The Rovina Valley Au-Cu Project, Golden Quadrilateral, Romania: … · Certej Barza Rovina Licence...

Carpathian Gold Inc. (TSX:CPN)

The Rovina Valley Au-Cu Project, Golden Quadrilateral,

Romania: New Discoveries in an Old Mining District

Randall K. RUFF, Carpathian Gold Inc., Toronto

Toronto Geological Discussion Group, April 16, 2013

SAMAX Romania SRL

Carpathian Gold Inc.

2

Statements and certain information contained in this presentation 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.

*According to the cautionary statement required by NI 43-101, it should be noted that any reference to a Preliminary Economic Assessment (“PEA”) is preliminary in

nature as it includes inferred mineral resources that cannot be categorized as reserves at this time and as such there is no certainty that the preliminary assessment and

economics will be realized.

Forward-Looking Statement

The Rovina Valley Au-Cu Project, Golden Quadrilateral, Romania: New Discoveries in an Old Mining District


3

Key Assets

“To Become a 400,000 to 500,000 Au Eq(1) oz/yr Producer”

Riacho dos

Machados

(“RDM”)

Rovina Valley Project

(“RVP”)

Corporate Office Toronto

For Au Eq. calculation, determined by using a gold price of $US 1,370 per ounce and a copper price of $3.52/lb ( 3yr trailing ave. as of July 10, 2012), metallurgical recoveries are not taken into account.

For PEA, see cautionary notes on slide 2 * Inclusive of reserves

RDM Status In Construction

mid 2013 Production

Ownership 100%

Location Brazil

LOM Av Production 100,000 oz/yr

Mine Life + 8 yrs

Reserves 830,200 oz

Resources (M + I) 936,000* oz

Resources (Inf) 587,000 oz

RVP Status PFS to be released in early 2013

Conversion to a Mining License

Ownership 100%

Location Romania

LOM Av Production Est 340,000 Au Eq* /yr (based on PEA)

Mine Life Estimated + 18 yrs

Reserves -

Resources (M + I) 7.2 Moz Au & 1.4Bn lbs Cu

(10.84 M oz Au Eq*)

Resources (Inf) 330 koz Au & 97.0m lbs Cu

Total Measured + Indicated Resources of 8.13 Million oz Au and 1.42 Billion lbs Cu


4

RDM Project, Brazil: In Construction

Construction +70% Complete; waste and ore mining underway



5

RVP Au-Cu Project: Au-equivalent metal contents SAMAX Romania

* For Au Eq. calculation, determined by using a gold price of $US 1,370 per ounce and a copper price of $3.52/lb ( 3yr trailing ave. as of July 10, 2012), metallurgical recoveries are not taken into account.

In-pit resource calculation based on US$1,313/oz Au oz and $2.27 to $2.57/Cu. Cut-off grades used of 0.25% Cu eq (yellow blocks) for the Rovina deposit, 0.35 g/t Au eq (yellow blocks) for the Colnic

deposit and 0.65 g/t Au eq (yellow blocks) for the Ciresata deposit.

2.50 Moz Au-eq

2.98 Moz Au-eq

5.35 Moz Au-eq

Au equivalent contents from Measured + Indicated Resource s (July 2012 NI 43-101 Resource Estimate Update, details below)

Total 10.84 Moz Au-eq M+I Resources

(Includes 7.19 Moz Au-only)


6

≈ 40,000 - 45,000 tpd mining and

processing operation from 2 open-pits &

1 underground bulk mine

Standard flotation process producing a

saleable Au-rich Cu concentrate

≈ 18-20 year mine life

New plant location from 2010 PEA study

Partial back-fill Colnic pit being studied

as part of TMF plan

Existing infrastructure beneficial to

new mine development

RVP – Pre-Feasibility Study Underway

TMF

Process

Plant

Rovina Open-Pit

≈ 10,000 tpd

Colnic Open-Pit

≈ 10,000 tpd

Ciresata Bulk

Underground

≈ 25,000 tpd

Pertaining to the PEA and Prefeasibility studies, see

cautionary notes on slide 2.

