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Carlisle Moves Forward With a Preliminary Economic Assessment for Its Lynn Lake Gold Camp; Engages Tetra Tech WEI Inc.

TORONTO, June 12, 2013 (GLOBE NEWSWIRE) -- Carlisle Goldfields Limited ("Carlisle" or the "Company") (TSX:CGJ) is pleased to announce that it has engaged Tetra Tech WEI Inc. ("Tetra Tech") to provide a Preliminary Economic Assessment ("PEA") on its Lynn Lake Gold Camp.

Carlisle's President & CEO, Bruce Reid commented: "With the culmination of our highly successful drill program which delineated significant resources in the Lynn Lake Gold Camp, the time is right to develop a model that clearly demonstrates the economic value of this resource. We are looking forward to working with Tetra Tech and drawing upon the extensive knowledge of their team."

The PEA will use the combined resources defined within the MacLellan Mine, Burnt Timber, Linkwood and Farley Lake Mine Projects.

The NI 43-101 Resource Estimates
Project Resource Category MacLellan Mine Burnt Timber Linkwood Farley Lake Mine Combined Projects
Measured 15,010,000 -- -- -- 15,010,000
Tonnes Indicated 17,374,000 1,021,000 984,000 5,914,000 25,257,000
Inferred 1,898,000 23,438,000 21,004,000 4,364,000 50,704,000
Measured 2.08 -- -- -- 2.08
Grade (g/t) Indicated 1.82 1.40 1.16 3.21 2.11
Inferred 2.01 1.04 1.16 2.87 1.37
Contained Ounces of Gold Measured/
Indicated
2,018,100 46,000 37,000 610,000 2,711,100
Inferred 127,000 781,000 783,000 403,000 2,094,000
(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
(2) The quantity and grade of reported Inferred Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as an Indicated or Measured Mineral Resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured Mineral Resource category.
(3) The Mineral Resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
(4) Historical mined mineralized material has been depleted.
(5) Values in the table may differ due to rounding.

Tetra Tech will utilize the available information, concepts, and conclusions from previous work completed on the MacLellan Mine Project (see Press Release March 19, 2012).

The PEA will include the following with results expected to be completed in the second half of 2013 and will include:

  • Mining
  • Process engineering studies
  • Geotechnical analysis
  • Mining infrastructure and logistics
  • Environmental and socio-economic analysis
  • Capital expenditures
  • Operating expenditures
  • Analysis, recommendations, and opportunities

QA/QC

The mineral resource estimates on the projects above were undertaken by P&E Mining Consultants Inc. ("P&E") for Carlisle under the supervision of Eugene Puritch, P.Eng., President of P&E, who is a Qualified Person as defined by NI 43-101 with more than 30 years of experience in exploration and development of gold projects.

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.

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.

All technical information contained in this news release has been reviewed and approved by Peter Karelse, P.Geo. a Qualified Person as defined under NI 43-101.

About Carlisle: Carlisle Goldfields Limited 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 20,000 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.

The Lynn Lake Gold Camp has five NI 43-101 compliant resource estimates containing 2.75 M oz of Gold in the Measured and Indicated Categories and 2.28 M oz of Gold in the Inferred Category.

Further details including technical reports are available on SEDAR (www.sedar.com).

To view an image of the Carlisle Goldfields Property Location Map, please visit: http://orders.newsfilecorp.com/files/744/5653_carlis2.jpg

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.

CONTACT: 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.comSource:Carlisle Goldfields Limited