Carlisle Goldfields Limited
TSX : CGJ

Carlisle Goldfields Limited

February 17, 2012 10:29 ET

Carlisle Goldfields Limited: Exploration of MacLellan Mine Project Continues to Deliver Positive Results

TORONTO, ONTARIO--(Marketwire - Feb. 17, 2012) - Carlisle Goldfields Limited (TSX:CGJ) (the "Company" or "Carlisle") announces further assay results from the MacLellan Mine Project in Northwest Manitoba near the Town of Lynn Lake where the Company has completed a 45,000 metre diamond drilling program. The results from the drill program address 3 areas: (1) the MacLellan Mine, (2) the Western Extension and (3) the Bruichladdie Zone (please see the maps below).

The Company published a National Instrument 43-101 ("NI 43-101") compliant resource on just the MacLellan Mine in August 2010 (see summary at the end of this release). This recent drill program has provided the Company with enough information across the MacLellan Mine Project, including the Western Extension, to calculate a new compliant resource which will be published in Q1 2012.

Peter Karelse, P.Geo, the Company's Vice-President of Exploration commented "The resource development drilling at the MacLellan Mine Project continues to demonstrate the continuity encountered previously in relatively undrilled or under-drilled areas."

Bruce Reid, President of Carlisle stated, "Management is optimistic that all the results from this drill program will significantly add to the critical mass and quality of the MacLellan Mine Project resource when a new NI 43-101 compliant resource is compiled. We expext the report to be completed soon."

The results from the drilling of these areas are summarized in Table 1 below. Please note that the Company has not included any results below 1 gram/tonne as there were too many to report. These zones, however, will be included in the forthcoming new NI 43-101 resource where Carlisle will be utilizing a 0.4 grams/tonne cut-off as compared to 1 gram/tonne cut-off in the 2010 resource calculation.

The MacLellan Mine drilling program continues to deliver positive results in areas that were either not drilled or were under-drilled and consequently not included in the past NI 43-101 resource calculation. This recent drilling program significantly filled in most of those gaps.

The Western Extension drilling addresses the area to the west of the defined resource area up 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. This zone will add over 400 metres of strike to the MacLellan Mine Project resource. In fact, this zone is just the western continuation of the MacLellan Mine.

The Bruichladdie Zone drilling was focused on the area extending to the west from the Keewatin River in line with the strike of the MacLellan Mine and the Western Extension mineralization. The drilling was exploratory in nature and follows up on the continuation of the induced polarization chargeability signature associated with the MacLellan Mine, and historic geochemical results. This exploratory drilling confirms the extension of the MacLellan Resource mineralization style over a strike distance of more than 2 kilometres. This zone will be included in a future compliant resource calculation when the drilling has sufficient density. The Company may get back to drilling this zone later in 2012 depending on the Company's reassessment of the priorities based on the success of the current drill program in other areas around Lynn Lake.

The South Zone drilling which was previously reported focuses on an area approximately 400 metres to the south of the MacLellan Mine following up on sparse historic drilling. This South Zone was drilled as it exhibited a moderate induced polarization chargeability signature similar to the MacLellan Mine. This zone has significant gold mineralization but will not be included in the new NI 43-101 resource currently underway as Management is not sure of the configuration of the zone.

Please see below both a plan map of the MacLellan Mine Project as well as a Long Section view through the main zones in this area. The Long Section includes most of the drill hole intersections.

To view the MacLellan Mine Project Map, and the Long Section of MacLellan Mine Project Map, please visit the following link: http://media3.marketwire.com/docs/MacLellan_Project_Maps.pdf.