SAMAX Romania



7

Tectonic Setting – Romania

Global Distributions of Porphyry Deposits

Western Part of Tethyan Belt

3,000 km of mineral deposits/occurrences

Golden Quadrilateral

•25 km

•34 k

m

•17 k

m

Rosia Montana

(GBU)

18.5 MM oz Au Rosia Poieni (State)

Cu-Au Porphyry

Certej (ELD)

4.8 MM oz Au

RVP (CPN)

10.84 MM oz Au Eq* of

M + I Resources

(7.19 MM oz Au

& 1.42 Billion lbs Cu)

Within the Golden Quadrilateral recent exploration

by western companies defines 30 MM oz of gold only

resources (all categories) & growing

Current Mining studies indicate a potential

combined ≈1.0 MM oz Au only production per year.

Golden Quadrilateral


SAMAX Romania


8

Location of Ore Deposits in

Southeast Europe

• Porphyry and epithermal deposits

• Cretaceous to Neogene in age

• Largest gold district in South

Apuseni Mts, Romania; the ‘Golden

Quadrilateral’

Tethyan Arc in Southeast Europe SAMAX Romania



9

South Apuseni Mountains – Hot-spot

9

Fig. 5. Tomographic cross-section through the Eastern Alps, Apuseni Mountains and Eastern Carpathians. Blue colour denotes

high-velocity, cool bodies interpreted to represent subducted lithosphere, red colour represents low-velocity, hot bodies. Note the

low-velocity channels (red arrows) beneath the South Apuseni Mountains: these are interpreted to represent slab windows. Note

also the still-attached subducted European lithosphere at the bend zone between the Eastern and Southern Carpathians. Figure

courtesy Rinus Wortel and Wim Spakman, Utrecht (Fig. 5 from Neubauer, F., Lips, A., Kouzmanov, K., Lexa, J., Ivascanu, P.,

2005, Subduction, slab detachement and mineralization: The Neogene in the Apuseni Mountains and Carpathians: Ore Geology

Reviews, v. 27, pp. 13-44.

Mantle tomography

suggests a slab-

window below the

Apuseni Mts

Tertiary age

subdution

setting

SAMAX Romania



10

The ‘Golden Quadrilateral’ Mining District

GO

LDEN Q

UADRIL

ATE

RAL

GO

LDEN Q

UADRIL

ATE

RAL

GO

LDEN Q

UADRIL

ATE

RAL

GO

LDEN Q

UADRIL

ATE

RAL

GO

LDEN Q

UADRIL

ATE

RAL

GO

LDEN Q

UADRIL

ATE

RAL

GO

LDEN Q

UADRIL

ATE

RAL

GO

LDEN Q

UADRIL

ATE

RAL

GO

LDEN Q

UADRIL

ATE

RAL

Porphyry Cu - Au Porphyry Cu - Au Porphyry Cu - Au Porphyry Cu - Au Porphyry Cu - Au Porphyry Cu - Au Porphyry Cu - Au Porphyry Cu - Au Porphyry Cu - Au

Epithermal Au-Ag + minor base metalEpithermal Au-Ag + minor base metalEpithermal Au-Ag + minor base metalEpithermal Au-Ag + minor base metalEpithermal Au-Ag + minor base metalEpithermal Au-Ag + minor base metalEpithermal Au-Ag + minor base metalEpithermal Au-Ag + minor base metalEpithermal Au-Ag + minor base metal

Epithermal Cu-Zn-Pb +minor Au-AgEpithermal Cu-Zn-Pb +minor Au-AgEpithermal Cu-Zn-Pb +minor Au-AgEpithermal Cu-Zn-Pb +minor Au-AgEpithermal Cu-Zn-Pb +minor Au-AgEpithermal Cu-Zn-Pb +minor Au-AgEpithermal Cu-Zn-Pb +minor Au-AgEpithermal Cu-Zn-Pb +minor Au-AgEpithermal Cu-Zn-Pb +minor Au-Ag

