Carpathian More Than Doubles Measured + Indicated Gold Resource to 7.2 Million Ounces Plus 1.4 Billion Pounds of Copper at the Rovina Valley Project, Romania

TORONTO, ONTARIO--(Marketwire - July 17, 2012) - Carpathian Gold Inc. (TSX:CPN) ("the Corporation" or "Carpathian") is pleased to announce its updated National Instrument 43-101 compliant mineral resource estimate ("2012 Resource Estimate") as provided by independent consultants AGP Mining Consultants Inc. ("AGP"), on Carpathian's 100% owned Rovina Exploration License in west-central Romania. The 2012 Resource Estimate includes the Colnic, Rovina and Ciresata gold-rich copper porphyry deposits, collectively referred to as the Rovina Valley Project ("RVP"). All three deposits are in close proximity to one another and amenable to a central ore processing facility as described in the Preliminary Economic Assessment ("PEA") completed in March 2010. Colnic and Rovina are amenable to open-pit mining and Ciresata to bulk underground mining. AGP has estimated the 2012 Resource Estimate for the RVP with a date cut off of April 23, 2012, updating the last resource estimate from November 2008 ("2008 Resource Estimate") to include results from an additional 95 drill holes for 57,541 metres and utilized a total of 120,256 metres of diamond drill hole data from 251 drill holes. The objective of the 2011 and 2012 drilling programs was primarily to convert the inferred resources from the 2008 Resource Estimate to the measured plus indicated category for use in the on-going pre-feasibility study as well as test for any resource extension. This objective was overwhelmingly accomplished as shown below in 2012 Resource Estimate.

Highlights include:

• 7.19 million ounces of gold plus 1,420 million pounds of copper in measured plus indicated resources, a 134% increase in gold and a 87% increase in copper from the 2008 Resource Estimate;
• Gold equivalent ("Au eq") resource in the measured plus indicated category of 10.8 million ounces, a 113% increase from the 2008 Resource Estimate;
• 12.2% increase in overall gold grade in the measured plus indicated category from 0.49 g/t Au to 0.55 g/t Au as compared to the 2008 Resource Estimate; with a 110% increase in tonnes; and,
• over 93% of the resources are in the measured plus indicated category with 41% of the measured plus indicated resources from the Ciresata underground bulk mining deposit and 59% from the combined Rovina and Colnic open-pit deposits.

The updated resource estimate is shown below.

Rovina Valley Project 2012 Mineral Resource Estimate at base case cut-off grades (as of July 15, 2012)

Resource	Tonnage	Au	Cu	Gold	Copper	Au eq*
Category	(MM t)	(g/t)	(%)	(MM oz)	(MM lbs)	(MM oz)
Measured
Rovina (open-pit)	31.8	0.36	0.30	0.37	209.0	0.91
Colnic (open-pit)	29.4	0.64	0.12	0.61	75.0	0.80
Ciresata (underground)	29.7	0.86	0.16	0.82	105.0	1.09
Total Measured	90.9	0.62	0.19	1.81	389.0	2.80
Indicated
Rovina (open-pit)	73.5	0.27	0.23	0.64	370.0	1.59
Colnic (open-pit)	106.3	0.47	0.10	1.59	226.0	2.18
Ciresata (underground)	135.1	0.72	0.15	3.15	435.0	4.26
Total Indicated	315.0	0.53	0.15	5.38	1,031.0	8.03
Total Measured + Indicated	405.9	0.55	0.16	7.19	1,420.0	10.84
Comparison to 2008 Resource Estimate	+ 110%	+12.2%	-11.1%	+134%	+87%	+113%

Resource	Tonnage	Au	Cu	Gold	Copper	Au eq*
Category	(MM t)	(g/t)	(%)	(MM oz)	(MM lbs)	(MM oz)
Inferred
Rovina (open-pit)	13.4	0.19	0.20	0.08	60.0	0.24
Colnic (open-pit)	3.8	0.32	0.10	0.04	8.0	0.06
Ciresata (underground)	9.6	0.67	0.14	0.21	29.0	0.28
Total Inferred	26.8	0.38	0.16	0.33	97.0	0.58
Comparison to 2008 Resource Estimate	-85%	-43.7%	-3.1%	-92%	-85%	-90%

