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
expects, forward looking statements.
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
forward-looking accurate,
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+ MM oz Au Eq*
(8.46 million ounces Au; 1.4 billion Ibs Cu)
• Robust Preliminary Economic Assessments Completed
• Construction decision in 2010
• Production targeted to commence in late 2011 at +100,000 oz Au
g
annually with built-in growth profile of up to 400,000 oz Au annually
• Substantial exploration upside
• Attractive valuation at 0.3x NAV versus development and exploration
peers at 1.0x 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
Ticker: TSX:CPN
One-Month Trading Range: C$0.315 – C$0.52
Basic Shares Outstanding: 288MM
Options/Warrants Outstanding: 46 MM Strike Expiry
Options
Market Capitalization (F/D): ~C$115 MM 21.1 MM $0.40 May 2013
Warrants
Cash on hand plus available cash: ~C$27MM 11.9 MM $0.33 May 2012
10.9 MM $0.45 Dec 2011
Debt: $0 1.3 MM $0.23 May 2011
1.2 MM $
$0.34 Dec 2011
Enterprise Value (F/D) (excludes ~C$110 MM Total
46.4 MM $0.39
available cash):
Management/Directors/Insiders ~48%
Institutions ~25%
One-Year Share Price Graph
4
5. Management & Board Carpathian Gold Inc.
Management Board
• Dino Titaro, M.Sc., P. Geo, Director, President and CEO • Peter Lehner, Chairman
– Former President and CEO of A.C.A. Howe International – Held senior management positions in financial institutions and
– Director of Yamana Gold (TSX:YRI) commodity trading & shipping companies
– 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 – Former senior positions with Peak Gold (previously TSX:PIK),
Chapada copper/gold porphyry deposit, Brazil Goldcorp (TSX:G) and Rio Tinto (ASX:RIO)
– Current President and Director of Rio Novo Gold (TSX:RN)
• Randall K. Ruff, M.Sc., Executive VP Exploration
– Over 15 years experience in exploration in the western U.S., east • Guy Charette
and west Africa, and central Europe – Over 25 years experience in securities law involving resource
– Worked as the project g
p j geologist for the fast-track discovery-to-
g y transactions and exploration and development finance
pre-feasibility advancement of the Kukuluma and Matandani gold
deposits at Geita,Tanzania • John W. W. Hick
– President & CEO of Medoro Resources (TSX:MRL)
• Linda Prager, CA, CFO – Numerous past senior management positions including CEO of Rio
Narcea Gold (previously TSX:RNG), and Chairman of Rayrock
– 10 years accounting and finance experience Resources Inc
• Alexandru Nicolici, Geologist, Romanian Country Manager • Patrick J. Mars
– 20 years experience in Romania as a geologist and manager – Over 30 years experience in the investment industry including
serving as CEO and director of Alfred Bunting and Co.
– Former CEO of CUART SA, the regional state-owned mineral
exploration company in Romania
p p y – Director of Yamana Gold (TSX:YRI) and Aura Gold (TSX:ORA)
5
6. Key Assets Carpathian Gold Inc.
Riacho dos Machados (“RDM”) Rovina Valley Project (“RVP”)
Brazil
Bahia
B hi
Minas Romania
Gerais
Riacho dos Machados
(Feasibility Stage) Rovina Valley Project
(PEA Completed)
Yamana Properties
Kinross Properties Fuzerradvany Concession (Hungary)
Eldorado Property Major Deposits
Gold-Copper Deposit
100%-owned high grade, brownfields, gold project 100%-owned 3 porphyry gold-copper discoveries
Q3-2010 feasibility; Q4-2011/Q1-2012 targeted Pre-feasibility/feasibility stage
commencement of production of ≈100,000 oz
Au/yr 6.9 MM oz Au + 1.45 Blbs Cu total resource*
1.505 MM oz Au total resources* NPV8% of US$316 MM (@ US$900 Au/oz &
US$2.25/lb Cu); NPV8% of US$731 MM (@
NPV5% of US$123 MM (@ US$900 Au/oz); based US$1,000 Au/oz & US$3:00/lb Cu)
on PEA study
Deposit remains open in all directions – recent
Upside at depth, along strike and in new zone drill hole (RGD-17), 716 m of 1.14 g/t Au & 0.16%
targets Cu
* Global mineral content for information purposes only as N.I. 43-101 does not allow summation of Measured + Indicated + Inferred Resources