Rovina

Colnic

Ciresata

Rosia

Poieni

Rosia

Montana

Tarnita

Certej

Barza

Rovina

Licence

Sacaramb

Baia de Aries

30km

Historical

production of 55

MM oz gold

Recent

exploration by

western

companies

defines 30 MM

oz gold only

resources Porphyry Au-Cu

World Class Mining District SAMAX Romania



11

Gold production dates back to pre-

Roman times

Romans Conquered Dacia in 106

AD mined for approximately 150

years

Estimates range up to 30Moz gold

mined, processed, and shipped to

Rome

An OLD Mining district

The Golden Quadrilateral



12

Cordurea Target

Rocks 0.32 – 2.16 g/t Au

Dumps up to 101 g/t Au, 2,400 g/t Ag

Valisoara Au - (Pb-Zn) Target

Breccia Zone 0.6 – 4.0 g/t Au

RVP – License Geology Map (94 square km)

Rovina Cu-Au Porphyry

M + I Resource:

2.5 MM oz Au Eq*

Colnic Au-Cu Porphyry

M + I Resource:

2.98 MM oz Au Eq*

Ciresata Au-Cu Porphyry

M + I Resource:

5.36 MM oz Au Eq*

* For Au Eq calculation, determined by using a gold price of $US 1,370 per ounce and a copper price of $3.52/lb ( 3yr trailing ave. as of July 10, 2012), metallurgical recoveries are not taken into account.

SAMAX Romania


13

400 m


In-pit resource calculation based on US$1,313/oz Au oz and $2.27 to $2.57/Cu. Cut-off grades used of 0.25% Cu eq (yellow blocks) for the Rovina deposit, 0.35 g/t Au eq (yellow blocks) for the Colnic

deposit and 0.65 g/t Au eq (yellow blocks) for the Ciresata deposit.

Resource Category Tonnes Au Cu Au Eq* Gold Copper Au Eq*

(MM t) (g/t) (%) (g/t) (MM oz) (MM lbs) (MM oz)

Measured

Rovina Deposit (OP) 31.8 0.36 0.30 0.89 0.37 209.0 0.91

Colnic Deposit (OP) 29.4 0.64 0.12 0.85 0.61 75.0 0.80

Ciresata Deposit (UG) 29.7 0.86 0.16 1.15 0.82 105.0 1.09

Total Measured 90.9 0.62 0.19 0.96 1.81 389.0 2.80

Indicated



Ciresata (UG) 135.1 0.72 0.15 0.98 3.15 435.0 4.26

Total Indicated 315.0 0.53 0.15 0.79 5.38 1,031.0 8.03

Total M + I 405.9 0.55 0.16 0.83 7.19 1,420.0 10.84

Resource Category Tonnes Au Cu Au Eq* Gold Copper Au Eq*

(MM t) (g/t) (%) (g/t) (MM oz) (MM lbs) (MM oz)

Inferred



Ciresata Deposit (UG) 9.6 0.67 0.14 0.92 0.21 29.0 0.28

Total Inferred 26.8 0.38 0.16 0.67 0.33 97.0 0.58

RVP – NI 43-101 Resources (07/2012)

Rovina Porphyry

Core (M+I) with >0.5% Cu eq

cut-off (red blocks)

Colnic Porphyry

Core (M+I) with >0.7 g/t Au eq

cut-off (red blocks)

650 m

Ciresata Porphyry

Core (M+I) with > 1.0 g/t Au eq cut-off (red blocks)

SAMAX Romania


14

Rovina Valley Project: Alteration-mineralization features Three similar porphyries with differences

gold grades increase southward

Porphyry Drillhole/intersection

length

Au

(g/t)

Cu

(%)

g/tAu:

Cu%

Intersection

Comment

Distinguishing geologic

characteristics

Rovina (north)

RRD-5/ 506 m 0.39 0.34 1 Main porphyry

(C)

Exentsive vertical component

to mineralisation (600 m)

related to cylindrical composite

porphyry; grades decrease

laterally.

Rovina (north)

RRD-32/ 544 m 0.85 0.27 3 Late-stage Axial

intrusive

Porhyry (B)

Colnic (middle)

RCD-5/ 300 m 0.83 0.13 6 Decreasing grade from surface

downward to 250 m depth (low

grade continues); largely

capped and locally overprinted

by phyllic/intermediate argillic

alteration.

