1. Near-Term Gold Producer Carpathian Gold Inc. November 5, 2010

2. CarpathianGold Inc. 2 Forward-Looking Statements Statements made in this presentation 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 development 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 managements estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements. This presentation includes resource information that is compliant with National Instrument 43-101, unless otherwise specified.

3. CarpathianGold Inc. 3 Company Highlights Two prolific gold development projects Global resource of 12+ MM oz Au Eq* (8.5 million oz Au; 1.5 billion Ib Cu) Robust Preliminary Economic Assessments Construction decision expected in Q4 2010 on Ricaho dos Machados (RDM) Gold Project, Brazil Up to US $127 million project financing arranged and mandated for RDM Gold Project Production targeted to commence 2 nd half of 2012 at +100,000 oz Au annually with built-in growth profile to 400,000 oz Au annually Substantial exploration upside to still be realized Attractive valuation at 0.4x NAV versus development and exploration peers at 1.0x and 0.8x 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

4. CarpathianGold Inc. 4 Capitalization Capital Structure (as of Nov 4/10) Ticker:TSX:CPN One-Month Trading Range:C$0.54 – C$0.68 Ave. Volume: 2.5 million/day Basic Shares Outstanding:385.2 MM Options/Warrants Outstanding:42.9 MM Market Capitalization (F/D):~C$265 MM Cash on hand plus available cash:~C$72 MM Debt:$0 Enterprise Value (F/D) (excludes available cash): ~C$193 MM Management/Directors/Insiders Ownership~35% Institutional Ownership~30% StrikeExpiry Options 21.0 MM$0.40*May 2013 Warrants 10.8MM$0.33May 2012 9.3 MM$0.45Dec 2011 0.6 MM$0.23May 2011 1.2 MM$0.34Dec 2011 Total 42.9 MM$0.39 * Average One-Year Share Price Graph

5. CarpathianGold Inc. 5 Management & Board Dino Titaro, M.Sc., P. Geo, Director, President and CEO –Former President and CEO of A.C.A. Howe International –Director of Yamana Gold (TSX:YRI) Daniel Kivari, P. Eng., COO –32 years experience in underground and open pit operations –Former VP Operations for the start-up and pre-operations of the Chapada copper/gold porphyry deposit, Brazil Randall K. Ruff, M.Sc., Executive VP Exploration –Over 15 years experience in exploration in the western U.S., east and west Africa, and central Europe –Worked as the project geologist for the fast-track discovery-to- pre-feasibility advancement of the Kukuluma and Matandani gold deposits at Geita,Tanzania Guy Charette, Executive VP Corporate –Over 25 years experience in securities law involving resource transactions and exploration and development finance. Linda Prager, CA, CFO –10 years accounting and finance experience Alexandru Nicolici, Geologist, Romanian Country Manager –20 years experience in Romania as a geologist and manager –Former CEO of CUART SA, the regional state-owned mineral exploration company in Romania Peter Lehner, Chairman –Held senior management positions in financial institutions and commodity trading & shipping companies –Former director of Addax & Oryx Advisory and Axmin (TSXV:AXM) Julio Carvalho –Over 38 years experience in the Brazilian mining sector –Former senior positions with Peak Gold (previously TSX:PIK), Goldcorp (TSX:G) and Rio Tinto (ASX:RIO) –Current President and Director of Rio Novo Gold (TSX:RN) David Danziger –Over 25 years experience in audit, accounting and management consulting and over 10 years specific in the mineral resource sector –Director of Cadillac Ventures (TSXV-CDC) and Renforth Resources (CNSX-RFR) John W. W. Hick –President of John W Hick Consultants Inc. –Numerous past senior management positions including CEO of Medoro Resources, Rio Narcea Gold (previously TSX:RNG), and Chairman of Rayrock Resources Inc Patrick J. Mars –Over 30 years experience in the investment industry including serving as CEO and director of Alfred Bunting and Co. –Director of Yamana Gold (TSX:YRI) and Aura Gold (TSX:ORA) Dino Titaro –See Management description Management Board

