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Carlisle Goldfields Announces Closing of Previously Announced Private Placement

TORONTO, Nov. 20, 2014 (GLOBE NEWSWIRE) -- Carlisle Goldfields Limited ("Carlisle" or the "Company") (TSX:CGJ) announces completion today of the previously announced private placement with AuRico Gold Inc. ("AuRico"). A total of 70,600,000 common shares of Carlisle (the "Common Shares") were issued today to AuRico at a price of $0.08 per Common Share for aggregate gross proceeds of $5,648,000. The net proceeds received by the Company from the sale of the Common Shares will be used for exploration activities on Carlisle's mineral properties comprising the Lynn Lake Gold Camp and other general corporate purposes. The Common Shares are subject to a four-month hold period under applicable securities laws.

To obtain a copy of the early warning report to be filed by AuRico with the Canadian securities regulatory authorities relating to the purchase of the Common Shares, please contact Anne Day, VP Investor Relations and Communications, AuRico Gold Inc. at (647) 260-8880.

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. The objective of Carlisle's recently announced joint venture agreement with AuRico (see news release of November 13, 2014) is to advance the Farley Lake Mine Deposit and MacLellan Mine Deposit to feasibility study stage.

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

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 objective of the joint venture agreement to advance part of the property to feasibility study stage and the proposed used of the net proceeds, 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.

CONTACT: CARLISLE GOLDFIELDS LIMITED 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.comSource:Carlisle Goldfields Limited