Carlisle Announces Closing of Final Tranche of Flow Through Private Placement

TORONTO, Dec. 23, 2013 (GLOBE NEWSWIRE) -- Carlisle Goldfields Ltd. ("Carlisle" or the "Company") (TSX:CGJ) is pleased to announce that it has completed the final closing of a non-brokered private placement of flow through units (each, a "Flow Through Unit"). Under the private placement, the Company issued 10,350,000 Flow Through Units at a price of $0.05 per Flow Through Unit for gross proceeds of $517,500 (the "Offering"). Each Unit consisted of one common share of the Company (each, a "Common Share") and one Common Share purchase warrant of the Company ("Warrant") exercisable for a period of 48 months from the date of closing. Each Warrant shall be exercisable to purchase one Common Share of the Company at a price of $0.075 per share.

On closing of the final tranche, the Company raised $217,500 and issued 4,350,000 Common Shares and 4,518,000 Warrants, inclusive of compensation warrants paid to finders in connection with the Offering. On the first closing, the Company raised $300,000 through the issue of 6,000,000 Units.

Carlisle's President and CEO, Bruce Reid commented that: "with the closing of this final tranche of the flow through financing, we will continue to move forward with our infill drill program at Farley Lake with results due in the new year. "

The proceeds from the Offering will be used for infill drilling at the Farley Lake Mine Project at the Company's Lynn Lake Gold Camp.

The transactions described herein are subject to the final acceptance of the Toronto Stock Exchange ("TSX").


About Carlisle:

Carlisle Goldfields Ltd. is a Canadian‐based gold exploration and development company focused on development of its Lynn Lake Gold Camp in the Lynn Lake Greenstone Belt of Northern Manitoba, covering approximately 28,727 hectares, which includes 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, Manitoba. Carlisle now has five NI 43-101 compliant resource estimates within its Lynn Lake Gold Camp. 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 Preliminary Economic Assessment 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)



FOR FURTHER INFORMATION PLEASE CONTACT BELOW

Carlisle Goldfields Ltd.
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.