Carlisle Goldfields Limited

Carlisle Goldfields Limited

July 27, 2011 12:09 ET

Carlisle Continues to Expand MacLellan Main Zone Mineralization with 47.46 g/t Au and 39.4 g/t Ag Over 3.0 Metres

TORONTO, ONTARIO--(Marketwire - July 27, 2011) - Carlisle Goldfields Ltd. (TSX:CGJ) is pleased to announce results from the first six surface diamond drill holes from its 2011 drill program at the MacLellan Mine deposit, located in Lynn Lake, Manitoba. Drilling to date has focused on expanding the defined resource at the MacLellan Mine site; and exploratory drilling in the western extension of the MacLellan area as a follow-up to the recently completed Induced Polarization survey. Significant values intersected are as follows:

Hole Number Length (metres) Au (g/t) Ag (g/t)
MG11-01 7.0 2.49 1.41
8.0 3.50 3.64
8.0 4.67 1.54
14.0 2.69 7.32
3.0 4.77 17.93
13.0 1.21 4.26
16.4 2.89 8.70
MG11-02 4.0 2.50 1.7
5.0 1.36 0.72
3.0 2.85 3.60
3.0 5.58 5.67
MG11-03 17.0 1.31 3.00
26.6 1.57 0.44
3.0 3.11 1.67
MG11-04 2.3 2.18 2.77
3.0 47.46 39.4
MG11-05 results pending
MG11-06 7.0 1.31 0.43
13.0 0.56 4.08
10.0 0.98 4.78
2.0 2.09 10.2
MG11-07 2.0 1.20 9.85
6.0 0.62 2.75
1.9 10.43 3.55
3.0 7.21 4.37
4.0 2.16 7.9

Complete drill data will be made available on the company's web site at

Carlisle is currently drilling with 3 drills in the MacLellan Mine and surrounding area with approximately 15,000 metres completed of a minimum 25,000-metre program planned for the area. The company will drill a further 15,000 metres at the former Burnt Timber (BT) Open Pit Mine site commencing August 1, 2011 to delineate possible additional resources both down-dip and along strike adjacent to the former producer. An additional 5,000 metres will be drilled at the newly acquired Dunlop option in late fall 2011. (See press release February 15, 2011 on

Coincident with the drilling at the BT site, Carlisle will initiate a 100 line-kilometer Induced Polarization (IP) geophysical survey for the BT mine and adjacent areas. This survey is planned to commence in mid-August and will cover the possible western and eastern extensions of the T1A fault, which is the controlling structure of the gold mineralization found at the BT Open Pit Mine. This survey will cover approximately 5.5 km of strike length along this structure. Follow up drilling for this area will be planned when the results of the IP survey are made available.

Bruce Reid President and CEO commented that "this set of results continues to confirm our expectations of the increased potential size of this project. We are currently on our 28th hole in this program and we expect to continue to release supportive drill results that will ultimately add considerable value to Carlisle's share price."

Peter Karelse Vice-President of Exploration commented "the continuity and presently defined strike length for this deposit is remarkable. The next few weeks promises to be exciting as we start to drill targets defined by some positive historic work and coincident IP results from our recently completed survey. These are targets that are distant from the resource area but potentially a related extension."

About Carlisle: Carlisle Goldfields Limited is a Canadian-based gold exploration and development company, focused on development of its wholly owned mining leases and claims in the Lynn Lake Greenstone Belt of Northern Manitoba, covering approximately 20,000 hectares which include the former MacLellan Gold mine and two other former producing gold mines as well as numerous other historically identified Gold Zones all within close distance to the Town of Lynn Lake.

In mid-2010 (see News Release dated July 26, 2010), Carlisle announced a NI 43-101 compliant Resource Estimate on the MacLellan Gold Property in Lynn Lake, Manitoba, which included Total Open Pit and Underground Resources having increased to 5.3 million tonnes containing 658,200 ounces of AuEq (Gold Equivalent) at an average grade of 3.85 g/t AuEq in the Measured and Indicated categories (3.59 g/t Au and 19.3 g/t Ag) and 4.4 million tonnes containing 506,200 ounces of AuEq at an average grade of 3.56 g/t AuEq in the Inferred category (2.9 g/t Au and 42.4 g/t Ag). The current Measured and Indicated Category represents 55% of the total resource tonnage.

Qualified person:

Carlisle's exploration program in Lynn Lake is being supervised by Peter Karelse, P.Geo., Vice-President Exploration, a Qualified Person as defined by National Instrument 43-101 and is the person responsible for the technical content of this news release.

Forward Looking Information: This news release may contain or refer to forward-looking information. All information other than statements of historical fact that address activities, events or developments that Carlisle believes, expects or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict that may cause actual events or results to differ materially from those discussed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Carlisle disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Carlisle believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be placed on these forward-looking statements due to the inherent uncertainty therein.

Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.

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