Carlisle Goldfields Limited
TSX : CGJ
OTCQX : CGJCF

Carlisle Goldfields Limited

October 03, 2012 09:17 ET

Carlisle Goldfields Announces Positive Drilling Results from Its Farley Lake Mine Project, Including 10 Metres Grading 5.9 g/t Au

TORONTO, ONTARIO--(Marketwire - Oct. 3, 2012) - Carlisle Goldfields Limited ("Carlisle" or the "Company") (TSX:CGJ)(OTCQX:CGJCF) announces results from its 2012 drill program at its Farley Lake Mine Project, highlighted by drill hole FL12-02, which intersected 10 metres (m), from 365 m to 375 m, grading 5.9 g/t Au (grams per tonne of gold). Exploration and drilling work at Farley Lake commenced at the end of June 2012. These new results are expected to be incorporated into a NI 43-101 compliant resource to be released early in 2013.

Hole * From (m) To (m) Drill Interval (m) ** Au Grade g/t
FL12-01 128 131 3 7.3
147 152 5 7.1
189 195 6 1.8
197 202 5 7.4
FL12-02 132 136 4 1.0
162.06 164 1.94 1.7
202 205 3 7.9
365 375 10 5.9
FL12-03 363 366 3 1.8
376 379 3 1.0
397 401 4 4.9
428 431 3 8.1
* drill results highlighted and sub results used an arbitrary cut-off grade of 0.5 g/t Au
** orebody geometry has yet to be determined, but true width is estimated to be 70% of core length

Bruce Reid, President of Carlisle Goldfields stated "These positive drill results confirm our belief that Farley Lake has the potential to be our largest and best project in the Lynn Lake Camp. Management continues to believe that the value of the four other gold projects that have been identified in addition to the MacLellan Project, have yet to be recognized by the market."

Peter Karelse P.Geo, the Company's Vice-President of Exploration commented, "This drill program, which focused along strike of the previously mined open pit is very exciting when combined with the high grade nature of the previous drilling. The addition of recent geophysical results showing a shallow plunging body striking for more than a kilometre to the west, further supports Carlisle's belief that this project has the most potential in terms of "ounces in the ground" within our entire Lynn Lake Camp."

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

About Farley Lake Mine Project: The Farley Lake Mine Project ("Farley Lake") is located approximately 35 km east of the Town of Lynn Lake. Farley Lake was well drilled during the 1980's and 90's. A Historical Resource of 1,430,000 tonnes of mineralized material at a grade of 7.1 grams per tonne represents over 290,000 ounces of gold. The Farley Lake Mine was in production as an open pit from 1996 to 1999. A total of 1,707,000 tonnes were mined at a grade of 4.23 g/t and 213,124 ounces of gold were recovered. The remaining deposit shows significant potential to be a high grade open pit mine. 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 Farley Lake Mine Project - Historical Drill Hole Locations, please visit the following link: http://media3.marketwire.com/docs/CGJFarleyLake.pdf.

QA/QC

Carlisle's exploration programs are carried out under the supervision of Peter Karelse P.Geo., Vice-president of Exploration, who is qualified person as defined by NI 43-101 with more than 30 years of experience in gold exploration and development. All technical information in this press release has been reviewed and approved by Mr. Karelse.

Samples were transported directly in secure containers from the Carlisle Goldfields site in Lynn Lake Manitoba, to the TSL Laboratories in Saskatoon, Saskatchewan. TSL, which is an accredited ISO/IEC 17025 lab assayed the samples using standard fire assay methods with a gravimetric finish. Certified standards are placed in the sample stream at a rate of one standard per 20 samples. Certified blanks are placed in the sample stream at a rate of one blank every 40 samples.

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 its 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 1.8 g/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.

In September 2012 (see News Release dated September 24, 2012), Carlisle announced its initial Burnt Timber Project Inferred Resource estimate totaling 23,438,000 tonnes containing 780,500 ounces of gold ("Au") at an average grade of 1.04 grams per tonne ("g/t"). The Indicated Resource is estimated to be 1,021,000 tonnes containing 45,900 ounces of gold at an average grade of 1.40 g/t. The Company's new resource estimate used a 0.4 g/t cut off to a depth of 170 metres from surface.

This press release shall not constitute an offer to sell or solicitation of an offer to buy the Company's 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 size and pricing of the Offering, that involve various known and unknown risks and uncertainties and other factors, such as market conditions. 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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