• *Au eq. determined by using a gold price of US$1,370 per ounce and a copper price of US3.52/lb. These prices are the 3-year trailing average as of July 10^th, 2012. Metallurgical recoveries are not taken into account for Au eq.
• Base case cut-off used in the table are 0.35 g/t Au eq. for the Colnic deposit and 0.25% Cu eq for the Rovina deposit, both of which are amenable to open-pit mining and 0.65 g/t Au eq. for the Ciresata deposit which is amenable to underground bulk mining.
• For the Rovina and Colnic porphyries, the resource is an in-pit resource derived from a Whittle shell model using gross metal values of $1,350/oz Au price and $3.00/lb Cu price, net of payable amounts after smelter charges and royalty for net values of US$1,313/oz Au and US$2.57/lb Cu for Rovina and US$2.27/Ib Cu for Colnic).
• A grade-tonnage vs cut-off grades table for each of the deposits is shown at the end of this news release.
• Rounding of tonnes as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content.

"We are extremely pleased with this updated mineral resource estimate ("2012 Resource Estimate") as it represents a quantum increase in gold and copper in the measured plus indicated resource categories with an increase in gold grade compared to the previous 2008 Resource Estimate", said Dino Titaro, President and CEO. "Our drilling programs were extremely successful in executing an exceptionally high conversion rate of inferred resources to measured plus indicated and also added gold and copper mineralization thereby increasing the overall total mineral resource and demonstrating that the RVP ranks as a world-class gold-copper project. Equally as important is that the higher-grade core of each porphyry deposit was better defined and remained intact thereby maximizing the ability to release higher-grade mineralization in the earlier stages of the operation, thus enhancing the economic potential of the project as was shown in the 2010 PEA. The on-going pre feasibility study will incorporate the 2012 Resource Estimate to define reserves and the economic parameters for the RVP and should be completed in late Q4, 2012".

For the 2012 Resource Estimate consideration as to the reasonable potential for the RVP to be economic was taken into account and was derived from the following parameters. For the Rovina and Colnic porphyry deposits, which are planned to be mined with open-pit mining methods, the resource estimates were constrained within a pit shell using the Lerch-Grossman pit optimizer algorithm in Minesight software using net metal values of $1,313/oz for gold and US$2.27 to US$2.57/lb for copper (copper values varies by deposit and the metal values used are less than the three year trailing average). Mining costs, pit-slope angles, metallurgical recoveries with payable gold and copper were taken into account as well as royalties based on the PEA Study (details shown below under Resource Estimate Input parameters and Assumptions). Base case cut-off grades considered results from the PEA Study and the on-going pre-feasibility study and are expressed in gold-equivalent ("Au eq") grade for the Colnic and Ciresata deposits and copper-equivalent ("Cu eq") grade for the Rovina deposit. A 0.25% copper equivalent ("Cu eq") was used for the Rovina deposit and 0.35 g/t gold equivalent ("Au eq") for the Colnic deposit. The Ciresata deposit which is planned to be mined with bulk tonnage underground mining methods, utilized a base cut-off grade of 0.65 g/t Au eq to calculate the resource estimate for this deposit. Design information derived from the on-going pre-feasibility study was also applied.

At both the Rovina and Colnic deposits, there are higher-grade portions of each deposit that outcrop at surface. These areas represent potential "starter pits" that will be developed to maximize the early extraction of higher-grade gold and copper mineralization (see grade cut-off vs tonnes and grade tables at the end of the news release). As an example, the higher-grade mineralization at Colnic contains measured plus indicated resources at >0.70 g/t Au eq of 51.5 million tonnes at 0.73 g/t Au and 0.12% Cu. At the Rovina deposit, the higher-grade mineralization contains measured plus indicated resource at >0.50% Cu eq of 25.3 million tonnes at 0.51 g/t Au and 0.35% Cu. Ciresata has continuous zone of high-grade gold and copper mineralization in the core of the deposit that persists at depth that is suitable for extraction with an underground bulk-mining method. At Ciresata, the measured plus indicated resource of this core at >1.0 g/t Au eq contains 65.4 million tonnes at 1.01 g/t Au and 0.18% Cu. It is these higher-grade areas that are the focus for the early stages of mining for the on-going pre-feasibility study.

