Carpathian Announces Results of Voting and Change of Chairman

TORONTO, ONTARIO–(Marketwired – May 8, 2013) –
Carpathian Gold Inc. (TSX:CPN)(the ”
Corporation” or ”
Carpathian“) is pleased to announce that all of
the nominees listed in the Management Information Circular for the
2013 Annual and Special Meeting of Shareholders were re-elected as
directors of the Corporation. Detailed results of the vote for the
election of directors held at the Annual and Special Meeting on May
7, 2013 in Toronto are set out below:

Nominee

Votes For

% For

Votes Withheld

% Withheld

Julio L. Carvalho 335,744,684 99.81 630,274 0.19
Guy Charette 335,853,484 99.84 536,474 0.16
David C. Danziger 335,844,834 99.84 529,124 0.16
John W. W. Hick 335,726,334 99.81 647,624 0.19
Peter S. Lehner 335,636,734 99.78 752,224 0.22
Patrick J. Mars 335,864,734 99.84 525,224 0.16
Dino Titaro 335,791,084 99.82 598,874 0.18

The re-appointment
of PricewaterhouseCoopers LLP as the Corporation’s auditors was
approved by 99.31% of shareholders, and the Corporation’s stock
option plan was re-approved by 92.73% of disinterested
shareholders.

Change of Chairman

Effective as of
today, the Corporation also announces that Mr. Peter Lehner has
stepped down as Chairman of the Board due to time constraints as a
result of his other endeavours. Mr. Lehner will continue as a
non-executive director of Carpathian.

Mr. Dino Titaro,
previously the Corporation’s President and Chief Executive Officer,
has been named Chairman and Chief Executive Officer of Carpathian.
Mr. John Hick, currently a director of the Corporation, has been
appointed as Lead Director.

Mr. Titaro said “I
wish to thank Peter Lehner for his leadership and dedication to the
development of our Corporation over the past years.”

All other officers
of the Corporation remain unchanged.

About Carpathian

Carpathian is an
exploration and development company whose primary business interest
is developing near-term gold production on its 100% owned Riacho
dos Machados (”
RDM“) Gold Project in Brazil, which is currently
focused on construction, along with progressing its exploration and
development plans on its 100% owned Rovina Valley Au-Cu Project (”
RVP“) located in Romania.

On a company wide
basis, Carpathian currently hosts NI 43-101 proven plus probable
reserves of 830,200 ounces of gold (proven reserves of 2,300 Kt at
1.30 g/t Au and probable reserves of 18,500 Kt at 1.23 g/t Au) and
NI 43-101 mineral resources (inclusive of reserves) of
approximately 8.1 million ounces of gold in the measured plus
indicated categories (RVP: 405.9 million tonnes at 0.55 g/t Au for
7.19 million ounces, RDM: 19.36 million tonnes at 1.50 g/t Au for
0.936 million ounces) and approximately 0.9 million ounces of gold
in the inferred category (RVP: 26.8 million tones at 0.38 g/t Au
for 0.33 million ounces, RDM; 9.447 million tones at 1.93 g/t Au
for 0.587 million ounces), as well as 1.4 billion pounds of copper
in the measured plus indicated category (RVP: 405.9 million tones
at 0.16% Cu) and 97.0 million pounds of copper in the inferred
category (RVP: 405.9 million tonnes at0.16% Cu) (see press releases
dated July 17, 2012 and April 6, 2011 for further details on
resources and reserves).

The RDM Gold Project
is targeted to produce in the order of +/-100,000 ounces of gold
per annum with an anticipated goal for the commencement of
production in the second half of 2013. The Rovina Valley Project
will enhance Carpathians growth profile as a mid-tier gold
producer.

The TSX does not
accept responsibility for the adequacy or accuracy of this news
release.

Mr. Titaro is the
qualified person (as defined in National Instrument 43-101) and is
responsible for preparing the technical information contained in
this news release.

Forward-Looking Statements: Statements and certain
information contained in this press release and any documents
incorporated by reference may constitute “forward-looking
statements” within the meaning of applicable Canadian securities
legislation which may include, but is not limited to, information
with respect to the Corporation’s expected production from, and
further potential of, the Corporation’s properties; the
Corporation’s ability to raise additional funds; the future price
of minerals, particularly gold and copper; the estimation of
mineral reserves and mineral resources; conclusions of economic
evaluation; the realization of mineral reserve estimates; the
timing and amount of estimated future production; costs of
production; capital expenditures; success of exploration
activities; mining or processing issues; currency exchange rates;
government regulation of mining operations; and environmental
risks. Often, but not always, forward-looking
statements/information can be identified by the use of words such
as “plans”, “expects”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “anticipates”, or “believes”
or variations (including negative variations) of such words and
phrases, or statements that certain actions, events or results
“may”, “could”, “would”, “might” or “will” be taken, occur or be
achieved. Forward-looking statements/information is based on
management’s expectations and reasonable assumptions at the time
such statements are made. Estimates regarding the anticipated
timing, amount and cost of exploration and development activities
are based on assumptions underlying mineral reserve and mineral
resource estimates and the realization of such estimates are set
out herein. Capital and operating cost estimates are based on
extensive research of the Corporation, purchase orders placed by
the Corporation to date, recent estimates of construction and
mining costs and other factors that are set out herein.
Forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of Carpathian and/or its subsidiaries
to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements.

Such factors include: uncertainties of mineral resource
estimates; the nature of mineral exploration and mining; variations
in ore grade and recovery rates; cost of operations; fluctuations
in the sale prices of products; volatility of gold and copper
prices; exploration and development risks; liquidity concerns and
future financings; risks associated with operations in foreign
jurisdictions; potential revocation or change in permit
requirements and project approvals; competition; no guarantee of
titles to explore and operate; environmental liabilities and
regulatory requirements; dependence on key individuals; conflicts
of interests; insurance; fluctuation in market value of
Carpathian’s shares; rising production costs; equipment material
and skilled technical workers; volatile current global financial
conditions; and currency fluctuations; and other risks pertaining
to the mining industry. Although Carpathian has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in forward-
looking statements, there may be other factors that cause actions,
events or results to differ from those anticipated, estimated or
intended. Forward-looking information contained herein or
incorporated by reference are made as of the date of this
presentation or as of the date of the documents incorporated by
reference, as the case may be, and Carpathian does not undertake to
update any such forward-looking information, except in accordance
with applicable securities laws. There can be no assurance that
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such information. Accordingly, readers are cautioned
not to place undue reliance on forward-looking information. The
forward-looking information contained or incorporated by reference
in this document is presented for the purpose of assisting
shareholders in understanding the financial position, strategic
priorities and objectives of the Corporation for the periods
referenced and such information may not be appropriate for other
purposes.

Carpathian Gold Inc.

Shobana Thaya

Director, Corporate Communications & Investor Relations

+1(416) 368-7744

+1(416) 363-3883


info@carpathiangold.com


www.carpathiangold.com

Paradox Investor Relations

Montreal

+1(514) 341-0408 or 1-866-460-0408

+1 (514) 341-1527

info@paradox-pr.ca

Seton Services, UK

Toni Vallen

+44 207 224 8468


toni@setonservices.co.uk