Carlisle Goldfields Limited
TSX : CGJ

Carlisle Goldfields Limited

September 27, 2011 17:24 ET

Carlisle Goldfields Limited: Exploration of MacLellan Deposit and Surrounding Area Continues to Deliver Positive Results

TORONTO, ONTARIO--(Marketwire - Sept. 27, 2011) - Carlisle Goldfields Limited (TSX:CGJ) (the "Company" or "Carlisle") is pleased to announce assay results from its MacLellan Advanced Exploration project in northwest Manitoba near the town of Lynn Lake where the Company is continuing with a 45,000-metre diamond drilling program. The results from the drill program during this reporting period addressed 4 areas as follows: (1) MacLellan Western Resource Extension, (2) South Zone, (3) Bruichladdie Zone and (4) the MacLellan Resource area. The Company published a NI 43-101 compliant resource on only the MacLellan Resource area last year in August 2010. The Company is hoping to have accumulated enough information across all of these four areas to calculate a series of new compliant resources by early 2012.

Highlights

The gold (Au) and silver (Ag) highlights from the MacLellan Resource results are as follows:

MG11-10 10.52 meters core length of 3.72 g/t Au and 9.75 g/t Ag
54.00 meters core length of 2.33 g/t Au and 4.77 g/t Ag
MG11-29 13.00 metres core length of 4.32 g/t Au and 1.58 g/t Ag

Highlights from the MacLellan Western Resource Extension results are as follows:

MG11-12 19.00 meters core length of 1.09 g/t Au and 1.11 g/t Ag

Highlights from the South Zone results are as follows:

MG11-18 21.90 meters core length of 1.14 g/t Au and 1.25 g/t Ag
MG11-22 1.00 metre core length of 63.85 g/t Au and 0.9 g/t Ag

Highlights from the Bruichladdie Zone results are as follows:

MG11-24 4.00 metres core length of 2.16 g/t Au and 1.90 g/t Ag

Peter Karelse, P.Geo, the Company's Vice-President of Exploration commented, "The resource development drilling at the MacLellan site continues to demonstrate the continuity encountered previously in relatively undrilled or under-drilled areas. The newly initiated drilling at the Burnt Timber site is of particular interest as it is an area that has a high potential to develop additional overall resource ounces. Previous work suggests that the Burnt Timber deposit remains open in all directions and at depth."

Bruce Reid, President of Carlisle Goldfields, stated, "The results from our recent drilling continue to enhance both the size and quality of the MacLellan deposit and the nearby associated zones. Management is optimistic that these results will significantly add to the critical mass and quality of these deposits when a new NI 43-101 compliant resource estimate is compiled and reported in 2012."

The full results from the drilling for these areas are summarized in Table 1 below.

The MacLellan Western Resource Extension addresses the area to the west of the defined resource area to the Keewatin River and lying predominantly in the walls of the preliminary pit design. This drilling confirms the continuation of the resource style mineralization to the east side of the river.

The South Zone drilling focuses on an area approximately 400 metres to the south of the MacLellan Resource, following up on sparse historic drilling. This South Zone was drilled as it exhibited a moderate induced polarization chargeability signature similar to the MacLellan Resource.

The Bruichladdie Zone drilling is focused on the area extending to the west from the Keewatin River in line with the strike of the MacLellan Resource and the MacLellan Western Resource Extension mineralization. The drilling is exploratory in nature and follows up on the continuation of the induced polarization chargeability signature associated with the MacLellan Resource, and historic geochemical results. This exploratory drilling confirms the extension of the MacLellan Resource mineralization style to a strike distance of more than 2.5 kilometres.

The MacLellan Resource drilling continues to deliver positive results in those areas that were not drilled or were under-drilled and, consequently, were not included in the past 43-101-resource calculation, which was completed last year. This drilling was targeted to fill in those gaps.

Burnt Timber Project

Digital compilation of the historic drill data associated with the Burnt Timber deposit has been completed. Drilling commenced in this area last week beginning with the Burnt Timber pit area proper. The Burnt Timber pit area is accessible by an all-season road, which is approximately 15 km south-east of the Town of Lynn Lake. An induced polarization survey comprising of 80 line-kilometres has commenced and will be complete by mid-October. This ground IP geophysical survey covers an area along the Johnson Shear, approximately 7 km to the east and west of the Burnt Timber Mine area. The Burnt Timber Mine was actively mined for approximately a year in 1997-98 producing approximately 78,000 ounces Au at an average grade of 2.8 g/t from an open pit dug down to a depth of only 30 metres. Mining opened up a strike length of approximately 300 metres while historical drilling has demonstrated a mineralized strike length of nearly 900 metres in length.