Future Potential

Growth potential for resource expansion at the RVP includes depth extensions, satellite deposits, and further evaluation of additional porphyry targets. At the Ciresata deposit, the potential for depth extension is shown from recent drilling results (after the resource estimate data cut-off date) that intersected porphyry-style mineralization 500 metres below previous mineralization with 37.6 m at 0.67 g/t Au and 0.20% Cu from 1,386.4 m down hole in drill hole RGD-68. This deep drill hole indicates mineralization does occur at depth below the current resource estimate, which could be accessible from the underground mining operation that is envisioned for this deposit. These results will likely be further evaluated at a later date after underground mining has commenced on this deposit.

At the Rovina deposit, two drill hole intersections on the southwest edge of the current resource model suggest a potential untested porphyry body in this zone. Drill hole RRD-42 intersected 96 m at 0.33 g/t Au and 0.18% Cu from 161 m down hole depth and drill hole RRD-74 intersected 40 m to end-of-hole, bottoming in mineralization, at 0.31 g/t Au and 0.21% Cu from 245 m down hole depth.

The Galaxy porphyry prospect located 2.2 km west of the Rovina Porphyry, was identified and drilled by the corporation in 2007-2008 and 11 drill holes were completed in this deposit. Drilling encountered porphyry style alteration and mineralization supporting the concept of a cluster of mineralizing porphyries in the Rovina-Colnic area. Some of these drill holes returned highly anomalous copper values ranging from 500 ppm to 3,740 ppm and anomalous gold values ranging from 0.15 to 1.57 g/t Au. This prospect is being re-evaluated for geology and grade vectors to potential higher-grade zones to determine if further drilling is warranted.

In addition to the above, there are several other porphyry-type targets on RVP that will require further follow up work and evaluation.

2012 Resource Estimate Input Parameters and Assumptions

Grade and tonnage calculations at various cut-off grades for each deposit are shown in the tables at the end of this press release.

To generate the 2012 Resource Estimate, the following data and methods were used:

• Mineral resources were estimated in conformance with the CIM Mineral Resource and Mineral Reserve definitions referred to in National Instrument ("N.I.") 43-101, Standards of Disclosure for Mineral Projects.

• The resource estimate for the Rovina and Colnic deposits are constrained within a pit shell utilizing the Lerch-Grossman pit optimizer algorithm of the Minesight software based on the following metal prices and mining parameters taken from the PEA Study and the on-going pre-feasibility study.
  
  
  • Gold price US$1,350/oz and Copper US$3.00/lb, payable after smelter charges and royalties US$1,313/oz Au and US$2.57/lb Cu for Rovina and US$1,313/oz Au and US$2.27/lb Cu for Colnic.
  • Metallurgical recoveries for Rovina of 93.2% Cu and 69.9% Au and Colnic at 91.7% Cu and 67.9% Au.
  • Pit-wall slopes at 43 degrees.
  • Mining costs at US$1.14/t waste, US$1.41/t ore with a processing cost of US$6.62/t ore and G&A cost of US$0.45/t ore.
    
    
• The Ciresata deposit, which is amenable to bulk underground mining methods, is well constrained both geologically and by a grade-gradient outward from a high-grade core and together with consideration of the PEA results and ongoing-pre-feasibility study a 0.65 g/t Au eq cut-off is used for its resource estimation.
  
  
• The resource estimate database includes 120,256 metres of diamond drilling from 251 drill holes and includes 95 drill holes for 57,541 metres completed since the previous 2008 Resource Estimate. A tabulation of drill data per deposit is shown in the table below. The drill hole pattern covers an area of approximately 600 m by 700 m at Rovina, 1200 m by 700 m at Colnic and an area of 400 m by 450 m at Ciresata.

Deposit	# Drill holes RE: 2008	Metres drilled RE: 2008	# Drill holes added	Drill Metres added	# Drill holes RE: 2012	Drill metres RE: 2012
Rovina	53	26,194	29	12,939	82	39,133
Colnic	88	29,349	18	4,645	106	33,994
Ciresata	15	7,173	48	39,957	63	47,129
Total	156	62,715	95	57,541	251	120,256

• All drill holes are diamond drill core and were sampled and assayed over their entire bedrock length at mostly 1 m sample intervals. A rigorous QA/QC program was in place during the drill program, which included the insertion of certified standards (Au and Cu), pulp duplicates, coarse blanks and pulp blanks at regular intervals totalling 17% of the submitted samples along with a check assay program from a secondary assay laboratory. Primary (ALS Laboratory Group) and secondary (SGS Mineral Services) assay laboratories are internationally recognised and accredited.

