Ore-Leave Capital Inc.

Address:	Suite 830, 330 Bay Street Toronto, Ontario Canada M5H 2S8
Tel No.:	(416) 368-7744
Fax No.:	(416) 368-2579
Web Site:	www.ore-leave.com
Corporate Email:	info@ore-leave.com
Contact Person:	Dino Titaro
Position:	President & CEO

COMPANY DATA

Traded Market:	TSX Venture
Traded Symbol:	OLV
Outstanding Shares:	43.3 million
Public Float:	25.0 million
52 Week High:	$ 0.35
52 Week Low:	$ 0.15
Present Price:	Click Here

INTRODUCTION

Ore-Leave Capital Inc. is a mineral exploration company focused on exploring and developing properties with the potential to host world class gold deposits within the Carpathian Arc Region of Eastern/Central Europe. Through its subsidiary, Carpathian Gold Limited, the Company is currently involved in the exploration and development of 880 sq.km of mineral properties situated in Romania and Hungary.

The Company is positioned for early cash flow from gold resources already outlined with exploration activities proceeding to further outline and define these resources. Exploration is also being carried out on a large newly discovered porphyry related, sediment hosted, mineralized gold system never previously identified within the region of southern Romania. In addition, Ore-Leave has a strategic land position between two recent discoveries - Gabriel Resources' Rosia Montana and European Goldfields' Certej deposit.

Ore-Leaves management is committed to enhancing shareholder value by exploring and developing these properties, as well as identifying new opportunities within the prolific Carpathian Arc Region.

PROJECTS IN HAND

(1) Romania

Ore-Leave Capital, through its Romanian subsidiary, holds exploration licenses in the three principal mineral belts of Romania: the Golden Quadrilateral, the Baia Mare Mining District and the Banat Belt.

The richest concentration of gold in Romania has been in the Apuseni Mountains, in an area known as the Golden Quadrilateral. This area has historically produced in excess of 40.0 million ounces of gold from epithermal deposits, and ranks as one of the richest epithermal gold producing regions of equivalent size in the world.

Recent exploration within the Golden Quadrilateral by Gabriel Resources at their Rosia Montana deposit has identified a proven plus possible gold reserve of 10.6 million ounces. Also within the Golden Quadrilateral, European Goldfields has recently announced a drill-indicated gold resource of 2.63 million ounces on their Certej deposit. Ore-Leave Capital owns 100% of the Apuseni 1 Exploration License (169.34 sq.km), which borders the licenses of both European Goldfields and Gabriel Resources.

The second largest mining district in Romania is the Baia Mare District in northern Romania. Mining and exploration activities in the last 50 years have focused on base metals and gold vein deposits with significant gold production from the upper gold-rich parts of these ore systems. Historic gold production is estimated at 4 million ounces.

Ore-Leave Capital, through a joint venture with the state mining company, REMIN, holds a 75% interest in approximately half the Baia Mare Mining District. A 30 km long belt, comprising 8 mines which have exploited vein deposits, are included in the contiguous Firiza-Rotunda and Rotunda-Varatec Exploration Licenses over an area of 370.87 sq.km.

Situated within the Rotunda-Varatec Exploration License is the Jereapan Exploration License covering an area of 4.92 sq.km, 100% owned by Ore-Leave Capital.

The Banat Region of South-West Romania includes porphyry copper and porphyry-related skarn deposits with the active Moldova Noua Mine exploiting a porphyry copper deposit. This belt of porphyry-related deposits extends South through Serbia and eastward into Bulgaria, and includes world-class copper-gold deposits (Bor and Majdenpeck Mines, Serbia, and Chelopech Mine, Bulgaria). Ore-Leave Capital holds 100% of the Oravita Exploration License (135.39 sq.km), which covers a 32 km long segment of this prospective porphyry belt.

In addition, Ore-Leave Capital holds 100% of the Funcel Lapusna Exploration License (69.99 sq.km), in the little explored eastern part of the Inner Carpathian volcanic arc.

(2) Hungary

Northeastern Hungary includes a part of the Inner Carpathian volcanic arc, which is host to significant epithermal gold deposits in neighbouring Slovakia, Ukraine, and the prolific gold deposits of Romania. The Tokaj Mountains include many occurrences of hydrothermal-altered volcanic rocks that have not been explored for bulk mineable gold deposits. Past gold production is limited to historic exploitation of narrow veins at Telkibanya in the Tokaj Mountains during the medieval period. In addition, Hungary is host to a segment of an older volcanic arc, which contains a porphyry copper deposit and an overlying high-sulphidation epithermal gold deposit at Resck (1.5 million ounce gold resource) in the Matra Mountains.

Ore-Leave Capital holds four Exploration Licences through two of its wholly owned Hungarian subsidiaries covering a total area of 133.53 sq.km. Exploration efforts have focused in northeastern Hungary in the Tokaj Mountains on the Mad-Kiralhegy and Sarospatak-Kiralhegy Exploration Licences (100% owned) and on the Fuzerradvany Concession (80%). In the Matra Mountains the Kanasvar Exploration License covers 2.45 sq.km proximal to the Lahoca gold deposit.

MANAGEMENT

Ore-Leave Capital Inc. has a strong management team with experience in different areas. The management team includes:

Peter Lehner, Chairman, Director
Mr. Lehner is a businessman based in Switzerland and up to November 2002 was the Managing Director of Addax and Oryx Advisory Services and a director of AXMIN, a gold exploration company with an African focus. Mr. Lehner has gained an extensive knowledge in structuring and implementing financings across a range of sectors. In the past he has taken management positions in both large banking institutions and international companies active in commodity trading and shipping.

