Carlisle Goldfields Limited
TSX : CGJ
OTCQX : CGJCF

Carlisle Goldfields Limited

June 26, 2012 16:59 ET

Carlisle Updates 2012 Drilling Programs on its Lynn Lake Properties

TORONTO, ONTARIO--(Marketwire - June 26, 2012) - Carlisle Goldfields Limited (TSX:CGJ)(OTCQX:CGJCF) (the "Company" or "Carlisle") is pleased to provide an update on the Company's 2012 drilling programs across its five major deposits in Lynn Lake, Manitoba. The following highlights of the assays received to date from the Burnt Timber drill program are representative of the zone:

HOLE ID FROM TO LENGTH (m)* Au g/t Project Area
BT12-21 203 208 5 1.19 Burnt Timber
231 242 11 1.48
BT12-26 37 40 3 2.18 Burnt Timber
44 53 9 1.04
58 65 7 1.44
70 77 7 1.38
BT12-30 92 102 10 2.89 Burnt Timber
157 161 4 0.56
171 182 11 3.09
186 191 5 1.13
BT12-36 126 129 3 4.46 Burnt Timber
162 177 15 3.04
215 225 10 0.97
232 240 8 1.08
* Not true thickness, only the length of the intersection

Burnt Timber:

Carlisle has now completed a 38-hole drill program on the Burnt Timber Project. A substantial number of assays are still pending. The digital resource model needed to estimate the size of the resource will be completed when those final results are received. The Company expects to publish this new NI 43-101 compliant resource estimate on the Burnt Timber Project in Q3 2012.

This drill program has outlined a continuous mineralized zone over an approximate 1,200 metre strike length running approximately east-west (see Project Map below). The mineralization dips at a 45 degree dip to the north with an overall average thickness of approximately 35 metres in multiple zones. A small portion of the deposit was mined from a 300-metre long, 30-metre deep open pit in 1998-1999 with 78,000 oz of gold (Au) produced at an average grade of 2.8 gm/T.

In addition to the 38 new holes that have been drilled by Carlisle in the past 8 months, there are over 200 historic drill holes that were completed in the 1980's by Sherritt Gordon Mines ("Sherritt"). As a part of the required preparation for the upcoming NI 43-101 compliant reserve estimate, P&E Engineering collected historic core to be re-assayed. The results confirmed historic drill results. As a result, Carlisle has been able to take advantage of the existing historic data which, in combination with the current Carlisle drilling, can be used in the upcoming NI 43-101 compliant resource calculation.

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

Linkwood:

Linkwood is a relatively new zone that has been re-discovered by Carlisle using IP geophysics during the previous 6 months. It was originally discovered by Sherritt and partially outlined by sparse drilling in the 1980's. It was previously called the T1A zone and is in line with the Burnt Timber Zone along the Johnson Shear approximately four kilometres west of the Burnt Timber Project and about 100 metres south of the Burnt Timber access road (see Project Map above). It appears to have a similar east-west strike and 45 degree dip to the north as the Burnt Timber Zone.

Carlisle has completed 25 holes on this new zone and has outlined significant gold mineralization over a strike length of over 800 metres. These holes complete this phase of the program with a new NI 43-101 compliant resource estimate to be completed in Q4 2012.

Last Hope:

A new drill program commenced on the Last Hope Project in early June 2012. Carlisle was forced to abandon the initial drill program this past March due to the earlier than normal warm weather. One drill rig has been dedicated to the Last Hope Project with a goal of completing 4,000 to 5,000 metres of drilling in 28 to 35 drill holes. Last Hope is the only project in Carlisle's land package that has strictly seasonal access. It is located approximately 8 kilometres south of the Burnt Timber Project (see Property Area Map below).

This drill program will focus on the upper portion of the deposit, filling in gaps in the drill data. The deposit was previously identified by over 200 drill holes which were completed in a number of programs commencing in the 1930's, and completed in the 1980's. Drilling on the near-surface zone is expected to outline an approximate 1 kilometre strike length, down to a depth of approximately 300 metres. Historical drilling intersected mineralization to a depth of 500 metres. Expansion of the drill program will be evaluated depending on the success of this initial program.