• Database integrity was evaluated by AGP who also conducted site visits and independent verification sampling and assays.

• Densities were determined for a representative number of rock and mineralization types using industry standard methods. A total of 1,165 determinations are contained in the database. The average value for each modeled alteration type was applied to the block model.

• Detailed geologic logging and sectional interpretations by Carpathian staff with periodic reviews by AGP led to the development of 3D domain models of lithology and alteration types using Micromine software. These domains were classed and utilized in grade variography studies and in grade interpolation constraints with appropriate contact treatments in Gemcom software, where the final resources were calculated.

• The composite intervals selected were 4.0 metres for the Rovina and Colnic deposits and 5 metres for the Ciresata deposit.

• For the treatment of grade outliers at Rovina, Colnic and Ciresata, each statistical domain was evaluated separately for gold and copper and a combination of grade capping and search restrictions imposed on threshold values was used to restrict the influence of outliers.

• A 3D block model was generated using GEMS© software for grade interpolation. The block model matrix size for Rovina and Colnic is 10x10x12 metres, while at Ciresata a 10x10x5 metre block size was selected after consultation with the engineering team from AGP considering data density, geologic controls and mining approach. These block sizes are larger than the ones used in the 2008 Resource Estimate.

• Ordinary Kriging ("OK") was used for all domains where the variography could be relied upon. For domains where the variography was inconclusive, an inverse distance cubed methodology was employed. The interpolation was carried out in multiple passes with increasing search ellipsoid dimensions.

• Grade interpolation at the domain boundaries relied upon the soft/hard boundary determination from the contact studies which were confirmed by field observations from Carpathian site geologists.

• Validation of block model grades is carried-out using 'global methods' i.e. comparison of OK to nearest neighbor ("NN"), and inverse distance weighted method ("IDW") and locally through swath plots and visual review comparison of original assays, and composite grades to NN, IDW, and OK block model grades.

• Resource classification for all models was based primarily on the pass number followed by an adjustment to the class model, based on the density of the diamond drilling (core area) and the actual location of the block compared to the drill hole trace.

• Cut-off grades in the resource report tables utilize Copper equivalent ("Cu eq") grades for Rovina and Gold equivalent grades ("Au eq") for Colnic and Ciresata. The equivalent grade formula was derived using the three year trailing average of US$1,370/oz for gold and US$3.52/lb for copper. The equivalent grades are consistent with previously stated equivalent grades as well as the 2008 Resource Estimate equivalent grades. The base case cut-off grade for Rovina is 0.25% Cu eq and for the Colnic deposits 0.35 g/t Au eq and for Ciresata a 0.65 g/t Au eq was used.

Mr. Pierre Desautels, P.Geo, a Principle Partner of AGP is responsible for the mineral resource estimate and Mr. Gordon Zurowski, P.Eng, a Principle Partner of AGP is responsible for the mining aspects of the resource estimate and both are independent qualified persons as defined by NI-43-101 and both have confirmed that they have reviewed the information in this release as it relates to the mineral resource estimate. Mr. Dino Titaro, P.Geo a qualified persons as defined by NI 43-101 has also read this press release and approved its contents. The complete N.I. 43-101 Technical Report will be filed on SEDAR at www.SEDAR.com within 45 days.

Pre-feasibility Study Update

A pre-feasibility study ("PFS") is on-going for the RVP and will utilize the 2012 Resource Estimate presented herein. This PFS involves a consortium of international consultants and engineering firms lead by AGP and is planned to be completed in late Q4-2012. The PFS is following the general concepts defined by the 2010 PEA completed in March 2010 whereby the Colnic and Rovina deposits are mined by conventional open-pit mining and the Ciresata deposit by bulk underground mining with ore processing in a single centralized facility utilizing standard flotation method for Au-Cu recovery.