Dino Titaro, P.Geo., Director, President and Chief Executive Officer
Mr. Titaro is a geologist based in Canada and has extensive experience in the mining and exploration sector. Since 1989, Mr. Titaro was President and CEO of A.C.A. Howe International, a geological and mining consulting firm that has worked on projects throughout the world. To date, Mr. Titaro has acted as a director and officer of several public-traded companies in the mining, industrial and health care technology fields.

Patrick J. Mars, Director
Guy Charette, Director
Kevin Flaherty, Director and Secretary
Jonathan Forster, Director
Michael Ebsary, Director
Randall K. Ruff, Chief Operating Officer
Craig Banfield, Chief Financial Officer
Alexandru Nicolici, Managing Director SAMAX Romania S.R.L.

COMPANY OBJECTIVE

Develop early cash-flow projects through strategic 75:25 J.V. with REMIN in Baia Mare District
Exploration / Discovery of large gold and copper-gold deposits in the three principal mineral belts of Romania
Strategic acquisition of prospective ground utilizing extensive local knowledge and JV partner database
Growth into prospective zones of the Carpathian Arc in neighbouring countries

ORE-LEAVE PROJECT PROGRESS

Near Term Cash-flow Gold Projects in Baia Mare JV on:
- Baia Sprie Project
- Baiut Project
Large gold-copper mineralized system discovered on Oravita Licence
Apuseni Licence located in the prolific Golden Quadrilateral
Have identified other large prospective areas

ORE-LEAVE INVESTMENT HIGHLIGHTS

Excellent exploration / development licences within the Carpathian Arc
+400,000 ounces of epithermal gold resources identified to date
Possible early cash flow within 12 - 18 months
Excellent opportunity for world class size Au, Au-Cu deposits
Seasoned Management and exploration team with local country expertise
Joint Venture with Romanian state mining company REMIN SA
- Provides for large database to build upon
- Local infrastructure available for any development
Positioned for growth and quality acquisitions throughout the Carpathian Arc
European funds and institutions hold 30% interest.

NEWS UPDATE

On June 25, 2004, Ore-Leave Capital Inc. announced that its shareholders approved a change of name to Carpathian Gold Inc. in order to better reflect the Corporation's activities and area of involvement. The name change which has been approved by the TSX Venture Exchange will become effective within a few days following the issuance of a TSXV bulletin to that effect. As of that time, the shares of Carpathian Gold Inc. will trade under the symbol CPN. In addition, the Corporation announced that its board of directors has approved the issuance of options to purchase common shares of the Corporation to members of the board, senior management and certain employees. A total of 3,850,000 options were awarded and exercisable over a period of five years at a price of $0.25 per common share.

On June 07, 2004, Ore-Leave Capital Inc. announced the recent results from the ongoing diamond drilling program testing the 800 metre long Rothmundy Vein System at the Baia Sprie Project, within the Baia Mare Mining District of Romania. A further eight drill holes have been completed to test strike extensions of the eastern and western portions of the Rothmudy Vein System from previous drill-hole intersections. Results include high grade intersections such as BSD-32 intersecting 6.0 m at 8.15 g/t Au including 1.0 m at 15.84 g/t Au and BSD-29 intersecting 9.0 m at 1.24 g/t Au including 1.2 m at 5.24 g/t Au.

On March 26, 2004, Ore-Leave Capital Inc. announced that it has extended the large gold-copper and gold occurrence at the Carbunari-Stinapari prospect in the southern part of its 100% owned Oravita Exploration License in southwestern Romania. Recent results from Ore-Leave's exploration program have extended the surface gold + copper zone 800 metres further northward for a total north-south dimension of 4.5 km.

On March 04, 2004, Ore-Leave Capital Inc. announced that it has defined another large gold and gold + copper anomaly at the Oravita-Ciclova prospect in the northern part of its 100% owned Oravita Exploration License. The discovery is based on the results of Ore-Leave's soil-geochemistry program. This is the second large gold and gold + copper anomaly discovered on the Oravita License, which covers a 32 km long prospective segment of the Banat Porphyry Belt in Southwestern Romania.

The Oravita-Ciclova gold-in-soil anomaly occurs along two structural lineaments covering an area 6 km in length and up to 500 m wide. The Oravita-Ciclova anomaly is similar to the previously defined 5 sq.km gold and gold + copper anomalies at the Carbunari-Stinapari prospect, 25 km to the south, where discrete zones of jasperoids occurring in calcareous-siliclastic sedimentary packages carry gold mineralization ranging from 2 g/t Au to 15 g/t Au and Cu mineralization ranging from 0.5% to 2.2% Cu.

On March 02, 2004, Ore-Leave Capital Inc. announced that the ongoing diamond-drill program testing the 800 m long Rothmundy Vein Zone, of the Baia Sprie Project, located in northern Romania, has extended the previously reported gold mineralization in the Screper Pit gold zone both at depth and along strike to the west and on the Poni Excavation zone which lies 600 m to the west. Twelve drill holes have been completed in the recent drill program.

"Our drilling program is aimed at and is successfully infilling and extending the important Rothmundy Vein Zone," said Dino Titaro, President and CEO of Ore-Leave Capital Inc. "A further 13 drill holes are planned to compete this objective and will be followed by an independent resource appraisal and/or further definition drilling."

In addition to the Baia Sprie Project, Ore-Leave Capital Inc. is continually evaluating other mine-site targets in the Baia Mare Joint Venture for gold resource potential.

On February 26, 2004, Ore-Leave Capital Inc. announced that it has closed its public offering of units for gross proceeds of $1.325 Million. The units, which were priced at $0.25 each, consisted of one common share and one common share purchase warrant. The proceeds from the public offering will be applied to ongoing exploration and development activities and will provide the Company with additional working capital so that it may take advantage of any new acquisition opportunities which may arise.