6. CarpathianGold Inc. 6 Key Assets * Global mineral content for information purposes only as N.I. 43-101 does not allow summation of Measured + Indicated + Inferred Resources 100% owned brownfields gold project Initial EIA permits in place 1.5 million oz Au total resource* Feasibility Study to be completed in Q4 2010 Mid 2012 targeted commencement of production of ~100,000 oz Au per annum Up to US $127 million project financing arranged and mandated Upside at depth, along strike and in new zone targets 100% owned 3 porphyry gold-copper discoveries Pre-feasibility/feasibility stage 6.9 million oz Au + 1.5 billion lb Cu total resource* NPV 10% of US $544 million; 24% IRR (pre-tax) – Based on PEA study – US$1,000/oz Au & US$3.00/lb Cu Deposit remains open in all directions – Recent drill hole (RGD-17), 716 m at 1.14 g/t Au & 0.16% Cu Brazil Minas Gerais Bahia Yamana Properties Kinross Properties Eldorado Property Riacho dos Machados (Feasibility/Construction) Major Deposits Gold-Copper Deposit Rovina Valley Project (PEA Completed) Romania Riacho dos Machados (RDM) Production targeted for 2012 Rovina Valley Project (RVP) Advanced Stage – highly leveraged to Gold

7. CarpathianGold Inc. 7 RDM – Potentially Prolific Mining Camp

8. CarpathianGold Inc. 8 RDM – Key Advantages * Total mineral content for information purposes only as NI 43-101 does not allow summation of Measured + Idicated + Inferred Resources Resource calculation assumes $950/oz Au RDM Gold Project Brownfields development –Existing infrastructure (roads, power, water and facilities) –Ownership of surface rights in place –EIA permits completed for construction Robust project economics (from PEA study) & short lead time to production –~100,000 oz Au annual production –Low cash cost & low capital requirements –Initial open-pit of 8-10 years targeted to commence in 2 nd half of 2012 Feasibility study to be completed in Q4, 2010 followed by construction decision Up to US $127 million project financing arranged and mandated for project development –US $30 million gold sale agreement completed –Up to US $97 million mandated with Macquarie Bank + Caterpillar Equipment leasing – expected to be completed in late Q4 2010 Significant upside –Updated NI 43-101 resource as of July 2010 – total* open-pit + underground resource of 1.5 million oz Au –Open at depth and along strike within a 14 km long gold mineralized shear zone with numerous gold targets outlined –Large land area of 22,000 ha, with only a small portion (<20%) of the total area evaluated

9. CarpathianGold Inc. 9 RDM – 2010 Resource Model Open-Pit Resource M&I: 806.2 Koz Au (17,199 Kt at 1.46 g/t Au) Inf: 355.9 Koz Au (7,179 Kt at 1.54 g/t Au) Underground Resource M&I: 6.2 Koz Au (53 Kt at 3.63 g/t Au) Inf: 337 Koz Au (3,922 Kt at 2.67 g/t Au) Resources still open along strike and at depth

10. CarpathianGold Inc. 10 Key Changes & Optimization Parameters For Feasibility Study RDM – PEA Results (July 2009) Source: Riacho Dos Machodos Gold Project Preliminary Economic Assessment Study prepared by a consortium of engineering companies led by NCL Brasil Ltda, August 2009 Mine Type:Open Pit Ore Processing Rate: 6,000 tpd 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:7.1 years Operating Cost:US$20.45/t ore Royalty2% Effective Tax Rate:15.25% Refining / Transport / Insurance Cost:US $10/oz Au Total Cash Cost:US $428/oz Au Initial Capital Cost:US $113 MM Total Capital Cost, including sustaining capital:US $126 MM NPV 7.5% (after tax, @ US $1,000/oz Au):US $143 MM Payback Period (@ US $1,000/oz Au):2.5 years IRR (@ US $1,000/oz Au):41%

