Carlisle Goldfields Ltd. Completes Additional Land Acquisition and Files Optimized PEA

Toronto, Ontario -- (Newsfile Corp. - May 5, 2014) - Carlisle Goldfields Ltd. (TSX: CGJ) (OTCQX: CGJCF) ("Carlisle" or the "Company") is pleased to provide a corporate update on activities at the Lynn Lake Gold Camp which includes additional land acquisition by staking open ground along the Agassiz Shear Metallotect between the MacLellan Mine deposit and the Farley Lake Mine deposit.

The Company has staked approximately 6770 hectares of newly opened ground between the MacLellan Mine and Farley Lake Mine deposits along the Agassiz Shear Metallotect located northeast of the town of Lynn Lake. Carlisle’s current land holdings of 35304 hectares on highly prospective regional structures within the Lynn Lake greenstone belt represents a 45% increase since 2011 and is the dominant land position in the Lynn Lake Gold Camp.

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The Company also has filed a final NI 43-101 technical report the optimized Preliminary Economic Assessment ("PEA") on SEDAR, which includes a post-tax Net Present Value of $257 million and an Internal Rate of Return of 34% using a 5% discount rate and US$1100 gold price (originally press released on February 27, 2014).

Carlisle President and CEO Abraham Drost stated that "the acquisition by staking of newly opened ground on the Agassiz Shear Metallotect between the MacLellan Mine property and the Farley Lake Mine property has increased the project's overall exploration potential significantly in a cost effective manner. Exploration for extensions to the known mineralization at MacLellan and Farley Lake deposits is greatly simplified as we now own 100% of this highly productive gold trend. The economic potential of the MacLellan and Farley Lake deposits is well described in the recently filed PEA technical report."


About Carlisle:

Carlisle Goldfields Ltd. is a Canadian-based gold exploration and development company focused on development of its Lynn Lake Gold Camp in Lynn Lake, Manitoba, Canada. Carlisle has NI 43-101 compliant mineral resource estimates on five (5) deposits within its Lynn Lake Gold Camp, four of which form the basis for the December, 2013 PEA (Farley Lake Mine Deposit, MacLellan Mine Deposit, Burnt Timber Mine Deposit, and Linkwood Deposit).

The results of an optimized Preliminary Economic Assessment (PEA) disseminated on February 27, 2014 focuses on an open pit mine model for the historical Farley Lake Mine and MacLellan Mine deposits only.

Carlisle's objective, together with its government and First Nation project partners, is to efficiently advance this optimized project through bankable feasibility study, environmental and mine permitting to set the stage for resumption of gold production in the historical Lynn Lake mining camp, Manitoba.

Further details including mineral resource technical reports are available on SEDAR (www.sedar.com) or carlislegold.com/resource-summary.php.

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FOR FURTHER INFORMATION PLEASE CONTACT BELOW

Carlisle Goldfields Ltd.
2702 – 401 BAY STREET
TORONTO, ONTARIO, CANADA
info@carlislegold.com
www.carlislegold.com

Nicholas Konkin
Director of Investor Communications
416-642-0869 ext. 3 or nk@carlislegold.com

Abraham Drost, President & CEO
807-252-7800 or adrost@carlislegold.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 press release.