6
8. RDM – Property Map Carpathian Gold Inc.
40 km
RDM
(21,000 ha)
(1,000 ha)
8
9. RDM – Key Advantages Carpathian Gold Inc.
• Substantial scale
– 22,000 ha of licenses
– 55,000 m of exploration drilling completed
• Brownfields development South end of 1,350 m long open pit
, g p p
– Existing infrastructure (roads, power, water and facilities)
– Mining concession status for quick re-activation of production
– Ownership of surface rights for surrounding mine area
– I iti l d
Initial development permits completed
l t it l t d
North end of 1,350 m long pit
• Robust project economics (from PEA study) & short lead time to
production
– ≈ 100 000 oz Au annually, CIL processing
100,000 A ll i 120 m deep
exploration shaft
– Low cash cost & low capital requirements
– Initial open pit operation of +7 years targeted to commence Q4 2011/Q1 2012
– Feasibility study results by Q3/Q4 2010
• Significant upside
– Updated NI 43-101 Resource as of July 2010 - 1.505MM oz. Au
– 200% increase in the open-pit M&I category with 812.3 koz. Au
West pit wall and
– Open at depth, along strike and in additional gold mineralized shear zone
exploration shaft
targets
9
10. RDM – Open Pit/Underground Model Carpathian Gold Inc.
* At US$950/oz Au pit shell with underground mineralization
10
11. RDM – PEA Results (July 2009) Carpathian Gold Inc.
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
Total Recoverable Gold Production LOM: 725,645 oz
Mine Life: 7.11 years Optimization
Operating Cost: US$20.45/t ore Potential
Royalty
y y 2%
Effective Tax Rate: 15.25%
Refining / Transport / Insurance Cost: US$10/oz Au
Total Cash Cost: US$428/oz Au
Initial Capital Cost:
I iti l C it l C t US$113 MM
Total Capital Cost, including sustaining capital: US$125.5 MM
NPV5% (after tax, @ US$900/oz Au): US$123 MM
Payback Period (@ US$900/oz Au): 2.9 years
IRR (@ US$900/oz Au): 32%
Source: Riacho Dos Machodos Gold Project Preliminary Economic Assessment Study prepared by a consortium of engineering companies led by NCL Brasil Ltda, August 2009
11
12. RDM – PEA Summary Overview Carpathian Gold Inc.
Highlights
Hi hli ht NPV S
Sensitivity (US$MM)
iti it
Average annual production of 102,000 ounces of gold GOLD PRICE (US$/oz)
per annum over an initial 7.1 year mine life
$
$750 $
$800 $
$850 $
$900 $
$950 $ ,
$1,000
Operating cash cost of US$428 per gold ounce
0.0% $ 92.3 $ 122.4 $ 152.6 $ 182.7 $ 212.9 $ 243.0
iscount Rate
Project after tax NPV of US$123.3 MM based on a 5% 2.5% $ 70.4 $ 97.0 $ 123.7 $ 150.3 $ 176.9 $ 203.5
discount rate and a gold price of US$900 per ounce 5.0% $ 52.4 $ 76.0 $ 99.7 $ 123.3 $ 147.0 $ 170.6
Project
P j t IRR of 32 0% with a 2 9 year payback on
f 32.0%, ith 2.9 b k 7.5%
7 5% $ 37.4
$ 37 4 $ 58.6
$ 58 6 $ 79.7
$ 79 7 $ 100.8
$ 100 8 $ 121.9
$ 121 9 $ 143.0
$ 143 0
Di
initial Project capital expenditures 10.0% $ 25.1 $ 44.0 $ 62.9 $ 81.9 $ 100.8 $ 119.8
Au Production and Cash Costs Cash Flow
120 $600 $60
100 $500
000s)
80 $400
ons $40
Gold oz (0
US$ Millio
US$
60 $300
40 $200
$20
20 $100
0 $0
1 2 3 4 5 6 7 8 $0
Year 1 2 3 4 5 6 7 8
Year
Production Cash Costs
Source: Riacho Dos Machodos Gold Project Preliminary Economic Assessment Study prepared by a consortium of engineering companies led by NCL Brasil Ltda, August 2009
12
13. 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
13
14. RDM – Extension Potential Carpathian Gold Inc.
• Multiple on-strike exploration targets
– Gold mineralization correlates with arsenic-in-soil anomaly over 14 km strike length shear zone
– Good potential for both oxide and sulphide gold mineralization along strike
– Several drill holes intercepted 1 – 15 g/t Au intervals
Open Pit Expansion Exploration Targets
FUTURE GROWTH UPSIDE
As contours
50 ppm blue
Further optimization open pit with potential to deepen it. 120 ppm green
240 ppm black
Examine bringing in an underground operation in year 3 860 ppm red
of that could add ≈ 60K oz/yr for a total of a ≈ 160K oz/yr
and extend mine life to 10 yrs.