11. CarpathianGold Inc. 11 RDM – PEA* Summary Overview Source: Riacho Dos Machodos Gold Project Preliminary Economic Assessment Study prepared by a consortium of engineering companies led by NCL Brasil Ltda, August 2009 NPV Sensitivity Au Production & Cash CostsCash Flow * To be updated upon completion of feasibility study

12. CarpathianGold Inc. 12 RDM – Site Development Plan Tailings Pit Outline Water reservoir Waste Mine Buildings & Plant Source: Riacho Dos Machodos Gold Project Preliminary Economic Assessment Study prepared by a consortium of engineering companies led by NCL Brasil Ltda

13. CarpathianGold Inc. 13 RDM – Immediate Growth Potential Underground mineable resource (inferred) of 332,000 oz –4.0 MM t @ 2.57 g/t Au, ~250 m below pit shell 60,000 oz Au per year production –Potentially start in the third year of open-pit operation –5.5 year mine life –~US $365/oz Au cash cost ($30/t ore operating cost) –US$58 MM capital cost Pre-tax NPV 5% of US $51 MM for expansion to an underground mine (@ US $900/oz Au) –35% IRR; ~US $25 MM per annum EBITDA Further potential of 1.1 MM oz (@ 2.9 g/t Au) Source: Riacho Dos Machodos Gold Project Preliminary Economic Assessment Study prepared by a consortium of engineering companies led by NCL Brasil Ltda * Global mineral content for information purposes only as NI 43-101 does not allow summation of Measured + Indicated + Inferred Resources Underground Potential Zone identified with immediate economic underground mining potential PEA Open-Pit On-strike Potential 2 m of 6.92 g/t Au 3.5 m of 10.22 g/t Au Exploration Targets north of RDM Mine 14 km Shear Zone with Au-As anomalies RDM Mine 1.5 Moz Au*

14. CarpathianGold Inc. 14 RVP – Three Au-rich Cu Porphyry Deposits Romania Rovina Valley Project (RVP)

15. CarpathianGold Inc. 15 RVP – Property Map *Au Eq: $1,000/oz Au; $3.00/lb Cu. Global mineral content for information purposes only as NI 43-101 does not allow summation of Measured + Indicated + Inferred Mineral Resources Rovina Cu-Au Porphyry Global Resource: 3.1 MM oz Au Eq* Rovina Cu-Au Porphyry Global Resource: 3.1 MM oz Au Eq* Colnic Au-Cu Porphyry Global Resource: 3.7 MM oz Au Eq* Colnic Au-Cu Porphyry Global Resource: 3.7 MM oz Au Eq* Cordurea Target Dacite & Dacite Breccia 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 Rovina License – 94 km 2 Ciresata Au-Cu Porphyry Resource: 4.0 MM oz Au Eq* still open in size Ciresata Au-Cu Porphyry Resource: 4.0 MM oz Au Eq* still open in size

16. CarpathianGold Inc. 16 RVP – Key Advantages Large scale 40,000 tpd project –10.7 MM oz Au Eq* total resource Attractive project economics (from PEA study) –~200,000 oz Au & ~50 MM lb Cu average annual production over 19 yr mine life –US$81/oz Au cash cost (net of Cu credits) –Standard flotation process producing a saleable Cu concentrate Good location in a mining jurisdiction –Emerging modern mining district –> 55 MM oz Au of historic production –Substantial infrastructure (roads, water and power) –Gov. encouraging investment and sustainable growth –16% corporate tax rate –Streamlined permitting process Excellent Value Proposition vs in-country peers –Gabriel Resources – $2.4 billion market cap –European Goldfields – $2.7 billion market cap –Carpathian Gold – $238 million market cap *Au Eq: $1,000/oz Au; $18.00/oz Ag; $3.00/lb Cu. Global mineral content for information purposes only as NI 43-101 does not allow summation of Measured + Indicated + Inferred Mineral Resources Golden Quadrilateral Rosia Montana (GBU) 14 Moz Au Rosia Montana (GBU) 14 Moz Au Rosia Poieni (State) Cu-Au Porphyry Rosia Poieni (State) Cu-Au Porphyry Certej (EGU) 3.5 Moz Au Eq* Certej (EGU) 3.5 Moz Au Eq* RVP (CPN) >10.7 Moz Au Eq* (includes >6.9 Moz Au) RVP (CPN) >10.7 Moz Au Eq* (includes >6.9 Moz Au)

