Mr. Guy Charette reports

CARPATHIAN GOLD INC. PROVIDES DEFAULT STATUS REPORT

Carpathian Gold Inc. is providing this biweekly default status report in accordance with National Policy 12-203 --- Cease Trade Orders for Continuous Disclosure Defaults (NP 12-203). On March 14, 2014, the corporation announced that, for the reasons set out in the default announcement, the filing of the corporation's audited annual financial statements, related management's discussion and analysis, and accompanying chief executive officer and chief financial officer certifications for the financial year ended Dec. 31, 2013, would not be completed by the prescribed period for the filing of such documents under parts 4 and 5 of National Instrument 51-102 -- Continuous Disclosure Obligations and pursuant to National Instrument 52-109 -- Certification of Disclosure in Issuer's Annual and Interim Filings, namely within 90 days of the year-end, being March 31, 2014.

As a result of this delay in the filing of the required filings, the Ontario Securities Commission (OSC) granted a temporary management cease trade order (MCTO) on April 4, 2014, against the corporation's chief executive officer and chief financial officer, as opposed to a general cease trade order against the corporation. The MCTO prohibits all trading in securities of the corporation, whether directly or indirectly, by the corporation's chief executive officer and chief financial officer. The MCTO does not affect the ability of shareholders who are not insiders of the corporation to trade their securities. However, the applicable Canadian securities regulatory authorities could determine, in their discretion, that it would be appropriate to issue a general cease trade order against the corporation affecting all of the securities of the corporation.

Carpathian's board of directors and management confirm that they are working expeditiously to meet the corporation's obligations relating to the filing of the required filings no later than May 30, 2014.

Pursuant to the provisions of the alternative information guidelines specified in Section 4.4 of NP 12-203, the corporation reports that since the default announcement:

• There have been no material changes to the information contained in the default announcement.
• There have been no failures by the corporation to fulfill its stated intentions with respect to satisfying the provisions of the alternative reporting guidelines.
• There has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the default announcement.
• There is no other material information respecting the corporation's affairs that has not been generally disclosed.

Until the required filings have been filed, the corporation intends to continue to satisfy the provisions of the alternative information guidelines specified in Section 4.4 of NP 12-203 by issuing biweekly default status reports in the form of further press releases, which will also be filed on SEDAR. The corporation would file, to the extent applicable, its next default status report on or about May 1, 2014.

Should Carpathian fail to file the required filings by May 30, 2014, or fail to provide biweekly status reports in accordance with NP 12-203, the OSC can impose a cease trade order on Carpathian, such that all trading in securities of the corporation cease for such period as the OSC may deem appropriate.

We seek Safe Harbor.