Carlisle Goldfields Limited

Carlisle Goldfields Limited

November 22, 2011 11:17 ET

Carlisle Goldfields Strengthens Management Team and Appoints Geological Advisory Council

TORONTO, ONTARIO--(Marketwire - Nov. 22, 2011) - Carlisle Goldfields Limited (TSX:CGJ) (the "Company" or "Carlisle") announces the appointment of Rick Adams to Carlisle's Management Team. The Company also announces the creation of a special geological advisory council (the "Geological Advisory Council") to its board of directors (the "Board").

1. Appointment of Chief Operating Officer

Mr. Rick Adams, P. Eng. has been appointed Chief Operating Officer. Mr. Adams is a graduate of South Dakota School of Mines and Technology and has 39 years' experience in mining operations and development in Canada and internationally, in capacities ranging from Project Engineer to Senior Vice-President. He brings a wealth of knowledge and expertise in developing open-pit and underground mining operations to the Company and has a proven track record of operating safe, profitable and environmentally sound projects. Most recently, Mr. Adams has been involved with pre-feasibility, feasibility and project management functions as a consultant to Canadian and international mining companies. He has been working with Carlisle on a consulting basis since July, 2011.

As part of his compensation, Mr. Adams has been granted stock options to purchase 750,000 common shares of the Company at an exercise price of $0.25 per share. The stock options have a term of five years. The stock options are subject to any necessary regulatory and shareholder approvals.

2. Creation of Geological Advisory Council

The Geological Advisory Council will be comprised of Chris Dougherty, Pierre Gagné and Gilles Filion. The members of the Geological Advisory Council previously acted as Vice-President Engineering, Vice-President Operations and Special Geological Consultant to the Board, respectively, and Carlisle is pleased to announce that these individuals have agreed to remain with the Company as both consultants and members of the Geological Advisory Council.

Peter Karelse, P.Geo, the Company's Vice-President of Exploration commented, "We are extremely happy to welcome Rick to the team. His background in mine development and managing evaluation programs at all levels will certainly be of great benefit as Carlisle's properties and, the MacLellan project in particular, progress towards a production decision."

Bruce Reid, President of Carlisle Goldfields stated, "We expect the completion of four new NI 43-101 compliant resource estimates on the Company's projects in the Lynn Lake area in early to mid 2012 which will provide the basis for initial feasibility work. Rick's addition is an important ingredient in Carlisle's future as the Company uses these resource estimates to focus on the engineering and design of a new mine in Lynn Lake throughout 2012. We are also very pleased that Chris Dougherty, Pierre Gagné and Gilles Filion have agreed to continue to provide their expertise to Carlisle as both consultants and members of the Geological Advisory Council."

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 proximity to 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 (gold) and 19.3 g/t Ag (silver)) 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 (gold) and 42.4 g/t Ag (silver)) in the Inferred category. The current Measured and Indicated Category represents 55% of the total resource tonnage.

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 statements regarding the exploration and development of Carlisle's properties, that involve various known and unknown risks and uncertainties and other factors, such as the risk that the exploration and development of Carlisle's properties may not result in the discovery of mineral resources or mineral reserves that can be brought into commercial production. 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.

Contact Information