2. Forward-Looking Statements Carpathian Gold Inc.
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.
2

3. Company Highlights Carpathian Gold Inc.
• 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
3

4. Capitalization Carpathian Gold Inc.
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 Strike Expiry
Options
Options/Warrants Outstanding: 39.63 MM 19.7 MM
Warrants
$0.40* May 2013
Market Capitalization (F/D): ~257C$ MM 10.7 MM
7.8 MM
$0.33
$0.45
May 2012
Dec 2011
0.23 MM $0.23 May 2011
Cash on hand plus available cash: ~52.5C$ MM 1.2 MM $0.34 Dec 2011
Total
Debt: $0 39.63 MM $0.39 *Average
Enterprise Value (F/D) (excludes ~C$204.5 MM
available cash):
Management/Directors/Insiders Ownership ~35%
Institutional Ownership ~30%
One-Year Share Price Graph
Analyst (4)
12 month Target
+$1.25/sh
4

5. Management & Board Carpathian Gold Inc.
Management Board
• Peter Lehner, Chairman
• Dino Titaro, M.Sc., P. Geo, Director, President and CEO
– Held senior management positions in financial institutions and
– Former President and CEO of A.C.A. Howe International
commodity trading & shipping companies
– Director of Yamana Gold (TSX:YRI)
– Former director of Addax & Oryx Advisory and Axmin
(TSXV:AXM)
• Daniel Kivari, P. Eng., COO
• Julio Carvalho
– 32 years experience in underground and open pit operations
– Over 38 years experience in the Brazilian mining sector
– Former VP Operations for the start-up and pre-operations of the
Chapada copper/gold porphyry deposit, Brazil – Former senior positions with Peak Gold (previously TSX:PIK),
Goldcorp (TSX:G) and Rio Tinto (ASX:RIO)
• Randall K. Ruff, M.Sc., Executive VP Exploration – Current President and Director of Rio Novo Gold (TSX:RN)
– Over 15 years experience in exploration in the western U.S., east • David Danziger
and west Africa, and central Europe
– Over 25 years experience in audit, accounting and management
– Worked as the project geologist for the fast-track discovery-to- consulting and over 10 years specific in the mineral resource
pre-feasibility advancement of the Kukuluma and Matandani gold sector
deposits at Geita,Tanzania
– Director of Cadillac Ventures (TSXV-CDC) and Renforth
Resources (CNSX-RFR)
• Guy Charette, Executive VP Corporate
• John W. W. Hick
– Over 25 years experience in securities law involving resource
transactions and exploration and development finance. – President of John W Hick Consultants Inc.
– Numerous past senior management positions including CEO of
• Linda Prager, CA, CFO Medoro Resources, Rio Narcea Gold (previously TSX:RNG),
– 10 years accounting and finance experience and Chairman of Rayrock Resources Inc
• Patrick J. Mars
• Alexandru Nicolici, Geologist, Romanian Country Manager
– Over 30 years experience in the investment industry including
– 20 years experience in Romania as a geologist and manager serving as CEO and director of Alfred Bunting and Co.
– Former CEO of CUART SA, the regional state-owned mineral – Director of Yamana Gold (TSX:YRI) and Aura Gold (TSX:ORA)
exploration company in Romania
• Dino Titaro
– See Management description
5

6. Key Assets Carpathian Gold Inc.
Riacho dos Machados (“RDM”) Rovina Valley Project (“RVP”)
Production targeted for late 2012 Advanced Stage – highly leveraged to Gold
Brazil
Bahia
Minas
Gerais Romania
Riacho dos Machados Rovina Valley Project
(Feasibility/Construction) (Drilling & pre-Feasibility)
Yamana Properties
Kinross Properties Major Deposits
Eldorado Property Gold-Copper Deposit
 100% owned brownfields gold project  100% owned 3 porphyry gold-copper discoveries
 Initial EIA permits in place  Pre-feasibility/feasibility stage
 1.5 million oz Au total resource*  6.9 million oz Au + 1.4 billion lb Cu total resource*
 Feasibility Study being completed  NPV8% of US $731 million; 24% IRR (pre-tax)
– Based on PEA study
 2nd half of 2012 targeted commencement of production – US$1,000/oz Au & US$3.00/lb Cu
of ~100,000 oz Au per annum
 Deposit remains open in all directions
 Up to US $97 million project financing mandated – Recent drill hole (RGD-17), 716 m at 1.14 g/t Au &
0.16% Cu
 Upside at depth, along strike and in new zone targets
* Global mineral content for information purposes only as N.I. 43-101 does not allow summation of Measured + Indicated + Inferred Resources
6

