Carpathian Gold Inc. (Carpathian), along with its subsidiaries, is an exploration and development company focused on gold exploration primarily on its property in Romania, as well as gold exploration and development of the Riacho dos Machados gold project in Brazil. It operates in two segments: the acquisition, exploration and development of mineral properties primarily situated in the Carpathian Arc region of Romania and in Brazil. As of December 31, 2011, in Minas Gerais State, Brazil, the Company commenced the development of the Riacho dos Machados gold project (RDM or the Project). As of December 31, 2011, in Romania it was carrying out exploration programs on three copper-gold porphyry systems referred to as Rovina, Colnic and Ciresata (collectively, the Rovina Valley Project or RVP). The Colnic Deposit is located approximately 2.5 kilometers south of the Rovina Deposit and the Ciresata Deposit is approximately four kilometers south of the Colnic Deposit.