Ciresata (south)

RGD-12/ 255.7 m 1.50 0.24 6 High-grades centered on the

pipe-like early mineral porphyry

and includes extensive

multidirectional stockwork

fracturing of hornfels wallrock.

SAMAX Romania



15

600m

Rovina Porphyry Geology and Grade Shell

vertical cross-sections looking northwest

Porphyry C

Porphyry D

Porphyry A

PorphyryC

Porphyry D

Porphyry B

GlamIMB

IMB

Baroc Porphyry

Rovina Porphyry

Baroc Porphyry

Rovina Porphyry

>0.7 % Cu eq

>0.3 % Cu eq

Core (M+I) with >0.5% Cu eq cut-off,

25 MMt @ 0.51 g/t Au & 0.35% Cu

Rovina geology-resource

High-grade centered on late-interminal axial Porphry B within Porphyry C;

mineralization locally cut by post-mineral glam breccia

For Cu Eq calculation, determined by using a gold price of $US 1,370 per ounce and a copper price of $3.52/lb ( 3yr trailing ave.as of July 10, 2012), metallurgical recoveries

are not taken into account

SAMAX Romania


16

Colnic Porphyry Geology and Grade Shell vertical cross sections looking northeast

14 Wallrock porphyry


4F2

porphyry3

Post-mineralplug

8 IMB

8 IMB

7 Latemineral dykes

6Colnic-deep

porphyry

Rovina ValleyPorphyries

F2-hillPorphyry

800m


F2-hillPorphyry

>1.2 g/t Au eq

>0.7 g/t Au eq

Core (M+I) with >0.7 g/t Au eq cut-off,

51 MMt @ 0.73 g/t Au & 0.12% Cu

Colnic geology-resource

High-grade ‘cupola’ associated with upper Rovina Valley porphyry and

margins of late-intermineral F2-Hill porphyry

For Au Eq calculation, determined by using a gold price of $US 1,370 per ounce and a copper price of $3.52/lb ( 3yr trailing ave.as of July 10, 2012), metallurgical recoveries


SAMAX Romania


17

Ciresata geology-resource (new geology model, 2012)

Core (M+I) with >1.0

g/t Au eq cut-off,

65 MMt @ 1.01 g/t Au

& 0.18% Cu

Ciresata Porphyry Geology and Grade Shell vertical cross sections looking northwest

High-grade core associated with the Early Mineral porphyry and adjacent

hornfels sediment

For Au Eq calculation, determined by using a gold price of $US 1,370 per ounce and a copper price of $3.52/lb ( 3yr trailing ave.as of July 10, 2012), metallurgical recoveries


SAMAX Romania


18

Company Deposit Tonnes

(MM) Au (g/t)

Au

(MM oz) Cu (%) Au Eq* (g/t) Ag (g/t)

Ag

(MM oz)

Kinross Lobo-Marte (D) 199 1.08 6.9 1.08

Andina Volcan (D) 390 0.71 8.9 0.71

Kinross Maricunga Mine (P) 272 0.68 5.9 0.68

Exeter Caspiche (FS) 1,360 0.50 21.9 0.19 0.83 1.1 48.1

Kinross/Barrick Cerro Casale (FS) 1,429 0.56 25.7 0.21 0.93 1.4 66.2

Newcrest Mining Ridgeway U/G (P) 120 0.76 2.9 0.35 1.38

Newcrest Mining Cadia East U/G (D) 2,200 0.44 31.1 0.29 0.95

Anglogold-Ashanti La Colosa (EX) 516 0.98 16.3 0.98

Sunward Resources Titribi (FS) 275 0.52 4.6 0.10 0.70

Kinross Fort Knox (P) 426 0.42 5.8 0.42

Kinross Paracatu (P) 1,629 0.39 20.4 0.39

Carpathian Gold RVP (PFS) 406 0.55 7.2 0.16 0.83

Ciresata Porphyry only 165 0.75 4.0 0.15 1.01

Au-Rich Cu Porphyries – Comparisons to RVP

* For Au Eq calculation, determined by using a gold price of $US 1,370 per ounce and a copper price of $3.52/lb ( 3yr trailing ave.as of July 10, 2012), metallurgical recoveries are not taken into account