7. RDM – Potentially Prolific Mining Camp Carpathian Gold Inc.
7

8. RDM – Key Advantages Carpathian Gold Inc.
• 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 RDM Gold Project
– 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
* 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 8

9. RDM – 2010 Resource Model Carpathian Gold Inc.
Open-Pit Resource
M&I: 806.2 Koz Au
(17,199 Kt at 1.46 g/t Au)
Inf: 355.9 Koz Au Underground Resource
(7,179 Kt at 1.54 g/t Au)
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
9

10. RDM – PEA Results (July 2009) Carpathian Gold Inc.
To be updated upon completion of feasibility study
Mine Type: Open Pit
6,000 tpd
Ore Processing Rate:
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 Key Changes &
Total Recoverable Gold Production LOM: 725,645 oz Optimization
Parameters
Mine Life: 7.1 years For
Operating Cost: US$20.45/t ore Feasibility
Study
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%
Source: Riacho Dos Machodos Gold Project Preliminary Economic Assessment Study prepared by a consortium of engineering companies led by NCL Brasil Ltda, August 2009
10

11. RDM – PEA* Summary Overview Carpathian Gold Inc.
NPV Sensitivity
Au Production & Cash Costs Cash Flow
ilit y study
n of feasib
n completio
dated upo
* To be up
Source: Riacho Dos Machodos Gold Project Preliminary Economic Assessment Study prepared by a consortium of engineering companies led by NCL Brasil Ltda, August 2009
11

12. RDM – Site Development Plan Carpathian Gold Inc.
Water reservoir
Mine
Buildings
& Plant
Tailings
Pit Outline
Waste
Source: Riacho Dos Machodos Gold Project Preliminary Economic Assessment Study prepared by a consortium of engineering companies led by NCL Brasil Ltda
12

13. RDM – Immediate Growth Potential Carpathian Gold Inc.
Underground Potential On-strike Potential
• Underground mineable resource (inferred) of 332,000 oz
Exploration Targets north of
– 4.0 MM t @ 2.57 g/t Au, ~250 m below pit shell RDM Mine
14 km Shear Zone
• 60,000 oz Au per year production with Au-As anomalies
– 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
PEA Open-Pit
3.5 m of 10.22 g/t Au
Zone identified with 2 m of 6.92 g/t Au
immediate economic
underground mining
potential
RDM Mine
1.5 Moz Au*
• 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 13

14. RVP – Three Au-rich Cu Porphyry Deposits Carpathian Gold Inc.
Rovina Valley Project
(RVP)
Romania
14

15. RVP – Property Map (94 km2) Carpathian Gold Inc.
Rovina Cu-Au Porphyry
Global Resource: 3.3 MM oz Au Eq*
Colnic Au-Cu Porphyry
Global Resource: 3.8 MM oz Au Eq*
Cordurea Target
Rocks 0.32 – 2.16 g/t Au
Dumps up to 101 g/t Au, 2,400 g/t Ag
Ciresata Au-Cu Porphyry
Resource: 4.0 MM oz Au Eq* Valisoara Au - (Pb-Zn) Target
“still open in size” 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
15

16. RVP – Key Advantages Carpathian Gold Inc.
• Large scale 40,000 tpd project Golden Quadrilateral
– 11.2 MM oz Au Eq* total resource Rosia Montana
(GBU)
14 Moz Au
• Attractive project economics (from PEA study)
– ~200,000 oz Au & ~50 MM lb Cu average annual Rosia Poieni
production over 19 yr mine life (State)
Cu-Au Porphyry
– US$81/oz Au cash cost (net of Cu credits)
– Standard flotation process producing a saleable Cu
concentrate
Certej (EGU)
• Good location in a mining jurisdiction RVP (CPN) 3.5 Moz Au Eq*
– Emerging modern mining district >11.2 Moz Au Eq*
(includes >6.9 Moz Au)
– > 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
16

