Carpathian Gold Inc. announced that effective immediately, Mr. Dino Titaro has stepped down as Chief Executive Officer of the Corporation. Mr. Titaro will remain as a non-executive director of the Corporation. Mr. Guy Charette will be stepping down as Executive Vice President of the Corporation, and Mr. Charette will serve as Interim Chief Executive Officer.

He will also remain as a director of the Corporation. In agreement with Macquarie, the Corporation has engaged FTI Consulting to provide the services of Mr. Andrew Bantock to act as Chief Restructuring Officer, supported by fellow FTI Consulting professionals, as required, in Canada and Brazil. The company announced that, effective immediately, its Chief Operating Officer, Mr. Daniel Kivari has stepped down from that position and as an Administrator under Brazilian corporate law of MRDM.

Mr. Vito Hugo Belo has been appointed to replace Mr. Kivari as COO of MRDM on a full-time contract basis. Mr. Kivari has agreed to remain available on a consulting basis to provide assistance to MRDM's new management.