RGD-17

Drawing by Zhen

© SkyscraperPage.com

CN Tower

553 m

o Au-Rich Cu Porphyries – Comparisons to other Bulk Mineable Deposits

RVP Deposits

Ciresata, RGD-17

716 m @ 1.14 g/t Au and

0.16% Cu-eq

Including 244 m @ 1.70 g/t Au

and 0.22% Cu

Deposit tonnes and grade are proven+probable reserves +

measured and indicated resources from company reports

SAMAX Romania


19

Colnic and Ciresata: Au-rich Porphyry Deposits

Cutoff grades: Rovina 0.35% Cu-eq; Colnic 0.45 g/t Au-eq; Ciresata 0.70 g/t Au-eq. For Au Eq calculation, determined by using a gold price of $US 1,370 per ounce and a copper price of $3.52/lb ( 3yr

trailing ave.as of July 10, 2012), metallurgical recoveries are not taken into account

Au-rich porphyry

deposits (Sillitoe, 2000)

Cu and Cu-Au

porphyry deposits

M = Maricunga porphyry belt, Chile

Porphyry database from Singer, 2005; appended by Author

SAMAX Romania


20

Rovina Valley Project: Alteration-mineralization features • Chalcopyrite-pyrite-magnetite in quartz stockwork and disseminated

• Polyphase porphyritic diorite and andesite mineralized subvolcanic stocks

• Overprinting alteration types:

• Intermineral cross-cutting relationships

Porphyry B Porphyry C

- Magnetite-propylitic assemblage

- Late-stage quartz-stockwork related

sericite

- Marginal phyllic halo

- Early K-alteration (Biotite +/- K-spar)

- Early magnetite alteration

Variations of typical porphyry features

Rovina Porphyry

SAMAX Romania



21

Ciresata Porphyry Deposit: Cross-cutting Relationships

Lithology unit Avg Au ppm Avg Cu ppm

Sediments 1.004 1957

Early Mineral porphyry (EMP) 1.146 1813

Intra Mineral porphyry (IMP) 0.877 1159

Late Mineral porphyry (LMP) 0.333 511

All lithological unit in core of the deposit (1g Au eq* envelope)

Au eq calculated for Au price 1000USD/oz and Cu price 3USD/lb

Recognising and

modeling intrusive and

veining cross-cutting

relationships is key to

porphyry understanding

Early-mineral Porphyry in

contact with the

sedimentary host rock;

both are affected by

potassic alteration and

cross-cut by intense and

thin A type Qz veins (RGD-

17, 461.7 m).

Sediment

Early Mineral Por.

SAMAX Romania



22

Ciresata Porphyry Deposit: Cross-cutting Relationships

Sediment fragment within the

Inter-mineral Porphyry. The

fragment has truncated early

Qz-Magnetite veins and later

through-going Qz-chalcopyrite-

pyrite within a medium-fine

grained dioritic porphyry (RGD-

46, 532 m).

Inter-mineral Porphyry with

intense and pervasive

secondary biotite intruding the

Early-mineral Porphyry and

truncating Qz veins and

silicification.

Inter-mineral Por.

Early-mineral Por.

SAMAX Romania



23

Ciresata Porphyry: Petrography

Damian, G., 2011: Petrographic analyses of thin and polished section of the Ciresata porphyry deposit

Early-mineral Porphyry: Hornblende-plagioclase micro-diorite

Early-mineral Porphyry phenocryst

assemblage of hornblende (Amf)-

plagioclase (Plag) with incipient

secondary biotite (Bi) and pervasive

sericite overprint (RGD-17, 356.9 m)

Early-mineral Porphyry plagioclase

(Plag) goundmass locally replaced by

secondary biotite (Bi) (RGD-17, 356,9

m).

