TORONTO, ONTARIO–(Marketwire – July 3, 2012) - Carpathian Gold Inc. (TSX:CPN) (the "Corporation" or "Carpathian") announces that Mr. Rishi Tibriwal, CA, MBA, CFA has been appointed to the position of Chief Financial Officer ("CFO") of Carpathian. Mr. Tibriwal will be joining Carpathian on July 3, 2012.
Mr. Tibriwal has over 16 years of experience working as an audit partner of a major international accounting firm with private and public companies both nationally and internationally. More recently, Mr. Tibriwal served as the CFO of Melior Resources Inc., and acted as advisor to several other public companies involved in the mining sector.
Mr. Tibriwal is replacing Ms. Linda Prager following her resignation to pursue other opportunities. Ms. Prager joined Carpathian in 2003 and has been a valuable contributor to the management team and the growth of Carpathian. Ms. Prager will be available in a consulting role for a period of time in order to facilitate a smooth transition of the position. Mr. Titaro said "We would like to thank Linda for her significant contributions to Carpathian and the years of dedicated service and wish her well in her future endeavours."
Carpathian is also pleased to announce the appointment of Ms. Kym No, CMA as Corporate Controller. She brings over 15 years of experience in finance, accounting and taxation many of which were in the mining sector at an international level. She previously held positions as corporate controller with Iberian Minerals Corp. and New Dawn Mining Corp. Mr. Titaro said "Kym's appointment to our management team strengthens Carpathian's move forward to becoming a gold producing company."
On behalf of the Board of Directors and management team, Mr. Dino Titaro, President and CEO said "We are confident that the addition of both Mr. Tibriwal and Ms. No will further enhance our management strength as we continue on our strategic path to grow the company and develop our current assets".
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 4.0 million ounces of gold (212,460 Kt at 0.58 g/t Au) in the measured plus indicated categories and approximately 4.5 million ounces of gold (187,147 Kt at 0.74 g/t Au) in the inferred category, as well as 759.1 million pounds of copper (193,100 Kt at 0.18% Cu) in the measured plus indicated category and 663.1 million pounds of copper (177,700 Kt at 0.17% Cu) in the inferred category (see press releases dated November 17, 2008 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.
The TSX does not accept responsibility for the adequacy or accuracy of this news release.
Carpathian Gold Inc.
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