17. CarpathianGold Inc. 17 RVP – PEA Results (March 2010) Underground Conveyor Ramp access Flotation Plant Location Ciresata Au + Cu Porphyry Rovina Cu + Au Porphyry Colnic Au + Cu Porphyry Source: Rovina Valley Au-Cu Project Preliminary Economic Assessment Study prepared by a consortium of engineering companies led by PEG Mining, March 2010 Mine Type:Open Pit & Underground Ore Processing Rate: 20,000 tpd Open Pit 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 Annual Production: 196,000 oz Au 49.4 MM lb Cu Mine Life:19 years Total Recoverable Production LOM3.72 MM oz Au & 938 MM lbs Cu Operating Cost: US $8.49/t ore Open Pit US $11.51/t ore Underground Payability:97.5% Royalty:4% Total Cash Cost (net of Cu credits):US $81/oz Au Initial Capital Cost:US $509 MM Total Capital Cost, including sustaining capital:US $786 MM NPV 10% (pre-tax, @ US $1,000/oz Au & US $3.00/lb Cu):US $544 MM Payback Period (@ US $1,000/oz Au & US $3.00/lb Cu):~4.0 years IRR (pre-tax, @ US $1,000/oz Au & US $3.00/lb Cu):24%

18. CarpathianGold Inc. 18 NPV Sensitivity (US $MM) Financial Model (pre-tax) Base Case US $900/oz Au US $2.25/lb Cu Upside Case US $1,000/oz Au US $3.00/lb Cu NPV 0% $1,357 $2,351 NPV 5% $569 $1,130 NPV 8% $316 $731 NPV 10% $200 $544 IRR16%24% RVP – PEA Summary Overview Source: Rovina Valley Au-Cu Project Preliminary Economic Assessment Study prepared by a consortium of engineering companies led by PEG Mining, March 2010 Production ProfileCash Flow Highlights Average annual production of 196,000 oz Au and 49 MM lb Cu (398,800 oz Au Eq) over a 19 year mine life Operating cash cost per ounce with Cu as a by-product credit of US $81 per gold ounce or US $446 per ounce gold as co-product basis Project pre-tax NPV of US $544 million based on a 10% discount rate and a gold price of US $1,000 per ounce & copper of US $3.00/lb Project IRR of 24%, with an ~4.0 year payback on initial project capital expenditures

19. CarpathianGold Inc. 19 Exploration Potential for Resource Growth Gold-Copper mineralized body open to the west and at depth > 1.2 g/t Au Eq* Plan ViewSectional View Deep drill hole and Step-out drill programs in-progress RVP – Ciresata Au-Cu Porphyry *Au Eq: $1,000/oz Au; $3.00/lb Cu

20. CarpathianGold Inc. 20 20,000 t/d Underground crushing station 20,000 t/d Underground crushing station Ciresata N.I. 43-101 Inferred Resource Estimate from 2010 PEA Study; 124.4 Mt at 0.86 g/t Au and 0.17% Cu (1.12 g/t Au Eq*) Ciresata N.I. 43-101 Inferred Resource Estimate from 2010 PEA Study; 124.4 Mt at 0.86 g/t Au and 0.17% Cu (1.12 g/t Au Eq*) Note: Deposit also open laterally at shallow depths, still to be drilled tested *Au Eq: $1,000/oz Au; $3.00/lb Cu 2010 drilling extends mineralization 280 m below previous drilling Deep drill hole program Results Drill holeFrom (m) To (m) Length (m) Au (g/t) Cu (%) Au-eq* (g/t) RGD-171608767161.140.161.47 Including2164602441.700.222.15 And363460972.020.242.51 RGD-161429337910.630.140.92 Including3165242081.130.191.52 and3735011281.270.201.68 RVP – Ciresata Au-Cu Porphyry