SAMAX Romania


24

Rovina, Colnic, Ciresata Deposits (looking East)

Plant Location

Polished-section reflected light

microscopy of gold from the Ciresta

deposit with a typical gold

occurrence for the Rovina Valley

Project. Gold occurs as liberated

grains (photomicrograph 3) and

locked in chalcopyrite +/- magnetite

(photomicrograph 4) Rovina

Cu + Au Porphyry

Rovina Valley Project: Metallurgy

Gold-rich porphyries with simple mineralogy

Pyrite-Chalcopyrite-Magnetite: Reflected Light Microscopy

Polished-section reflected light

microscopy from the Colnic deposit

with a typical mineral assemblage for

the Rovina Valley Project. Complex

grains of chalcopyrite (indicated by Cp

and broken red arrow) – pyrite

(indicated by py and broken pink arrow)

– magnetite (indicated by Mt and

broken orange arrow).

Typical mineral assemblage Typical gold occurrence

Ore Mineralogy SAMAX Romania



25

Rovina Exploration License: Exploration History • 19th Century Austro-Hungarian period: high-grade gold vein target

• 1970’s – 1980’s Romania State: porphyry targets for copper-only (~4000 m)

• 1999 – 2000 Rio Tinto: reconnaissance

• 2001 – 2003 Romania State: small drill program (2300 m) gold-only

• Late 2005 – present: Carpathian Gold discovery-delineation of three porphyry deposits (136,000 m drilled to date)

Colnic and Rovina discovered in 2006

Initial NI 43-101 compliant Resource Estimate (May 2007)

Ciresata discovered in 2008

NI 43-101 compliant Resource Estimate (November 2008, all three deposits, Initial for Ciresata)

Currently in Prefeasibility Stage following resource growth and estimate updates

RVP: Exploration History SAMAX Romania



26

Colnic Porphyry Outcrop Exposure

Ca. 50 meters

RCD-9 RCD-2

Average 1.07 g/t Au

+ 0.16% Cu

Colnic discovery outcrop

Alteration in hand specimen Potassic + magnetite

Colnic Discovery Outcrop

Drill hole intercepts:

• RCD-2: 0 -100 m (eoh) 1.09 g/t Au and 0.13% Cu

includes 31 m at 1.57 g/t Au and 0.21% Cu

• RCD-9: 0 – 150 m (eoh) 0.95 g/t Au and 0.13% Cu

includes 70 m at 1.20 g/t Au and 0.14% Cu

SAMAX Romania


27

FD

F2

1 km

Carpathian Gold mapped alteration halo

Possib

le e

xtensio

n

of alte

ratio

n halo

Mag-highPossible post-mineral

Intrusion

Mag-highPossible post-mineral

volcanic cover

Au-in-soils > 50 ppb

State exploration galleries

Porphyry-peripheral alteration-mineralizationPhyllic overprint on

Potassic Core

Rock Samples (Au ppm)

0.01 to 0.10.1 to 0.50.5 to 11 to 2.73

Historical Drill Holes

Carpathian GoldDrill Holes

Section Line

Colnic Porphyry: Carpathian Early Exploration Model

0

200

-200

400

Magnetic anomaly

State drilling (1975)