Work that is +80% completed includes; geotechnical investigations providing design criteria for open-pits, tailing management facility, plant site and waste dumps, rock mechanics investigation at the Ciresata deposit to provide design criteria for the underground mine engineering that includes both sub-level cave and block cave mining methods and initial acid rock drainage analysis for waste dump design. Engineering design is utilizing US$1,150/oz gold and US$2.90/lb copper.

In-progress work includes; metallurgical optimization test work, flow-sheet development, open-pit engineering, design of infrastructure facilities, and mining equipment costing along with costing from local construction and supplier contractors.

In addition, the Corporation continues with its pro-active stakeholder engagement program whereby the local community and government officials are regularly updated on project status.

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 focusing on activities surrounding permitting and construction, along with progressing its exploration and development plans on its 100% owned Rovina Valley Au-Cu Project 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 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 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.

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.

Rovina Deposit Mineral Resources

Open-Pit Deposit

(Various Cu eq cut-off grades, as of July 15, 2012)

Resource Category	Cu eq Cut-off (g/t)	Tonnage (MM T)	Au (g/t)	Cu (%)	Gold (MM oz)	Copper (MM Lb)
Measured	0.15	36.93	0.34	0.27	0.40	221.7
	0.20	34.54	0.35	0.28	0.39	216.8
	0.25	31.77	0.36	0.30	0.37	208.8
	0.30	28.48	0.39	0.31	0.35	196.7
	0.35	25.43	0.41	0.33	0.33	183.1
	0.40	22.04	0.43	0.34	0.30	165.8
	0.45	18.91	0.45	0.35	0.28	147.4
	0.50	15.90	0.48	0.37	0.24	128.5
	0.60	9.21	0.54	0.39	0.16	80.1
	0.70	3.39	0.65	0.42	0.07	31.5
Indicated	0.15	117.18	0.22	0.19	0.82	493.9
	0.20	96.40	0.24	0.21	0.75	443.7
	0.25	73.52	0.27	0.23	0.64	369.7
	0.30	53.04	0.31	0.25	0.53	289.7
	0.35	36.82	0.36	0.27	0.42	216.6
	0.40	24.33	0.41	0.28	0.32	152.5
	0.45	15.44	0.48	0.30	0.24	102.7
	0.50	9.36	0.56	0.32	0.17	65.7
	0.60	4.55	0.70	0.34	0.10	34.2
	0.70	2.23	0.83	0.36	0.06	17.7
Inferred	0.15	36.44	0.15	0.16	0.18	124.9
	0.20	23.94	0.17	0.18	0.13	94.1
	0.25	13.39	0.19	0.20	0.08	59.8
	0.30	6.01	0.23	0.23	0.05	30.2
	0.35	2.93	0.29	0.24	0.03	15.8
	0.40	1.44	0.35	0.24	0.02	7.7
	0.45	0.52	0.35	0.30	0.01	3.4
	0.50	0.15	0.37	0.33	0.002	1.1

• Cu eq. cut-off grades were determined using the three year trailing average of 1,370 USD/oz for gold and 3.52 USD/lb for copper. The equivalent grades are consistent in formula ratio with previously stated equivalent grades as well as the 2008 Resource Estimate equivalent grades. Metallurgical recoveries are not taken into account for Cu eq.
• The resource is an in-pit resource derived from a Lerch-Grossman pit shell model using gross metal values of $1,350/oz Au price and $3.00/lb Cu price, net of payable amounts after smelter charges and royalty for net values of US$1,313/oz Au and US$2.57/lb Cu for Rovina.
• Rounding of tonnes as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content.

Colnic Deposit Mineral Resources

Open-Pit Deposit

(Various Cut-off Au eq grades, as of July 15, 2012)