RDM Mine
1.5 Moz Au*
Immediate on-strike potential.
Property potential to provide additional feed from several satellite deposits..
p yp p p
Future On-Strike Growth Targets
* Global mineral content for information purposes only as N.I. 43-101 does not allow summation of Measured + Indicated + Inferred Resources
14
15. RDM – Underground Potential Carpathian Gold Inc.
• Underground mineable resource (inferred) Mineralization Cross Section
of 332,000 oz (4.0 MM t @ 2.57 g/t Au)
– ~250 m below pit shell
– Additional potential of 1.1 MM oz (@ 2.9 g/t
PEA Open Pit
p
Au)
• 60,000 oz Au per year production
– Production would potentially start in the
third year of open pit operation
• 5.5 year mine life
• ~$365/oz Au cash cost
$365/o A Zone identified with
immediate economic
– $30/t ore operating cost underground mining
potential
• US$57.5 M capital cost
• Pre-tax NPV5% of US$51.3 MM for
expansion to an underground mine
(@ US$900/oz Au)
– 35% IRR
– EBITDA of approx. US$25 MM/yr
Source: Riacho Dos Machodos Gold Project Preliminary Economic Assessment Study prepared by a consortium of engineering companies led by NCL Brasil Ltda
15
16. RVP – Three Au-rich Cu Porphyry Deposits Carpathian Gold Inc.
Rovina Valley Project
(RVP)
Romania
16
17. RVP – Property Map Carpathian Gold Inc.
Rovina License – 94 km2
Rovina
Rovin licence boundary
Rovina Cu + Au Porphyry
Global Resource: 3.10 Moz Au Eq* Known deposits
Porphyry-style Epithermal-style
Au-Cu
Au Cu Pb Zn Cu
Pb+Zn+Cu minor Au-Ag
Au Ag
b
Colnic Au+Ag minor base metals
Area of phyllic alteration
mapped by Carpathian Gold
Area of hydrothermal alteration
Colnic Au + Cu Porphyry
na
from historical record
Global Resource: 3.69 Moz Au Eq*
Cordurea Target
Dacite & Dacite Breccia
Rocks 0.32 – 2.16 g Au/t
Barza group
Ciresata Dumps up to 101 g Au/t, 2.4 Kg Ag/t
of deposit
Cordurea
Valea Morii Valisoara Au - (Pb-Zn) Target
( ) g
Breccia Zone 0.6 – 4.0 g Au/t
Ciresata Au + Cu Porphyry
Resource: 3.96 Moz Au Eq* Porcurea
“Still open in size”
Valisoara
0m 250m 500m
* Au Eq:$675 /oz Au; $1.80 /lb Cu. Global mineral content for information purposes only as N.I. 43-101 does not allow summation of Measured + Indicated + Inferred Mineral Resource
