TORONTO, April 28, 2014 (GLOBE NEWSWIRE) -- Carlisle Goldfields Limited ("Carlisle" or the "Company") (TSX:CGJ) announces that Canadian Orebodies Inc. ("Canadian Orebodies") has given written notice (the "Notice") to Carlisle of Canadian Orebodies' intention to exercise its Put Right in the Option Agreement (the "Agreement") dated November 12, 2013 with the Company. The Agreement regards an option granted by Carlisle to Canadian Orebodies to acquire a 10% interest in the Farley Lake Mine Project near Lynn Lake, Manitoba.
Late in 2013, Canadian Orebodies earned a 10% interest in the Farley Lake Mine Project by incurring $800,000 of expenditures on the property. Pursuant to the terms of the Agreement, Carlisle is now obliged to issue 8,000,000 Common Shares to Canadian Orebodies in exchange for the 10% interest in the Farley Lake Mine Project at a price of $0.10 per share. The transaction is expected to be completed before May 8, 2014.
"We are pleased that Canadian Orebodies has exercised its Put Right. This increases Carlisle's interest in the Farley Lake Mine Project back to a 100% interest," commented Abraham Drost, President and CEO of Carlisle. "The drilling program in November and December of 2013, which was funded by Canadian Orebodies' investment, provided us with the opportunity to commence an infill drilling program on the Farley Lake Mine Project. The Farley Lake deposit remains a cornerstone asset of the Company and factors prominently in the recent Preliminary Economic Assessment now filed on SEDAR."
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 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.
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Director of Investor Communications
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Abraham Drost, President & CEO
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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.
Source:Carlisle Goldfields Limited