Resource Category	Au eq Cut-off (g/t)	Tonnage (MM T)	Au (g/t)	Cu (%)	Gold (MM oz)	Copper (MM Lb)
Measured	0.25	31.4	0.62	0.11	0.62	76.5
	0.30	30.5	0.63	0.11	0.62	75.8
	0.35	29.4	0.64	0.12	0.61	74.7
	0.40	28.3	0.66	0.12	0.60	73.3
	0.45	27.3	0.67	0.12	0.59	71.7
	0.50	25.9	0.69	0.12	0.57	69.5
	0.55	24.4	0.71	0.12	0.56	66.9
	0.60	22.8	0.73	0.13	0.53	63.8
	0.70	18.9	0.78	0.13	0.47	55.5
Indicated	0.25	131.4	0.42	0.09	1.77	252.9
	0.30	118.5	0.44	0.09	1.68	241.4
	0.35	106.3	0.47	0.10	1.59	226.3
	0.40	94.0	0.49	0.10	1.49	207.6
	0.45	82.3	0.52	0.10	1.38	188.9
	0.50	71.4	0.55	0.11	1.27	169.6
	0.55	61.1	0.58	0.11	1.14	149.9
	0.60	50.7	0.62	0.11	1.01	127.7
	0.70	32.3	0.71	0.12	0.73	85.5
Inferred	0.25	5.4	0.29	0.08	0.05	9.8
	0.30	4.6	0.30	0.09	0.04	9.1
	0.35	3.8	0.32	0.10	0.04	8.0
	0.40	2.7	0.36	0.10	0.03	5.7
	0.45	1.9	0.41	0.09	0.03	3.8
	0.50	1.4	0.45	0.09	0.02	3.0
	0.55	1.1	0.47	0.09	0.02	2.2
	0.60	0.69	0.49	0.10	0.01	1.5
	0.70	0.20	0.56	0.11	0.00	0.5

• Au eq. cut-off grades were determined using the three year trailing average of 1,370 USD/oz for gold and 3.52 USD/lb for copper. The equivalent grades are consistent in formula ratio with previously stated equivalent grades as well as the 2008 Resource Estimate equivalent grades. Metallurgical recoveries are not taken into account for Au eq.
• The resource is an in-pit resource derived from a Lerch-Grossman pit shell model using gross metal values of $1,350/oz Au price and $3.00/lb Cu price, net of payable amounts after smelter charges and royalty for net values of US$1,313/oz Au and US$2.27/lb Cu for Colnic.
• Rounding of tonnes as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content.

Ciresata Deposit Mineral Resources

Underground Deposit

(Various Cut-off Au eq grades, as of July 15, 2012)

Resource Category	Au eq Cut-off (g/t)	Tonnage (MM T)	Au (g/t)	Cu (%)	Gold (MM oz)	Copper (MM Lb)
Measured	0.40	38.32	0.75	0.15	0.92	123.5
	0.50	35.16	0.79	0.15	0.89	117.6
	0.60	31.67	0.84	0.16	0.85	110.0
	0.65	29.69	0.86	0.16	0.82	105.2
	0.70	27.73	0.89	0.16	0.79	100.3
	0.80	24.01	0.95	0.17	0.73	90.1
	0.90	20.85	1.00	0.18	0.67	80.8
	1.00	17.65	1.05	0.18	0.60	70.5
	2.00	0.69	1.89	0.24	0.04	3.6
Indicated	0.40	227.06	0.58	0.12	4.24	611.0
	0.50	188.76	0.63	0.13	3.85	546.8
	0.60	152.37	0.69	0.14	3.39	474.4
	0.65	135.15	0.72	0.15	3.15	435.5
	0.70	118.88	0.76	0.15	2.89	396.6
	0.80	89.37	0.83	0.16	2.38	318.4
	0.90	65.19	0.91	0.17	1.91	247.0
	1.00	47.71	0.99	0.18	1.52	190.5
	2.00	1.15	1.76	0.22	0.06	5.6
Inferred	0.40	36.88	0.43	0.09	0.51	76.9
	0.50	19.58	0.54	0.11	0.34	48.8
	0.60	12.01	0.63	0.13	0.24	34.3
	0.65	9.57	0.67	0.14	0.21	28.9
	0.70	7.95	0.71	0.14	0.18	25.0
	0.80	5.47	0.80	0.15	0.14	18.3
	0.90	3.65	0.90	0.16	0.11	12.9
	1.00	2.54	0.98	0.17	0.08	9.6
	2.00	0.02	1.71	0.19	0.001	0.1

• Au eq. cut-off grades were determined using the three year trailing average of 1,370 USD/oz for gold and 3.52 USD/lb for copper. The equivalent grades are consistent in formula ratio with previously stated equivalent grades as well as the 2008 Resource Estimate equivalent grades. Metallurgical recoveries are not taken into account for Au eq.
• Rounding of tonnes as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content.