17
18. RVP – Key Advantages Carpathian Gold Inc.
• Large Scale 40,000 t/d Project
g , j Golden Quadrilateral
Q
– 10.7 MM oz Au Eq* total resource Rosia Montana
(GBU)
14 Moz Au
• Attractive project economics (from PEA study) •25
km
Rosia Poieni
– A
Ave. 196,000 oz A & 49 4 MM lb C
196 000 Au 49.4 Cu (State)
km
annual production over LOM
•34
Cu-Au Porphyry
•1 7
– US$379/oz cash cost
km
– Standard flotation process producing a
saleable Cu concentrate
Certej (EGU)
– 19 year mine life (LOM) 3.5 Moz Au Eq*
Rovina Valley Project
(CPN)
>10.7 Moz Au Eq*
• Good location in improving jurisdiction (includes >6.9 Moz Au)
– Located in Golden Quadrilateral
• Emerging modern mining district
• > 55 MM oz Au of historic production
• Substantial existing infrastructure (roads, water
and power)
– Improving Romanian operating environment
• Government encouraging investment and
sustainable growth
• 16% corporate tax rate
• Streamlined permitting process
* Au Eq:$675 /oz Au; $1.80 /lb Cu. Global mineral content for information purposes only as N.I. 43-101 does not allow summation of Measured + Indicated + Inferred Mineral Resource. Au Eq1 (Au + Ag)
18
19. 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$379/oz Au
Initial Capital Cost: US$509 MM
Total Capital Cost, including sustaining capital: US$786.4 MM
NPV8% (pre-tax, @ US$900/oz Au & US$2.25/lb Cu): US$316 MM
Payback Period: (@ US$900/oz Au & US$2.25/lb Cu) 4.9 years
IRR: 15.7%
Flotation Plant
Rovina Location Colnic Ciresata
Cu + Au Porphyry Au + Cu Porphyry Au + Cu Porphyry
Source: Rovina Valley Au-Cu Project Preliminary Economic Assessment Study prepared by a consortium of engineering companies led by PEG Mining, March 2010
19
20. RVP – PEA Summary Overview Carpathian Gold Inc.
Highlights NPV Sensitivity (US$MM)
Average annual production of 196,000 ounces of gold & 49.4 million Financial Model Base Case Near Spot
pounds of copper (327,000 Au-eq oz) over a 19 year mine life. (pre-tax) US $900/oz Au US $1,000/oz Au
US $2.25/lb Cu US $3.00/lb Cu
Operating cash cost per ounce with Cu as a by-product credit of US
$379 per gold ounce or US $483 per ounce gold as co-product basis.
NPV0 $1,357 $2,351
Project pre-tax NPV of US $316 million based on a 8% discount rate NPV5 $569 $1,130
and a gold price of US $900 per ounce & copper of US $2.25/lb NPV8 $316 $731
NPV10 $200
$ $544
$
Project IRR of 15.7%, with a 4.9 year payback on initial Project capital
expenditures IRR 15.7% 24.2%
Au-eq Production and Cash Costs with Cu as
a by-product Credit Net Annual Cash Flow
$180
500 $500
450 $450 $160
400 $400 $140
000s)
350 $350 US$ Millions $120
300 $300
Gold Eq. oz (0
$100
US$
250 $250 $80
200 $200
150 $150 $60
100 $100 $40
50 $50 $20
0 $0 $0
1 2 3 4 5 6 7 8 9 10 1 2 3 4 5 6 7 8 9 10
Year Year
Production Cash Costs
Source: Rovina Valley Au-Cu Project Preliminary Economic Assessment Study prepared by a consortium of engineering companies led by PEG Mining, March 2010
20
22. Upcoming Milestones Carpathian Gold Inc.
2010 2011 2012 2013
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
Additional Infill & Regional Exploration
Romania
PEA Study
EIA/SIA programs
Drilling & Expansion of Ciresata Porphyry
Updated NI 43-101 Resource
p
Feasibility Study
Permitting & Construction
Production
Regional Exploration Drilling
22
23. NI 43-101 Resource Estimate Carpathian Gold Inc.
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
I f dR 11,101,000
11 101 000 1.94
1 94 692,900
692 900
Rovina Valley Project – RVP
Grade Contained Metal
Category Tonnage
(g
(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)
) (
(Cu lbs)
)
M&I Resource 193,100,000 0.18 759,100,000
Inferred Resource 177,700,000 0.17 663,100,000
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
Metal Prices: For RDM Resources – US$950/oz Au; For RVP Resources – US$675/oz Au & US$1.80/lb Cu
23
24. Production & Cash Flow Profile Carpathian Gold Inc.
Gold Production Profile
600 RV P Production (Gold Only) * $600
RDM Production (Open Pit)
500 RV P Cash Cost (net of Cu credits) * $500
RDM Cash Cost (Open Pit) 398
Production (000 oz Au)
Cash Cost (US$/oz Au)
356
A
A
400 $400
300 262 $300
200 $200
100 104 98 113
C
P
100 $100
0 $0
2011 2012 2013 2014 2015 2016 2017 2018
Cash Flow Profile
$250
RV P Cash Flow * $221
RDM Cash Flow (Open Pit) $210
$200
Cash Flow (US MM)
$150
S$
$100
$57
$50 $44 $47
$50 $37
$0
2011 2012 2013 2014 2015 2016 2017 2018
* 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$900/oz Au and 2010 RVP PEA Study, assuming US$900/oz Au &US$2.25/lb Cu