17. RVP – PEA Results (March 2010) Carpathian Gold Inc.
Mine Type: Open Pit & Underground
20,000 tpd Open Pit
Ore Processing Rate: 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
196,000 oz Au
Annual Production:
49.4 MM lb Cu
Mine Life: 19 years
Total Recoverable Production LOM 3.72 MM oz Au & 938 MM lbs Cu
US $8.49/t ore Open Pit
Operating Cost:
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%
Flotation Plant Underg
round
Rovina Location Colnic Convey Ciresata
or
Cu + Au Porphyry Au + Cu Porphyry 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
17

18. RVP – PEA Summary Overview Carpathian Gold Inc.
Highlights NPV Sensitivity (US $MM)
 Average annual production of 196,000 oz Au and 49 MM
lb Cu (343,600 oz Au Eq) over a 19 year mine life Base Case Upside Case
Financial Model US $900/oz Au US $1,000/oz Au
 Operating cash cost per ounce with Cu as a by-product (pre-tax) US $2.25/lb Cu US $3.00/lb Cu
credit of US $81 per gold ounce or US $446 per ounce
gold as co-product basis NPV0% $1,357 $2,351
NPV5% $569 $1,130
 Project pre-tax NPV of US $544 million based on a 10%
discount rate and a gold price of US $1,000 per ounce & NPV8% $316 $731
copper of US $3.00/lb NPV10% $200 $544
 Project IRR of 24%, with an ~4.0 year payback on initial IRR 16% 24%
project capital expenditures
Production Profile Cash Flow
Source: Rovina Valley Au-Cu Project Preliminary Economic Assessment Study prepared by a consortium of engineering companies led by PEG Mining, March 2010 18

19. RVP – Ciresata Au-Cu Porphyry Carpathian Gold Inc.
Exploration Potential for Resource Growth
Gold-Copper mineralized body open to the west and at depth
‘Deep drill hole’ and ‘Step-out’ drill programs in-progress
Plan View Sectional View
> 1.2 g/t Au Eq*
* Au Eq: $1,000/oz Au; $3.00/lb Cu
19

20. RVP – Ciresata Au-Cu Porphyry Carpathian Gold Inc.
Au-eq*
> 1.20 g/t Au-eq*
re
ade Co
High Gr n Proposed Mining
ope
development; 20,000 t/d
underground crushing
station
N.I. 43-101 Inferred Resource
Estimate from 2010 PEA Study;
Deep drill hole program extends
mineralization 280 m below 124.4 Mt at 0.86 g/t Au and
previous drilling: 0.17% Cu (1.21 g/t Au eq*)
Depth extension at >0.90 g/t Au-
eq; including RGD-18, 114m @
1.14 g/t Au-eq*
* Au Eq: $1,000/oz Au; $3.00/lb Cu.
20

21. RVP – Room for Growth: Deposit Size and Valuation Carpathian Gold Inc.
RGD-17
Hole RGD-17, Ciresata Porphyry
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
Au-Rich Cu Porphyries – Maricunga Belt Comparisons to the Rovina Valley Project
CN Tower
553 m
Au Au Eq* Ag
Company Deposit Mt Au (g/t) MM oz Cu (%) (g/t) Ag (g/t) 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
Drawing by Zhen
© SkyscraperPage.com
* Au Eq: $1,000/oz Au; $3.00/lb Cu
21

22. Upcoming Milestones Carpathian Gold Inc.
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
22

23. N.I. 43-101 Resource Carpathian Gold Inc.
Total Resources
Category Tonnage Contained Metal
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
Riacho dos Machados – RDM
Category Tonnage Grade Contained Metal
(g/t Au) (oz Au)
M&I Resource 17,252,000 1.46 812,300
Inferred Resource 11,101,000 1.94 692,900
Rovina Valley Project – RVP
Grade Contained Metal
Category Tonnage
(g/t Au) (oz Au)
M&I Resource 193,100,000 0.49 3,070,000
Inferred Resource 177,700,000 0.68 3,890,000
Grade Contained Metal
Category Tonnage
(%Cu) (lbs Cu)
M&I Resource 193,100,000 0.18 759,100,000
Inferred Resource 177,700,000 0.17 663,100,000
Resource calculation based on US$950/oz Au for RDM; US$675/oz Au and US$1.80/lb Cu for RVP
23

24. Production & Cash Flow Profile Carpathian Gold Inc.
Gold Production Profile
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 24

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

26. Summary Carpathian Gold Inc.
• 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 NI 43-101 does not allow summation of Measured + Indicated + Inferred Resources
26