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Carlisle Goldfields Limited

Carlisle Goldfields Announces Positive Drilling Results from Its Farley Lake Mine Project, Including 12 Metres Grading 9.8 g/t Au and Filing of 10,000 TPD PEA

Toronto, Ontario--(Newsfile Corp. - January 20, 2014) - Carlisle Goldfields Limited (TSX: CGJ )(“Carlisle” or the “Company”) is pleased to announce results from its 2013 infill drill program at its Farley Lake Mine Project, highlighted by drill hole FL13-12, which showed 12 metres (m), from 117 to 129 m, grading 9.8 g/t Au (grams per tonne of gold). Exploration and drilling work began at Farley Lake in December 2013 (see Press Release dated December 12, 2013) and is expected to continue into the second quarter of 2014.

Carlisle’s President and CEO, Bruce Reid commented that: “The results of the new drill program demonstrate that the Farley Lake Mine Project is a flagship property within the Lynn Lake Gold Camp, and continues to show us the project has considerable exploration potential.”

Hole * From (m) To (m) Drill Interval (m) ** Au Grade g/t
FL13-12 97 107 10 1.1
117 129 12 9.8
237.5 239.5 2 1.5
FL13-05 24 27 3 1.0
31.5 33.8 2.3 4.5
77.5 79 1.5 1.7
95.5 97 1.5 1.5
106 107 1 3.8
116.5 131 14.5 4.4
FL13-06 40.5 45 4.5 2.4
75 84 9 3.4
87 92 5 1.7
101 103 2 9.9
115 116.5 1.5 5.9
FL13-07 27 28 1 2.5
41 42 1 2.7
45 46 1 1.0
75 76 1 6.7
83 84 1 4.6
88 104 16 3.1
117 120 3 3.7
124 125 1 1.2
FL13-08 49 53 4 1.8
64 66.5 2.5 2.4
93 95 2 4.9
99 104.5 5.5 9.1
107.5 108.5 1 6.7
111.5 112.5 1 2.1
115.5 117 1.5 3.3
120 132 12 1.9
FL13-10 72 74 2 13.9
160 161 1 2.0
FL13-11 94 107.5 13.5 3.0
115 116.5 1.5 2.0

*

Drill Results highlighted and sub results use an arbitrary cut-off grade of 0.60 g/t Au.

**

Orebody geometry has yet to be determined, but true width is estimated to be 85% of core length.

Preliminary Economic Assessment

Carlisle has filed the final version of the Preliminary Economic Assessment (“PEA”). For full details, the final version of the PEA can be found on the Carlisle SEDAR page.

Carlisle Director Voting Results

Carlisle also filed the voting results from the election of the Company’s Board of Directors at the Annual General and Special Meeting (“AGM”) which was held on December 19, 2013. Voting results can be viewed in detail on the Carlisle SEDAR page.

QA/QC

Carlisle’s exploration programs are carried out under the supervision of Peter Karelse P.Geo., Vice-President of Exploration, who is also 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 news release has been reviewed and approved by Peter Karelse, P.Geo. Samples were transported directly in secure containers from the Carlisle Goldfields site in Lynn Lake Manitoba, to the TSL Laboratories in Saskatoon, Saskatchewan. TSL, which is an accredited ISO/IEC 17025 lab, assayed the samples using standard fire assay methods with a gravimetric finish. Certified standards are placed in the sample stream at a rate of one standard per 20 samples. Certified blanks are placed in the sample stream at a rate of one blank every 40 samples.

About Carlisle: Carlisle Goldfields Limited is a Canadian-based gold exploration and Development Company focused on development of its Lynn Lake Gold Camp in Lynn Lake, Manitoba, Canada. Carlisle now has five NI 43-101 compliant resource estimates within its Lynn Lake Gold Camp, four of which form the basis for the PEA (Farley Lake Mine Deposit, MacLellan Mine Deposit, Burnt Timber Mine Deposit, and Linkwood Deposit). Further details including technical reports are available on SEDAR (www.sedar.com) or carlislegold.com/resource-summary.php.

In December 2013, Carlisle released a positive PEA highlighting a Pre-tax NPV of $625 million (using a 5% discount factor) and an IRR of 34.4%. (Please see press release dated December 2, 2013 or carlislegold.com/pea.php)

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FOR FURTHER INFORMATION PLEASE CONTACT BELOW

CARLISLE GOLDFIELDS LIMITED
2702 – 401 BAY STREET
TORONTO, ONTARIO, CANADA
info@carlislegold.com
www.carlislegold.com

Nicholas Konkin
Investor Relations
416-642-0869 ext. 353 or nkonkin@buickgroup.com

This press release shall not constitute an offer to sell or solicitation of an offer to buy the 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 the establishment and estimate of resources, 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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