Mr. Guy Charette reports

CARPATHIAN GOLD INC. PROVIDES CORPORATE UPDATE

Carpathian Gold Inc. has concluded a further extended forbearance and amendment agreement with Macquarie Bank Ltd. in respect of the project finance facility entered into between Macquarie and the corporation's wholly owned subsidiary, Mineracao Riacho dos Machados Ltda. (MRDM). The agreement provides for a $7.6-million (U.S.) increase in the amount of funds made available under tranche 3 of the project finance facility entered into between Macquarie and MRDM, for a total facility of up to $220.7-million (U.S.), of which approximately $213.0-million (U.S.) is currently drawn. Under the terms of the agreement, the forbearance period has been extended to June 12, 2015, with repayment of any funds drawn down under tranche 3 to be effected by June 12, 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 expires today has been extended to June 12, 2015. There is no assurance that Macquarie will agree to any further extensions of the forbearance.

We seek Safe Harbor.