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/cgj0927fig1.pdf.

Table 1:

Hole ID From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Ag
(g/t)
AREA
MG11-10 94.10 95.10 1.00 0.65 0.30 MacLellan Resource
96.10 97.10 1.00 0.75 0.10
227.38 228.38 1.00 0.58 4.10
243.30 244.30 1.00 1.13 2.70
249.72 260.24 10.52 3.72 9.95
264.00 265.88 1.88 1.43 5.20
270.00 271.00 1.00 0.45 1.00
274.00 275.00 1.00 0.65 1.40
281.00 283.00 2.00 1.77 0.90
284.00 285.00 1.00 0.55 0.90
287.00 342.00 54.00 2.33 4.77
352.30 354.30 2.00 0.75 0.65
390.30 391.30 1.00 0.62 0.80
396.30 397.30 1.00 0.79 33.60
398.99 399.99 1.00 0.96 2.70
MG11-29 420.17 421.17 1.00 1.65 2.70 MacLellan Resource
425.91 428.91 3.00 2.96 8.13
433.32 441.82 8.50 2.68 1.15
456.82 458.82 2.00 0.91 0.55
460.82 461.82 1.00 0.72 1.00
467.82 470.82 3.00 1.89 1.43
476.82 489.82 13.00 4.32 1.58
493.82 494.82 1.00 0.58 0.60
501.82 513.39 11.57 1.55 0.83
519.39 520.39 1.00 2.30 1.30
523.39 524.39 1.00 0.58 0.40
565.00 566.00 1.00 11.28 0.80
599.23 600.23 1.00 0.45 0.30
601.27 603.27 2.00 1.22 0.25
MG11-11 results pending MacLellan Resource
MG11-05 218.34 219.74 1.40 4.10 21.93 Western Resource Extension
270.88 271.18 0.30 0.79 50.00
298.16 299.16 1.00 0.41 20.90
306.00 309.00 3.00 0.93 3.27
346.00 348.00 2.00 1.68 3.75
353.00 354.00 1.00 0.65 0.70
377.40 380.10 2.70 2.23 2.28
493.86 494.86 1.00 0.41 0.20
MG11-07 103.00 105.00 9.85 1.20 2.00 Western Resource Extension
287.00 293.00 2.75 0.62 6.00
320.86 322.77 3.55 10.43 1.91
357.36 358.36 1.00 1.65 0.70
368.36 369.36 1.00 0.89 0.50
417.80 418.20 0.40 2.74 17.00
459.90 463.90 7.90 2.16 4.00
467.90 468.90 1.00 0.45 0.30
475.90 478.90 4.37 7.21 3.00
MG11-08 20.15 21.15 1.00 33.30 3.20 Western Resource Extension
43.77 44.77 1.00 9.33 1.40
73.63 74.63 1.00 2.19 3.30
98.10 100.10 2.00 2.25 49.75
112.85 113.85 1.00 1.34 6.50
159.50 161.50 2.00 1.44 18.30
182.66 182.96 0.30 2.16 0.60
194.65 198.65 4.00 4.15 19.25
MG11-09 13.12 14.12 1.00 0.79 0.30 Western Resource Extension
24.86 25.86 1.00 0.65 0.40
164.53 167.53 3.00 2.19 30.30
185.94 186.94 1.00 0.45 2.80
207.79 213.29 5.50 5.45 1.82
218.87 219.87 1.00 0.58 0.80
243.87 246.87 3.00 1.44 4.47
256.58 257.58 2.00 0.84 7.35
263.58 268.58 5.00 0.93 4.80
272.80 273.80 1.00 0.55 0.50
274.80 275.80 1.00 0.72 4.00
290.42 292.42 2.00 0.86 11.45
296.78 297.78 1.00 0.69 3.30
301.78 302.78 1.00 0.45 0.60
378.19 379.19 1.00 0.58 0.80
387.19 388.19 1.00 0.41 1.10
392.19 401.19 9.00 2.12 10.68
405.86 409.86 4.00 1.97 0.83
410.86 411.86 1.00 0.51 1.20
587.80 588.80 1.00 0.48 0.10
MG11-12 5.31 12.31 7.00 0.91 0.33 Western Resource Extension
21.31 22.31 1.00 1.78 2.40
27.31 28.31 1.00 0.51 0.40
199.52 200.52 1.00 0.51 0.60
202.52 203.52 1.00 0.41 0.60
205.52 209.52 4.00 1.36 3.70
283.36 284.36 1.00 0.51 0.30
285.65 304.65 19.00 1.09 1.11
307.22 311.22 4.00 1.17 0.83
392.12 393.12 1.00 0.79 4.10
407.16 408.16 1.00 1.85 2.40
439.74 440.74 1.00 1.06 1.60
MG11-13 23.56 25.56 2.00 1.46 9.90 Western Resource Extension
92.47 97.47 5.00 0.86 5.52
