Carlisle Goldfields Limited

TSX : CGJ
OTCQX : CGJCF


Carlisle Goldfields Limited

November 14, 2012 11:39 ET

Carlisle Goldfields Update on 2012 Drilling Programs on its Lynn Lake Camp Properties

TORONTO, ONTARIO--(Marketwire - Nov. 14, 2012) - Carlisle Goldfields Limited ("Carlisle" or the "Company") (TSX:CGJ)(OTCQX:CGJCF) is pleased to provide an update on the 2012 exploration drilling program on its Farley Lake Mine Project and announce the newest area of interest in the Lynn Lake Camp called the Dunvegan Zone. The current drill program at the Farley Lake Mine Project will be the Company's main focus for the remainder of 2012.

Over the course of 2012, Carlisle has released NI 43-101 compliant resource estimates on two of its five known deposits, and has identified several new areas of interest for further exploration. The Company plans to release new compliant resource estimates on the Linkwood and the Last Hope deposits before the end of 2012 with the Farley Lake resource estimate expected in late Q1 2013.

Peter Karelse P.Geo, the Company's Vice-President of Exploration commented that "We are excited to resume drilling at Farley Lake. The historical drilling and previous mining at this deposit point to this being a significant project. We will also be focusing on the Dunvegan Zone in early 2013 which we believe shows considerable potential."

Bruce Reid, President of Carlisle Goldfields stated, "The drills turning at Farley Lake once again puts us on target to deliver the resource estimates on our remaining three projects for the 2012 program. We are excited for the potential of these three new resource estimates to add to our global Lynn Lake Camp resources. We look forward to expanding the camp by identifying new zones and gaining a better understanding of this potentially prolific Greenstone Belt."

Progress on the 2012 exploration drilling program is as follows:

Farley Lake Mine Project:
  • Drilling at Farley Lake has resumed and is the focus of drilling for the remainder of 2012.

  • A NI 43-101 compliant resource estimate on the project is expected by March 2013.

  • Three previously drilled holes were released on October 3, 2012, highlighting 10 metres of 5.9 g/t Au.

  • Drilling in 21 holes for a total of 6500 metres will be focused along an 800-metre strike length, located near the previously mined pits to the west end of the deposit.

  • Additional claims have been staked both northwest and southeast of the present claim block. An additional 80 line kilometres of IP geophysics will commence by November 15th, with an end of December 2012 completion date.

To view the Farley Lake Mine Project - Historical Drill Hole Locations, please visit the following link: http://media3.marketwire.com/docs/carlisleMineProjectN14.pdf.

Linkwood Project resource estimate:

  • Carlisle released 9 assayed holes on September 19, 2012, highlighting 18 metres grading 3.34 g/t Au and 3.57 g/t Ag.

  • P&E Mining Consultants ("P&E") are currently reviewing the Linkwood Project and an initial NI 43-101 complaint mineral resource estimate is expected before year end.
Last Hope Project resource estimate:
  • Carlisle completed a 8,000 metre (27 hole) drill program in 2012, nine assayed holes were released on September 12, 2012, highlighting 6.5 metres grading 8.1 g/t Au.

  • The Last Hope Project NI 43-101 compliant resource estimate by P&E is expected in late December 2012.
Dunvegan Zone:
  • Carlisle identified a new zone to the west of the Linkwood Deposit along the Johnson Shear.

  • Historical data shows approximately 80 drill holes along strike going west for four to five km.

  • This new area, the Dunvegan Zone, shows similar geological characteristics as the Linkwood and Burnt Timber Deposits.

  • Carlisle will begin Induced Polarization geophysics on this zone starting in Q1 2013.

To view the Burnt Timber and Linkwood Deposit Area, please visit the following link: http://media3.marketwire.com/docs/CarlisleBurntTimberN14.pdf.

MacLellan Mine Project resource estimate:

On March 23, 2012, Carlisle released a new NI 43-101 resource estimate on its MacLellan Mine Project which contains 2,019,000 ounces of gold equivalent ("AuEq") in the measured and indicated categories, grading 1.94 g/t AuEq (1.9 g/t gold ("Au") and 4.4 g/t silver ("Ag") and 126,700 ounces of AuEq in the inferred category grading 2.1 g/t AuEq (2.0 g/t Au and 3.7 g/t Ag) contained in approximately 34 million tonnes. The full NI 43-101 MacLellan Mine Project report with the recent resource estimate was filed on SEDAR on April 27, 2012.

Burnt Timber Project resource estimate:

On September 24, 2012, Carlisle released a NI 43-101 resource estimate on its Burnt Timber Project of 780,534 ounces Au in the inferred category, grading 1.04 g/t and 45,905 ounces Au in the measured and indicated categories, grading 1.40 g/t contained in approximately 24 million tonnes. The full NI 43-101 Burnt Timber Project report with the recent resource estimate was filed on SEDAR on November 8, 2012.

To view Carlisle Goldfields Property Location Map, please visit the following link: http://media3.marketwire.com/docs/CarlislePropertyLocationN14.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.

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.

This press release shall not constitute an offer to sell or solicitation of an offer to buy the 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 statements regarding the anticipated delivery of studies and 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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