0.04%Cuin DH

0.1-0.2%Cuin DH

Post-mineralintrusion

Phyllic halo

Phyllic halo

Carpathian Golddrilling: 1 g/t Au+0.14%Cu

March 2006

Phyllic overprint

on Potassic core

Potassic core

Au (+Cu)Porphyry stock

0.7-0.9 g/t Au

6m@1g/t Au

650m EOH

Colnic Discovery SAMAX Romania



28

339000 mE

51

77

50

mN

338500 mE 339000 mE

51

72

50

mN

51

72

50

mN

51

77

50

mN

51

82

50

mN

51

82

50

mN

338500 mE

RCD-43RCD-47

RCD-75

RCD-52RCD-73

RCD-1

RCD-2

RCD-3

RCD-4

RCD-5

RCD-6

RCD-7RCD-8

RCD-10

RCD-11

RCD-12

RCD-13

RCD-14

RCD-15

RCD-16

RCD-17

RCD-18

RCD-19

RCD-20

RCD-21

RCD-22

RCD-23

RCD-24

RCD-25

RCD-26

RCD-27

RCD-28

RCD-29

RCD-30

RCD-31

RCD-32

RCD-33

RCD-34

RCD-35

RCD-36

RCD-37

RCD-38

RCD-39

RCD-40

RCD-41

RCD-42

RCD-44

RCD-48

RCD-49

RCD-50

RCD-51

RCD-53

RCD-54RCD-55

RCD-56

RCD-57

RCD-58

RCD-59

RCD-62

RCD-63

RCD-65 RCD-68

RCD-69

RCD-70

RCD-74

RCD-78

RCD-79

RCD-80

RCD-82

RCD-83

RCD-86



4F2

porphyry3

Post-mineralplug

8 IMB

8 IMB

7 Latemineral dykes

5 Colnic porphyry

6Colnic-deep

porphyry

1 Late dykes


F2-hillPorphyry

800m

A

A’

A A’

Colnic Porphyry: Carpathian Present Geologic Model

86 drill holes later:

Composite porphyry stock

complex

Colnic Discovery SAMAX Romania



29

Au-in-Soils (ppb) Target Ground-Mag Target

Ciresata Exploration Summary blind deposit – discovered in 2008

> 1.2 g/t Au-eq

Ciresata Discovery SAMAX Romania



30

ColnicPorphyry

Rovina Porphyry

Zdrapti PorphyryProspect

2km1km0m

0.0

25

0.0

05

0.01

0.0

15

0.0

20.025

0.04

5

0 .005

0.0

05

0.01

0.0

15

0.0

5

0.0

45

0.040 .035

0 .03

0.025

0.0

2

0.015

0.01

0.005

0. 0

05

0.015

0.0

55

0.03

0 .025

0. 0

2

0.0

1

0.005

0.075

0.05

0.055

0.06

0.0650.07

0.0

2

0.0

25

0.0

3

0.0

35

0.04

0 .045

0.0

35

0.0

2

0.0

65

0. 06

0.0

50. 05

5

0.02

0.025

0. 03

0.0

4

0.045

0.0

25

0. 03

0.02

0.0

15

0. 0

15

0.0

1

0 .01

0.0

05

0.005

0.005

0.01

0.015

0.035

0.0

4

0.035

0.05

0.0

7

0.055

0.02

0.0

25

0.03

0.0

3

0.04

0.045

0.0

1

0.0

05

0. 0

05

0.015

0.025

0.01

0.0

05

0.0

05

0. 0

05

0.005

Soils_RovinaNorth by Au_ppm

0.1 to 0.6 (28)

0.05 to 0.1 (38)

0.027 to 0.05 (68)0.009 to 0.027 (183)

0 to 0.009 (892)

ColnicPorphyry

Rovina Porphyry

Zdrapti PorphyryProspect

2km1km0m


Surface Exploration Signatures

Rovina and Colnic Porphyries

• Variants of magnetic high

within low

• Soil geochemistry Au + Cu

± Mo

• Detailed alteration mapping

– hand lens vital

Surface Signatures SAMAX Romania



31


Surface Exploration Signatures

Ciresata Porphyry

• Variants of magnetic high

within low

• Soil geochemistry Au + Cu

± Mo

• Detailed alteration mapping

– hand lens vital

Surface Signatures

The RVP Au-Cu Project, Golden Quadrilateral, Romania: New Discoveries in an Old Mining District


32

Rovina Valley Project: Conclusions • A new exploration model for Golden Quadrilateral: Au-rich porphyry

• Exploration success from:

Compilation of historic data,

Ground magnetics and soil geochemistry surveys,

Detailed alteration mapping hand lens geology.

• Extensive knowledge-based field work

• Discovery costs 5 USD/Au-eq Oz

New exploration models, technology, economics, brings

new life to old mining districts

Conclusions SAMAX Romania

The RVP Au-Cu Project, Golden Quadrilateral, Romania: New Discoveries in an Old Mining District

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