118.39 120.39 2.00 0.59 0.35
256.00 265.00 9.00 0.91 1.62
268.33 269.33 1.00 0.62 0.60
273.76 274.76 1.00 1.03 1.40
MG11-14 results pending Western Resource Extension
MG11-15 results pending Western Resource Extension
MG11-16 115.32 116.32 1.00 0.72 3.50 Western Resource Extension
190.80 191.80 1.00 0.89 0.50
MG11-17 results pending Western Resource Extension
MG11-27 results pending Western Resource Extension
MG11-28 results pending Western Resource Extension
MG11-18 116.00 118.00 2.00 1.15 6.15 South Zone
119.00 120.00 1.00 0.41 2.90
127.00 128.00 1.00 1.23 2.70
157.60 162.60 5.00 0.56 0.56
167.60 168.60 1.00 5.38 4.10
171.60 172.60 1.00 1.41 0.40
173.60 174.60 1.00 0.55 0.30
179.20 180.50 1.30 0.69 0.89
183.50 186.50 3.00 0.78 0.47
196.50 200.50 4.00 3.71 0.80
203.50 206.50 3.00 0.53 0.53
207.50 208.50 1.00 0.55 0.60
254.80 276.70 21.90 1.14 1.25
286.70 288.70 2.00 0.52 0.70
290.70 298.70 8.00 1.02 0.45
400.10 401.10 1.00 0.41 0.90
MG11-19 30.80 31.80 1.00 1.47 4.00 South Zone
53.50 54.50 1.00 1.47 6.60
MG11-20 293.90 294.90 1.00 0.65 0.20 South Zone
MG11-21 282.25 285.25 3.00 1.70 0.43 South Zone
417.50 417.80 0.30 6.24 0.50
MG11-22 44.00 45.00 1.00 63.85 0.90 South Zone
343.46 344.46 1.00 2.34 3.10
MG11-23 395.33 396.33 1.00 2.30 5.80 South Zone
402.20 406.20 4.00 0.64 2.30
MG11-24 93.78 97.78 4.00 2.16 1.90 Bruichladdie Zone
MG11-25 204.88 206.88 2.00 3.09 3.80 Bruichladdie Zone
210.88 213.88 3.00 0.82 2.90
230.22 231.22 1.00 0.79 0.70
249.38 250.38 1.00 0.82 1.30
269.61 270.61 1.00 1.13 0.90
344.91 345.91 1.00 0.45 1.20
MG11-26 85.94 86.94 1.00 0.41 1.50 Bruichladdie Zone
142.74 144.53 1.79 0.98 1.63
190.32 191.32 1.00 0.96 1.10

This news release was supervised by Peter Karelse, P. Geo., Vice-President of Exploration, who is a qualified person as defined by National Instrument 43-101 with more than 25 years of experience in exploration and development of gold projects. All technical information contained in this news release has been reviewed and approved by Peter Karelse. All the information contained herein is in compliance with NI 43-101.

Samples were transported directly to the TSL Laboratories in Saskatoon, Saskatchewan, which is an accredited ISO/IEC 17025 lab and assayed using standard fire assay methods.

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 proximity of 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 (3.59 g/t Au and 19.3 g/t Ag) in the Measured and Indicated categories and 4.4 million tonnes containing 506,200 ounces of AuEq at an average grade of 3.56 g/t AuEq (2.9 g/t Au and 42.4 g/t Ag) in the Inferred category. The current Measured and Indicated Categories represent 55% of the total resource tonnage.

This press release does not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The Common Shares and other securities of the Company 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 drilling plans and anticipated dates for reports, 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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