Carpathian Gold Inc. Provides Corporate Update

(Toronto, Ontario – March 7, 2014) Carpathian Gold Inc. (CPN:TSX) (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 extends the previously announced forbearance period which expired on March 7, 2014 to March 28, 2014. As of today, Macquarie has advanced an aggregate of approximately US$138.9 million to MRDM under the Facility. There is no assurance that Macquarie will agree to any further extensions of the forbearance.