24
25. Comparable Valuations Carpathian Gold Inc.
(US$ millions, unless otherwise noted) Share Market Enterprise Resources EV / Resources
Company Price Cap Value M+I Total M+I Total P / NAV
12-Aug-10 (US$MM) (US$MM) (000 oz) (000 oz) (US$/oz) (US$/oz)
Gold Developers
Detour Gold Corporation C$27.92 $2,328 $1,763 17,203 22,412 $102 $79 1.1x
Gabriel Resources, Ltd. C$4.71 $1,765 $1,518 12,355 14,352 $123 $106 1.3x
Seabridge Gold, Inc. C$26.50 $1,056 $986 46,415 64,213 $21 $15 n/a
Perseus Mining Ltd
Ltd. A$2.27
A$2 27 $875 $665 3,334
3 334 6,264
6 264 $200 $106 0.8x
0 8x
Fronteer Gold Inc C$6.75 $820 $633 3,292 5,021 $192 $126 1.0x
Guyana Goldfields Inc. C$7.93 $667 $548 3,214 4,579 $171 $120 1.3x
Medoro Resources Ltd. C$2.04 $540 $368 8,411 11,021 $44 $33 1.4x
Greystar Resources Ltd. C$3.67 $322 $185 9,824 11,167 $19 $17 0.5x
Luna Gold Corp. C$0.55 $223 $201 1,038 1,485 $194 $135 n/a
Victoria Gold Corp. C$0.70 $193 $136 2,691 3,854 $51 $35 0.5x
Rio Novo Gold Inc. C$1.35 $117 $84 653 912 $128 $92 n/a
Group Average $113 $79 1.0x
Group Median $123 $92 1.1x
Gold Explorers
Exeter Resource Corporation C$6.30 $514 $448 14,335 24,289 $31 $18 0.5x
Rainy River Resources Ltd.
y C$6.02
$ $
$448 $
$372 2,375
, 5,035
, $
$157 $
$74 0.9x
International Tower Hill Mines Ltd. C$6.49 $439 $381 10,961 13,718 $35 $28 0.9x
Ampella Mining Limited A$1.66 $287 $268 n/a 1,194 n/a $224 n/a
Keegan Resources Inc. C$6.30 $294 $238 2,013 3,460 $118 $69 0.8x
Queenston Mining Inc. C$3.35 $229 $184 1,122 2,519 $164 $73 0.5x
Volta Resources Inc. C$1.50 $167 $116 1,241 2,611 $94 $45 0.6x
Sandspring Resources Ltd. C$1.35 $125 $106 2,903 3,801 $37 $28 0.4x
Rio Alto Mining Limited C$0.88
C$0 88 $112 $70 1,882
1 882 1,977
1 977 $37 $36 0.6x
0 6x
Sulliden Gold Corporation Ltd. C$0.65 $98 $72 1,044 1,334 $69 $54 0.7x
Magellan Minerals Limited C$0.97 $84 $63 269 368 $232 $170 n/a
Oromin Explorations Ltd. C$0.81 $81 $58 1,632 1,894 $35 $30 0.5x
Belo Sun Mining Corp C$0.43 $64 $53 840 2,665 $63 $20 n/a
Group Average $89 $67 0.6x
Group Median $66 $45 0.6x
0 6x
Carpathian Gold Inc. C$0.35 $106 $83 3,887 8,466 $21 $10 0.3x
Notes: - Assumes 0.96 US$/C$ and 0.90 US$/A$ exchange rates
- NAVs based on consensus analyst estimates
- Carpathian NAV based on RDM after-tax NPV5% of US$123MM, plus RVP pre-tax NPV8% of US$316 MM (reduced by 16% for post-tax estimate), plus ~C$22 MM diluted cash balance
25
26. Summary Carpathian Gold Inc.
• Two prolific gold development projects
• Global resource of 12+ MM oz Au Eq*
(8.46 million oz Au; 1.4 billion Ibs Cu)
• Robust Preliminary Economic Assessments Completed
• Construction decision in 2010
• Production targeted to commence in late 2011/early 2012 at +100,000
g y
oz Au annually with built-in growth profile of up to 400,000 oz Au
annually
• Substantial exploration upside
• Attractive valuation at 0.3x NAV versus development and exploration
peers at 1.0x 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
26