21. CarpathianGold Inc. 21 RGD-17 Drawing by Zhen © SkyscraperPage.com CN Tower 553 m RVP – Room for Growth: Deposit Size and Valuation CompanyDepositMtAu (g/t) Au MM ozCu (%) Au Eq* (g/t)Ag (g/t) Ag MM oz KinrossLa Coipa401.111.41.1142.755 KinrossLobo-Marte1081.705.91.70 YamanaLa Pepe1870.573.40.57 AndinaVolcan3560.879.90.87 KinrossRefugio3970.698.80.69 ExeterCaspiche1,7740.4626.40.170.81 Kinross/BarrickCerro Casale1,4110.5625.40.210.991.670.6 Carpathian GoldRVP3710.587.00.180.95 Ciresata Porphyry1010.902.90.171.27 RVP – PEA Study2650.663.720.181.03 From (m)To (m)Length (m)Au (g/t)Cu (%)Au Eq* (g/t) 1608767161.140.161.47 including1605934331.380.181.75 including2164602441.700.222.15 and363460972.020.242.51 Hole RGD-17, Ciresata Porphyry Au-Rich Cu Porphyries – Maricunga Belt Comparisons to the Rovina Valley Project *Au Eq: $1,000/oz Au; $3.00/lb Cu

22. CarpathianGold Inc. 22 Upcoming Milestones 2010201120122013 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 Brazil Updated NI 43-101 Resource Feasibility Study Mine Financing Permitting & Construction Production Studies For Production Rate Expansion Additional Infill & Regional Exploration Romania PEA Study EIA/SIA programs Drilling & Expansion of Ciresata Porphyry Updated NI 43-101 Resource Feasibility Study Permitting & Construction Production Regional Exploration Drilling

23. CarpathianGold Inc. 23 N.I. 43-101 Resource Resource calculation based on US$950/oz Au for RDM; US$675/oz Au and US$1.80/lb Cu for RVP M&I Resource210,352,0003,880,000 oz Au Inferred Resource 188,801,000 4,580,000 oz Au M&I Resource193,100,000759,100,000 lbs Cu Inferred Resource177,700,000663,100,000 lbs Cu Total Resources Category TonnageContained Metal Rovina Valley Project – RVP CategoryTonnage Grade (g/t Au) Contained Metal (oz Au) M&I Resource193,100,0000.493,070,000 Inferred Resource177,700,0000.683,890,000 CategoryTonnage Grade (%Cu) Contained Metal (lbs Cu) Riacho dos Machados – RDM CategoryTonnage Grade (g/t Au) Contained Metal (oz Au) M&I Resource17,252,0001.46 812,300 Inferred Resource 11,101,0001.94 692,900 M&I Resource193,100,000759,100,000 Inferred Resource177,700,000 663,100,000 0.18 0.17

24. CarpathianGold Inc. 24 Production & Cash Flow Profile * RVP generates Cu production of 61 MM lb in 2016, 53 MM lb in 2017, and 56 MM lb in 2018 Source: 2009 RDM PEA Study assuming US$1,000/oz Au and 2010 RVP PEA Study, assuming US$1,000/oz Au & US$3.00/lb Cu Gold Production Profile Cash Flow Profile

25. CarpathianGold Inc. 25 Comparable Valuations Notes:- Assumes 1.00 US$/C$ and 1.01 US$/A$ exchange rates (as of November 4, 2010) - NAVs based on consensus analyst estimates - Carpathian NAV based on RDM after-tax NPV (7.5%) of US$143 MM, plus RVP pre-tax NPV (10%) of US$544MM (reduced by 16% for post-tax estimate), plus ~US$72 MM diluted net cash balance Carpathian Gold Inc.C$0.62$265$1933,8558,507$50$230.4x

26. CarpathianGold Inc. 26 Summary