The Corporation's priorities are to complete the construction and development of the RDM Mine and the commencement of gold production as scheduled, as well as to continue to advance the Rovina Valley Project. Additionally, the Corporation will continue to evaluate any other opportunities that may add significant shareholder value.
The following lists the major objectives for each of the RDM Mine and the Rovina Valley Project for 2013.
2013 Objectives for the RDM Mine, Brazil
-- Complete the construction and development of the Project for mid-2013 gold production at an annualized rate of 100,000 ounces per year.-- Continue to evaluate exploration targets primarily on-strike from the open pit mineralization to outline additional shallow resources for future growth and extension of the mine life of the Project.-- Evaluation studies for the exploitation of deeper resources via an underground operation with the objective of adding approximately 50% more mineable material approximately half way through the open-pit mining operation.-- Continue EIA and SIA programs throughout the year.2013 Objectives for the Rovina Valley Project, Romania-- Obtain final approval for the conversion of the Exploration License to a Mining License.-- Complete a reserve estimate for the project.-- Complete a Pre-Feasibility study.-- Initiate a Feasibility Study.-- Evaluate the possibility of further satellite drilling on the project.-- Continue EIA and SIA programs throughout the year as well as all long- lead time programs that will be required for permitting of the project.-- Initiate the detailed permitting process required to put the project into production.
Further details on the Corporation and the individual projects can be found on the Corporation's website at www.carpathiangold.com and www.sedar.com. A video link on the development progress of the RDM construction can also be found on the Corporation's website.
Mr. Titaro is the qualified person (as defined in National Instrument 43-101) overseeing the design and implementation of the present exploration programs. He is responsible for preparing the technical information contained in this news release.
Carpathian is an exploration and development company whose primary business interest is developing near-term gold production on its 100% owned Riacho dos Machados ("RDM") Gold Project in Brazil, which is currently focused on construction, along with progressing its exploration and development plans on its 100% owned Rovina Valley Au-Cu Project ("RVP") located in Romania.
On a company wide basis, Carpathian currently hosts NI 43-101 proven plus probable reserves of 830,200 ounces of gold (proven reserves of 2,300 Kt at 1.30 g/t Au and probable reserves of 18,500 Kt at 1.23 g/t Au) and NI 43-101 mineral resources (inclusive of reserves) of approximately 8.1 million ounces of gold in the measured plus indicated categories (RVP: 405.9 million tonnes at 0.55 g/t Au for 7.19 million ounces, RDM: 19.36 million tonnes at 1.50 g/t Au for 0.936 million ounces) and approximately 0.9 million ounces of gold in the inferred category (RVP: 26.8 million tones at 0.38 g/t Au for 0.33 million ounces, RDM; 9.447 million tones at 1.93 g/t Au for 0.587 million ounces), as well as 1.4 billion pounds of copper in the measured plus indicated category (RVP: 405.9 million tones at 0.16% Cu) and 97.0 million pounds of copper in the inferred category (RVP: 405.9 million tonnes at 0.16% Cu) (see press releases dated July 17, 2012 and April 6, 2011 for further details on resources and reserves).