Table 1:
HOLE ID FROM TO LENGTH Au g/t Ag g/t Project Area Target Type
MG11-11 134.69 145.69 11.00 2.80 4.57 MacLellan Infill
149.69 151.69 2.00 3.59 16.85
155.60 156.60 1.00 1.13 2.10
173.70 174.60 0.90 2.21 5.00
192.21 194.21 2.00 1.20 13.65
218.54 223.54 5.00 3.92 4.32
233.54 234.54 1.00 1.95 0.30
257.57 257.87 0.30 7.99 2.30
MG11-16 NO SIGNIFICANT RESULTS MacLellan North Zone
Exploration
MG11-28A 422.66 424.66 2.00 1.32 1.70 MacLellan Infill
446.88 451.88 5.00 1.78 1.62
466.33 467.33 1.00 1.41 1.70
472.33 473.20 0.87 7.58 1.30
475.50 478.50 3.00 4.24 0.60
483.50 486.50 3.00 2.36 1.97
494.43 496.43 3.00 1.12 1.30
509.73 510.32 0.59 1.41 0.50
546.33 548.33 2.00 3.35 0.35
559.66 560.66 1.00 1.37 0.60
570.23 571.23 1.00 1.71 0.10
577.23 578.23 1.00 2.50 0.70
588.23 589.23 1.00 6.31 0.20
MG11-29 374.86 377.86 3.00 4.98 7.37 MacLellan Infill
420.17 421.17 1.00 1.65 2.70
425.91 428.91 3.00 2.96 8.13
434.32 435.32 1.00 1.17 1.80
439.82 441.82 2.00 6.37 1.43
453.82 454.82 1.00 1.13 0.90
456.82 457.82 1.00 1.34 0.50
467.82 470.82 3.00 1.89 1.43
477.82 487.82 10.00 5.46 1.68
501.82 513.39 11.57 1.55 0.83
519.39 520.39 1.00 2.30 1.30
565.00 566.00 1.00 11.28 0.80
602.27 603.27 1.00 1.78 0.20
MG11-30 457.09 468.15 5.08 4.45 13.27 MacLellan Infill
474.91 475.91 1.00 1.06 3.80
481.91 491.91 10.00 1.72 3.67
494.91 496.69 1.78 4.53 2.36
508.81 509.81 1.00 1.06 0.90
528.89 529.89 1.00 1.54 0.70
544.09 547.09 3.00 1.40 3.30
567.01 568.01 1.00 1.10 0.70
MG11-32 86.00 87.00 1.00 1.03 8.40 MacLellan Infill
272.00 279.00 7.00 5.24 11.79
283.00 283.60 0.60 1.34 1.50
288.00 300.00 12.00 2.87 6.33
303.00 305.00 2.00 1.39 1.40
308.74 312.00 3.26 3.84 3.26
318.08 326.00 7.92 4.72 4.94
337.00 340.00 3.00 1.38 37.57
353.00 362.00 9.00 1.33 4.27
368.00 370.00 2.00 1.82 14.65
380.05 380.66 0.55 1.34 0.50
MG11-33 220.00 223.00 3.00 4.49 7.10 MacLellan Infill
225.90 226.90 1.00 10.29 10.40
228.90 229.90 1.00 1.20 1.30
311.00 312.00 1.00 5.14 2.30
323.00 324.00 1.00 11.97 0.60
404.00 405.00 1.00 1.34 8.80
406.00 409.00 3.00 2.55 15.23
411.50 412.50 1.00 4.60 16.40
417.00 419.00 2.00 3.88 3.10
420.00 423.00 3.00 5.92 4.06
434.00 436.00 2.00 2.61 22.55
MG11-35A 26.83 28.32 1.49 1.70 1.30 MacLellan Infill
81.71 83.04 1.33 3.68 1.45
113.15 115.73 2.58 15.48 7.11
MG11-37 375.54 376.54 1.00 1.17 0.80 MacLellan Infill
383.54 384.54 1.00 1.06 0.90
385.54 386.54 1.00 1.20 0.50
387.54 398.00 6.81 2.54 1.88
400.00 404.00 4.00 1.34 1.55
422.00 423.00 1.00 11.97 2.20
428.00 429.00 1.00 2.47 0.70
436.00 437.00 1.00 1.75 1.20
451.00 452.00 1.00 1.68 0.80
469.00 470.00 1.00 1.41 1.10
474.00 476.00 2.00 1.96 1.30
480.00 481.00 1.00 4.18 3.30
482.00 483.00 1.00 2.71 1.90
489.61 492.81 3.20 3.92 13.24
504.00 505.00 1.00 1.34 5.90
MG11-43 107.00 109.00 2.00 1.42 0.05 MacLellan Infill
234.00 235.00 1.00 2.06 0.80
283.00 285.00 2.00 1.37 4.75
MG11-43 290.00 291.00 1.00 2.78 0.50
(con't) 292.00 307.00 15.00 6.97 14.17
312.00 313.00 1.00 1.20 2.90
315.00 316.00 1.00 1.03 2.30
318.00 322.00 4.00 5.06 8.03
343.00 344.00 1.00 5.38 4.30
348.00 349.00 1.00 30.35 14.00
362.00 363.00 1.00 1.95 1.50
371.00 374.00 3.00 10.50 6.33
378.00 379.00 1.00 2.98 11.60
380.00 383.00 3.00 7.86 13.03
428.00 429.00 1.00 2.54 1.30
447.00 448.00 1.00 3.46 3.80
457.00 459.00 2.00 6.88 10.20
MG1-44 104.00 105.00 1.00 1.17 1.10 MacLellan Infill
