Carlisle Goldfields Limited
TSX : CGJ
OTCQX : CGJCF

Carlisle Goldfields Limited

October 18, 2012 14:05 ET

Carlisle Goldfields Announces Option Extension on its Last Hope Property

TORONTO, ONTARIO--(Marketwire - Oct. 18, 2012) - Carlisle Goldfields Limited ("Carlisle" or the "Company") (TSX:CGJ)(OTCQX:CGJCF) announces that it has signed an agreement with the optionor to extend the date for making the option payment on its Last Hope Property to December 31, 2012. The Company agreed to make an immediate cash payment of $50,000 and to deliver 50,000 Carlisle shares to the optionor in consideration of this extension. The issuance of shares by Carlisle is subject to any necessary regulatory approvals.

About Last Hope: In September 2012, Carlisle announced initial results from its 15‐hole drill program at the Last Hope Project, highlighted by drill hole DO12‐11, which intersected 6.5 metres from 357.0 metres (m) to 363.5 m, grading 8.1 g/t Au (grams per tonne of gold). Drilling expanded the known mineralization to the west. See the Company's news release dated September 12, 2012. These new results will be incorporated into a NI 43‐101 compliant resource estimate expected to be released later in 2012.

The Last Hope Project ("Last Hope") is located approximately 20 kms southeast of Lynn Lake, Manitoba and 6 km south of the Carlisle's Burnt Timber and Linkwood Projects. Last Hope had previously been substantially explored and drilled (1982‐1984) and has a Historical Resource of 888,000 tonnes of mineralized material at a grade of 9.4 grams per tonne. This represents over 270,000 ounces of gold. Most of this mineralization was measured within 150 metres of surface. This was determined from assays of over 200 historical diamond drill holes in the mineralized zones. The core from this historical drilling remains intact at the project site and was partially re‐ assayed earlier this year. This historical resource estimate pre‐dates NI 43‐101, and therefore is not compliant with the requirements of NI 43‐101. Consequently, the historical resource estimate cannot be relied upon. A qualified person, as defined in NI 43‐101, has not performed sufficient work to classify the historical resource estimate as mineral resources and Carlisle is not treating the historical estimate as current mineral resources.

To view the Carlisle Goldfields Property Location Map, please visit the following link: http://media3.marketwire.com/docs/CarlislePropertyLocation.pdf.

About Carlisle: Carlisle Goldfields Limited is a Canadian‐based gold exploration and development company, focused on development of its 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 of the town of Lynn Lake.

In March 2012 (see News Release dated March 13, 2012), Carlisle announced an updated Resource Estimate on the MacLellan Gold Project in Lynn Lake, Manitoba. This included Open Pit and Underground Resources in the Measured and Indicated Categories having increased to 32.4 million tonnes containing 2,018,100 ounces of AuEq at an average grade of 1.94 g/t AuEq (1.9 g/t Au and 4.4 g/t Ag). The pit‐contained Measured and Indicated categories of 29.9 million tonnes contain 1.7 million ounces of AuEq at an average grade of 1.8g/t AuEq (1.7 g/t Au and 4.4 g/t Ag). The current Measured and Indicated Categories represent 94% of this total resource estimate.

This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The Company's shares and other securities have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent an applicable exemption from the registration requirements.

Except for statements of historical fact contained herein, the information in this press release may constitute "forward‐looking information" within the meaning of Canadian securities law. Other than statements of historical fact, all statements are "forward‐Looking Statements", including the establishment and estimate of resources, that involve various known and unknown risks and uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "forward‐looking statements". Except as otherwise required by applicable securities statutes or regulation, Carlisle expressly disclaims any intent or obligation to update publicly forward‐looking information, whether as a result of new information, future events or otherwise.

Neither IIROC nor the TSX accepts responsibility for the adequacy or accuracy of this release.

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