Carpathian Gold Inc. Satisfies Release Conditions and Converts Subscription Receipts Into Common Shares

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, ONTARIO -- (Marketwire - Nov. 29, 2011) - Carpathian Gold Inc. (TSX: CPN) ("Carpathian" or the "Corporation") is pleased to announce that, as a result of the Corporation receiving the permit to pursue the construction of its RDM Gold Project, Brazil, the release conditions of the Subscription Receipts which were issued on November 22, 2011 have now been satisfied. Effective immediately, all of the issued and outstanding subscription receipts have been converted into common shares of the Corporation.

The gross proceeds of the offering of subscription receipts have been disbursed in accordance with the terms of the Subscription Receipt Agreement among the Corporation, Cormark Securities Inc. (on behalf of the Underwriters) and Equity Financial Trust Company (as Subscription Receipt Agent). The net proceeds received by the Corporation will be used primarily for the construction and continued development of the Corporation's RDM Gold Project in Brazil and for general corporate purposes.


This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The common shares will not be and have not been registered under the United States Securities Act of 1933 and were not and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.

Forward-Looking Statements: This press release includes certain statements that may be deemed "forward-looking statements". Forward-looking statements are frequently characterized by words such as "plan", "expect", "Project", "intend", "believe", "anticipate", "estimate", and other similar words, or statements that certain events or conditions "may" or "will" occur. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Corporation expects, are forward-looking statements. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurance that forward-looking statements will prove to be accurate, as results and future events could differ materially from those anticipated statements. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements.

The TSX does not accept responsibility for the adequacy or accuracy of this news release.



Contact Information

Carpathian Gold Inc.
Mike O'Brien or Shobana Thaya
Investor Relations
+1(416) 368-7744
+1(416) 363-3883 (FAX)
info@carpathiangold.com
www.carpathiangold.com

Paradox Investor Relations
Montreal
+1 (514) 341-0408 or 1-866-460-0408
+1 (514) 341-1527
info@paradox-pr.ca