There is an historical resource estimate on this deposit completed in 1992 of 888,000 Tonnes grading 9.4 gm/T, containing 270,000 oz. of Au. This resource estimate pre-dates NI 43-101, is not compliant with the requirements of NI 43-101. Therefore, the historical resource estimates cannot be relied upon. A qualified person, as defined in NI 43-101, has not performed sufficient work to classify the historical resource estimate as mineral resources and Carlisle is not treating the historical estimate as current mineral resources.

MacLellan:

Carlisle has completed an additional 4 holes in the MacLellan Project area. These holes were geotechnical in nature and were designed to test the rock mass classification and rock permeability. The results will be used to determine the design parameters for an open pit. This design will form a part of the prefeasibility study undertaken by Tetra Tech Wardrop Engineering. The study is currently scheduled for completion by the end of Q4 2012.

Additionally, the Pre-feasibility study that will include a detailed Environmental baseline study is currently being undertaken over the larger MacLellan Project area so as to best determine potential areas that would be suitable for locations for waste rock, a mill site and a tailings containment area, as well as determining the most appropriate limits of an open pit for the MacLellan Deposit.

To view the Property Location Map, please visit the following link: http://media3.marketwire.com/docs/Property_Location_Map.pdf.

Farley Lake:

The Farley Lake Project area will be the focus of a drill program for the remainder of 2012, starting in July. By June 30, 2012, Carlisle will have completed an 85 line kilometre IP survey over a strike length of 8 kilometres covering the majority of the Farley property area. The IP survey was undertaken by Quantec Geoscience of Toronto. The IP method has previously been successful in delineating disseminated sulphide enriched zones, which have proven to host significant gold mineralization at MacLellan, Burnt Timber and Linkwood property areas. Initial results over the former Farley pit and beyond into the surrounding area have indicated an IP signature similar to that encountered at the sites above.

Summary

The purpose of these 2012 drill programs on the Company's Lynn Lake properties is to add significant value through four new NI 43-101 compliant resource estimates at the Burnt Timber, Linkwood, Farley Lake, and Last Hope Projects. This is in addition to the already announced resource estimate of more than 2 million ounces of gold at the MacLellan Project (see Property Area Map above).

As well, the Company has retained Tetra Tech Wardrop Engineering of Toronto to complete a prefeasibility study on the MacLellan Mine which is projected to be released late this year (see Press Release dated March 19, 2012).

Bruce Reid, President of Carlisle Goldfields commented, "We are looking to substantially increase shareholder value with low risk, high reward drilling in areas that have already shown promise in historical drilling. In many cases this is not so much exploration as confirmation. This is borne out in that our discovery costs to-date have been approximately $3 to $4 per ounce of gold discovered."

QA/QC

Carlisle's exploration programs are carried out under the supervision of Peter Karelse, P.Geo., Vice President of Exploration, who is a qualified person as defined by NI 43-101 with more than 30 years of experience in gold exploration and development. All technical information contained 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 with proximity to the town of Lynn Lake.

In March 2012 (see News Release dated March 13, 2012), Carlisle announced an updated Resource Estimate on the MacLellan Gold Project in Lynn Lake, Manitoba. This included Open Pit and Underground Resources in the Measured and Indicated Categories having increased to 32.4 million tonnes containing 2,018,100 ounces of gold equivalent ("AuEq") at an average grade of 1.94 g/t AuEq (1.86 g/t Au and 4.4 g/t Ag). The pit-contained Measured and Indicated categories of 29.9 million tonnes contain 1.7 million ounces of AuEq at an average grade of 1.8g/t AuEq (1.68 g/t Au and 4.4 g/t Ag). The current Measured and Indicated Categories represent 94% of the total resource estimate.

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

Contact Information