109.00 111.00 2.00 1.39 1.80
112.00 113.00 1.00 2.13 2.70
125.00 126.00 1.00 2.33 2.40
134.00 135.00 1.00 3.74 3.50
140.00 141.00 1.00 5.21 42.50
143.00 144.00 1.00 1.61 9.00
149.00 151.00 2.00 5.15 5.73
153.00 154.00 1.00 1.17 5.60
156.00 157.00 2.00 2.28 7.70
166.00 167.00 1.00 1.41 3.50
229.00 230.00 1.00 2.78 1.30
243.00 244.00 1.00 2.71 7.80
246.00 248.00 2.00 33.76 19.00
MG11-45 80.00 81.00 1.00 3.16 1.90 MacLellan Infill
100.00 102.00 2.00 2.49 6.50
103.00 104.00 1.00 1.82 15.00
113.00 124.00 11.00 6.80 20.95
126.00 127.00 1.00 1.17 1.20
146.00 147.00 1.00 1.34 0.40
231.00 232.00 1.00 1.06 0.20
MG11-46 40.00 41.00 1.00 1.10 0.60 MacLellan Infill
43.00 44.00 1.00 63.44 5.00
165.86 166.30 0.44 4.80 103.00
452.00 455.00 3.00 3.54 9.10
457.00 459.00 2.00 1.24 3.85
460.00 461.00 1.00 1.10 1.20
484.00 485.00 1.00 1.03 6.60
488.00 489.00 1.00 1.10 1.80
501.00 502.00 1.00 1.75 0.80
MG11-46 547.00 548.00 1.00 2.88 0.90
(con't) 555.00 556.00 1.00 1.13 0.90
557.00 559.00 2.00 4.03 3.40
560.00 561.00 1.00 8.85 3.20
563.00 564.00 1.00 19.51 2.50
644.00 645.00 1.00 1.13 0.30
MG11-31 NO SIGNIFICANT RESULTS Eastern Extension
Extension
MG11-41 61.05 62.05 1.00 5.38 0.70 Eastern Extension
Extension
MG11-13 23.56 25.56 2.00 1.46 9.90 Western Extension
93.47 95.47 2.00 1.17 6.30 Extension
273.76 274.76 1.00 1.03 1.40
MG11-15 103.45 104.45 1.00 1.34 14.20 Western Extension
107.50 110.50 3.00 1.65 8.57 Extension
111.50 112.5 1.00 1.06 1.60
147.80 148.13 0.33 1.75 1.60
153.10 154.10 1.00 1.10 1.00
162.00 163.00 1.00 1.44 1.10
324.14 326.14 2.00 1.37 0.45
359.62 360.62 1.00 2.78 0.60
448.19 449.19 1.00 2.47 6.80
MG11-27 232.83 233.83 1.00 1.49 2.00 Bruichladdie IP Follow-up
MG11-34 NO SIGNIFICANT RESULTS Bruichladdie IP Follow-up
MG11-36 325.29 326.00 0.71 1.20 7.70 Bruichladdie IP Follow-up
357.00 358.00 1.00 1.37 12.10
391.00 392.00 1.00 2.43 7.70
MG11-38 83.00 85.00 2.00 5.59 7.50 Bruichladdie IP Follow-up
MG11-39 572.00 574.00 2.00 3.14 11.45 Bruichladdie IP Follow-up
MG11-40 287.00 288.00 1.00 20.44 0.80 Bruichladdie IP Follow-up
305.00 305.65 0.65 1.75 0.30
329.00 330.00 1.00 1.03 0.70
354.00 355.00 1.00 1.47 3.00
439.00 440.00 1.00 1.23 4.10
MG11-42 NO SIGNIFICANT RESULTS Bruichladdie IP Follow-up
MG11-47 119.00 120.00 1.00 1.47 0.70 Bruichladdie IP Follow-up
MG11-48 347.70 350.00 2.30 6.63 19.37 Bruichladdie IP Follow-up
362.00 363.00 1.00 1.13 10.70
401.00 402.00 1.00 1.27 33.90
MG11-49 296.00 297.00 1.00 1.10 1.10 Bruichladdie IP Follow-up
MG11-50 84.00 85.00 1.00 1.51 2.40 Bruichladdie IP Follow-up
MG11-51 215.00 216.00 1.00 1.27 <0.20 Bruichladdie IP Follow-up
221.00 222.00 1.00 2.85 <0.20
MG11-52 NO SIGNIFICANT RESULTS Bruichladdie IP Follow-up
MG11-53 204.00 206.00 2.00 1.29 0.40 Bruichladdie IP Follow-up
259.00 260.00 1.00 1.10 0.30

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

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 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 Mine Project 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 shall not constitute an offer to sell or solicitation of an offer to buy the Company's securities in any jurisdiction. The securities of the Company have not been 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" 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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