Valley Project, West-Central Romania NI 43-101 Technical Report Mineral Resource Estimate Update Pierre Desautels, P. Geo. Gordon Zurowski, P.Eng. AGP Mining Consultants Inc. 92 Caplan Avenue, Suite 610 Barrie, ON L4N 0Z7 Report Date: August 30, 2012 Data Cut-off Date: May 31, 2012 Resource Effective Date: July 17, 2012 CARPATHIAN GOLD INC. NI 43-101 MINERAL RESOURCE ESTIMATE UPDATE FOR THE ROVINA VALLEY PROJECT, WEST-CENTRAL ROMANIA Contents 1 SUMMARY ................................................................................................................................................... 1-1 1.1 Metallurgical Testing ............................................................................................................................ 1-7 2 INTRODUCTION ............................................................................................................................................ 2-1 2.1 Terms of Reference .............................................................................................................................. 2-1 2.2 Qualified Persons and Site Visits .......................................................................................................... 2-1 2.3 Effective Dates ..................................................................................................................................... 2-2 2.4 Information Sources and References ................................................................................................... 2-2 3 RELIANCE ON OTHER EXPERTS ..................................................................................................................... 3-1 4 PROPERTY DESCRIPTION AND LOCATION ..................................................................................................... 4-1 4.1 Location ................................................................................................................................................ 4-1 4.2 Mineral Property and Title in Romania ................................................................................................ 4-1 4.2.1 Prospecting Permit ............................................................................................................. 4-6 4.2.2 Exploration Licence ............................................................................................................ 4-6 4.2.3 Exploitation Licence ........................................................................................................... 4-7 4.3 Land Tenure ......................................................................................................................................... 4-7 4.3.1 General ............................................................................................................................... 4-7 4.3.2 Agreements ........................................................................................................................ 4-8 4.3.3 Rovina Agreement .............................................................................................................. 4-8 4.3.4 Barrick Agreement ............................................................................................................. 4-9 4.3.5 Surface Rights ................................................................................................................... 4-10 4.3.6 Exploration Permits .......................................................................................................... 4-11 4.3.7 Mine Permits .................................................................................................................... 4-12 4.4 Environmental and Socio-Economic Issues ........................................................................................ 4-14 5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY .............................. 5-1 5.1 Accessibility .......................................................................................................................................... 5-1 5.2 Climate ................................................................................................................................................. 5-1 5.3 Local Resources and Infrastructure ...................................................................................................... 5-1 5.4 Physiography, Flora, and Fauna ........................................................................................................... 5-2 6 HISTORY ....................................................................................................................................................... 6-1 6.1 Summary .............................................................................................................................................. 6-1 th 6.2 Local Prospectors and Miners (19 Century) ....................................................................................... 6-1 6.3 Romanian Government (1960s) ........................................................................................................... 6-3 6.4 Minexfor-Deva (mid 1970s to 1997 and 2000 to 2003) ....................................................................... 6-3 6.5 Rio Tinto (1999 to 2000)....................................................................................................................... 6-5 6.6 Carpathian (2004 to present) ............................................................................................................... 6-6 7 GEOLOGICAL SETTING AND MINERALIZATION ............................................................................................. 7-1 7.1 Regional Geologic and Metallogenic Settings ...................................................................................... 7-1 7.2 Rovina Valley Project Setting ............................................................................................................... 7-6 7.2.1 Colnic-Rovina-Ciresata Area ............................................................................................... 7-6 7.3 Deposit Geology ................................................................................................................................... 7-9 7.3.1 Introduction........................................................................................................................ 7-9 7.3.2 Rovina Deposit Geology ................................................................................................... 7-10 7.3.3 Colnic Deposit Geology .................................................................................................... 7-27 TOC |ii 24/08/2012 CARPATHIAN GOLD INC. NI 43-101 MINERAL RESOURCE ESTIMATE UPDATE FOR THE ROVINA VALLEY PROJECT, WEST-CENTRAL ROMANIA 7.3.4 Ciresata Deposit Geology ................................................................................................. 7-42 8 DEPOSIT TYPES ............................................................................................................................................. 8-1 8.1 Gold (± Copper) Porphyries .................................................................................................................. 8-1 9 EXPLORATION .............................................................................................................................................. 9-1 9.1 Coordinates and Datum ....................................................................................................................... 9-1 9.2 Minexfor (1975 to 2000) ...................................................................................................................... 9-1 9.2.1 Geographic/Grid Control .................................................................................................... 9-1 9.2.2 Topography ........................................................................................................................ 9-1 9.2.3 Geological Mapping and Related Studies ........................................................................... 9-2 9.2.4 Ground Geophysics ............................................................................................................ 9-2 9.2.5 Drill Core Sampling ............................................................................................................. 9-2 9.3 Rio Tinto (1999 to 2000)....................................................................................................................... 9-2 9.3.1 Geographic/Grid Control .................................................................................................... 9-2 9.3.2 Topography ........................................................................................................................ 9-3 9.3.3 Geological Mapping and Related Studies ........................................................................... 9-3 9.3.4 Airborne Magnetics/Radiometrics Geophysics .................................................................. 9-3 9.3.5 Geochemistry - Stream Sediment Sampling ....................................................................... 9-4 9.3.6 Soil Geochemical Sampling................................................................................................. 9-4 9.3.7 Rock Chip Sampling ............................................................................................................ 9-5 9.3.8 Drill Core Sampling ............................................................................................................