Carlisle Goldfields Limited

Carlisle Goldfields Limited

December 06, 2011 11:31 ET

Carlisle Goldfields Signs Memorandum of Understanding with Marcel Colomb First Nation and Marcel Colomb Development Corporation

TORONTO, ONTARIO--(Marketwire - Dec. 6, 2011) - Carlisle Goldfields Limited (TSX:CGJ) ("Carlisle" or the "Company"), the Marcel Colomb First Nation ("MCFN"), and the Marcel Colomb Development Corporation ("MCDC") are pleased to announce that they have executed a Memorandum of Understanding ("MOU") agreement with respect to the exploration, development, and operation of the Company's projects in the Lynn Lake area of Northern Manitoba, the MacLellan Gold Mine Project in particular.

The MOU includes principles on how the MCFN and MCDC will benefit from the exploration, development and operation of the MacLellan Gold Mine Project including employment and business opportunities, and training and education initiatives. The MOU outlines potential opportunities for significant MCFN and MCDC business engagement in the development, construction and operation of the project. The MOU also reflects Carlisle's commitment to protecting the environment and wildlife and supporting the community's social and cultural practices in a spirit of continued cooperation.

Under the MOU, Carlisle recognizes and respects MCFN's Aboriginal and Treaty Rights and interests in the area of the Company's projects around Lynn Lake and the MCFN recognizes and respects Carlisle's rights and interests in the development of these projects. The agreement captures the mutual commitment of the parties to consult with one another and to maintain an open, respectful and cooperative relationship as the development of the MacLellan Gold Mine Project progresses.

"This agreement represents the critical first step in building a long-term relationship with the MCFN for the development of the MacLellan Gold Mine Project," stated Bruce Reid, Carlisle's President and Chief Executive Officer. "This MOU provides the foundation for the creation of a practical impact benefits agreement that will support the project being developed in an environmentally and socially responsible manner. It will also create business for the MCDC and employment opportunities for the MCFN for years to come."

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.

Except for statements of historical fact contained herein, 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 statements regarding the development, construction and operation of a mine, 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 Toronto Stock Exchange accepts responsibility for the adequacy or accuracy of this release.

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