Carpathian Gold Inc. : Market Report

From Marketwired: 

Carpathian Gold Inc. (TSX:CPN) (the "Corporation" or "Carpathian") advises that it has concluded an extended forbearance and amendment agreement (the "Agreement") with Macquarie Bank Limited ("Macquarie"). The Agreement provides for a US$10 million increase in the amount of funds made available under Tranche 3 of a project finance facility entered into between Macquarie and the Corporation's wholly owned subsidiary Minerção Riacho dos Machados Ltda. ("MRDM"). Under the terms of the Agreement, the forbearance expires on January 31st with repayment of any funds drawn down to be effected by February 28th of this year. Carpathian's representatives plan to meet with representatives of Macquarie later this week in order to discuss further extensions to the forbearance. There is no assurance that any or all of the funds to be provided to MRDM under the terms of the Agreement will actually be made available to it as any disbursements thereof remain solely at Macquarie's discretion nor is there any assurance that Macquarie will agree to any extension of the forbearance.

About Carpathian

Carpathian is an exploration and development company whose primary business interest is developing near-term gold production at its 100% owned Riacho dos Machados ("RDM") Gold Project in Brazil. In addition it is also focussed on advancing 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 tonnes at 0.38 g/t Au for 0.33 million ounces, RDM; 9.447 million tonnes 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 tonnes at 0.16% Cu) and 97.0 million pounds of copper in the inferred category (RVP: 26.8 million tonnes at 0.16% 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.

Mr. Dino 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.