Carpathian Gold Inc. Provides Corporate Update

TORONTO, ONTARIO--(Marketwired - March 6, 2015) - Carpathian Gold Inc. (TSX:CPN) (the "Corporation" or "Carpathian") advises that it has concluded a further extended forbearance and amendment agreement (the "Agreement") with Macquarie Bank Limited ("Macquarie") in respect of the project finance facility (the "Facility") entered into between Macquarie and the Corporation's wholly-owned subsidiary, Mineração Riacho dos Machados Ltda. ("MRDM"). The Agreement provides for a US$12.82 million increase in the amount of funds made available under Tranche 3 of the project finance facility entered into between Macquarie and the Corporation's wholly-owned subsidiary, Mineração Riacho dos Machados Ltda. ("MRDM"), for a total facility of up to US$204.42 million of which US$204.42 million is currently drawn. Under the terms of the Agreement, the forbearance expires on March 16, 2015, with repayment of any funds drawn down under Tranche 3 to be effected by March 31, 2015. There is no assurance that Macquarie will agree to any further extensions of the forbearance.

In addition, the Corporation advises that it has concluded a further extended forbearance and amendment agreement with Macquarie in respect of the gold stream transactions entered into among Macquarie, the Corporation and MRDM. The previously announced forbearance period which expired on February 27, 2015 has been extended to March 16, 2015. There is no assurance that Macquarie will agree to any further extensions of the forbearance.

About Carpathian

Carpathian is an exploration and development company whose primary business interest is developing near-term gold production at its 100% owned Riacho dos Machados Gold Project in Brazil. In addition, it is also focussed on advancing its exploration and development plans on its 100% owned Rovina Valley Au-Cu Project located in Romania.

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.