Carpathian reviews 2012 achievements and reports RDM mine construction now 60% complete and remains on schedule for gold production in H2 2013
Friday, Jan 18, 2013Carpathian Gold Inc. (TSX:CPN) (the "Corporation" or "Carpathian") is pleased with the significant achievements made during 2012, one of which will result in the transformation of Carpathian into a gold producing company by the second half of 2013, with annualized production forecasted to be in the order of 100,000 ounces of gold per year. The Corporation hosts a large gold plus copper resource base of measured plus indicated resources that totals 8.1 million ounces of gold (inclusive of proven and probable reserves of 830,000 ounces) and 1.4 billion pounds of copper (see details at the end of this press release) from its two wholly owned assets: 1) Riacho dos Machados Gold Mining Project (the "RDM Mine" or "Project") in Brazil and; 2) the Rovina Valley Gold-Copper Project in Romania. This resource and reserve base provides the means for the Corporation to achieve its goal of becoming a gold producer in 2013 and, with its current asset base advance itself towards a gold production profile of a significant mid-tier mining company.
Despite 2012 being another year that saw unsettled and turbulent markets, especially for gold mining and exploration equities, the Corporation was able to substantially advance its projects as a result of its cash position, as well as the arrangement of a senior debt loan facility with Macquarie Bank Limited ("Macquarie Bank") dedicated to the development and construction of the RDM Mine.
Further details on the Corporation and the individual projects can be found on the Corporation's website at www.carpathiangold.com and www.sedar.com. A video link on the development progress of the RDM construction can also be found on the Corporation's website.
Mr. Titaro is the qualified person (as defined in National Instrument 43-101) overseeing the design and implementation of the present exploration programs. He is responsible for preparing the technical information contained in this news release.