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Sep2010 corporatepresentation
Sep2010 corporatepresentation
Sep2010 corporatepresentation
Sep2010 corporatepresentation
Sep2010 corporatepresentation
Sep2010 corporatepresentation
Sep2010 corporatepresentation
Sep2010 corporatepresentation
Sep2010 corporatepresentation
Sep2010 corporatepresentation
Sep2010 corporatepresentation
Sep2010 corporatepresentation
Sep2010 corporatepresentation
Sep2010 corporatepresentation
Sep2010 corporatepresentation
Sep2010 corporatepresentation
Sep2010 corporatepresentation
Sep2010 corporatepresentation
Sep2010 corporatepresentation
Sep2010 corporatepresentation
Sep2010 corporatepresentation
Sep2010 corporatepresentation
Sep2010 corporatepresentation
Sep2010 corporatepresentation
Sep2010 corporatepresentation
Sep2010 corporatepresentation
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Sep2010 corporatepresentation

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  • 1. Carpathian Gold Inc. Near- Near-Term Gold Producer September 2010
  • 2. Forward-Looking Statements Carpathian Gold Inc.Statements made in this presentation may be deemed "forward-looking statements". Forward-looking statements arefrequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, and othersimilar words, or statements that certain events or conditions “may” or “will” occur. All statements in this release, other thanstatements of historical facts, that address future exploration drilling, exploration activities and events or development that theCorporation 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 performanceand actual results or developments may differ materially from those in forward-looking statements. Factors that could causeactual results to differ materially from those in forward-looking statements include market prices, exploitation and explorationsuccesses, continued availability of capital and financing, and general economic, market or business conditions. There canbe 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 ifcircumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue relianceon 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
  • 7. RDM – Potentially Prolific Mining Camp Carpathian Gold Inc. 7
  • 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 CostsSource: 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 WasteSource: 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$2.25/lb Cu) 4.9 years IRR: 15.7% Flotation Plant  Rovina Location  Colnic Ciresata Cu + Au Porphyry Au + Cu Porphyry Au + Cu PorphyrySource: Rovina Valley Au-Cu Project Preliminary Economic Assessment Study prepared by a consortium of engineering companies led by PEG Mining, March 2010 19
  • 20. RVP – PEA Summary Overview Carpathian Gold Inc. Highlights NPV Sensitivity (US$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 $300Gold 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
  • 21. RVP – Room for Growth Carpathian Gold Inc. RGD-17 Ciresata PorphyryCN Tower Mineralized Section of 553 m Drill hole RGD-17 N 716 m of 1.14 g/t Au & 0.16% Cu Drawing by Zhen © SkyscraperPage.com 21
  • 22. Upcoming Milestones Carpathian Gold Inc. 2010 2011 2012 2013 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Brazil Updated NI 43-101 Resource Feasibility Study Mine Financing Permitting & Construction Production Studies For Production Rate Expansion Additional Infill & Regional ExplorationRomania 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 2018Source: 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 $10 0.3xNotes: - Assumes 0.96 US$/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

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