×

Carlisle Announces Closing of Second Tranche of $1,450,000 Private Placement

TORONTO, June 21, 2013 (GLOBE NEWSWIRE) -- Carlisle Goldfields Limited ("Carlisle" or the "Company",) (TSX:CGJ) (OTCQX:CGJCF) is pleased to announce that it has completed the second closing of a non-brokered private placement of units (each, a "Unit"). The Company will issue up to 26,166,666 Units at a price of $0.06 per Unit for gross proceeds of up to $1,450,000 (the "Offering"). Each Unit will consist 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 $0.10 per share.

On closing of the second tranche, the Company raised an additional $420,000 and issued 6,999,999 Common Shares and 7,599,999 Warrants, inclusive of compensation paid to finders in connection with the Offering.

The proceeds from the Offering will be used for a Preliminary Economic Assessment on the collective properties in the Company's Lynn Lake Gold Camp and general corporate purposes.

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

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.

Project Resource Category MacLellan Mine Burnt Timber Linkwood Last Hope Farley Lake Mine Combined Projects
Measured 15,010,000 -- -- -- -- 15,010,000
Tonnes Indicated 17,374,000 1,021,000 984,000 201,000 5,914,000 25,494,000
Inferred 1,898,000 23,438,000 21,004,000 1,067,000 4,364,000 51,772,000
Grade Measured 2.08 -- -- -- -- 2.08
(g/t) Indicated 1.82 1.40 1.16 5.75 3.21 2.13
Inferred 2.01 1.04 1.16 5.29 2.87 1.37
Contained Measured/
Ounces Indicated 2,018,000 46,000 37,000 37,000 610,000 2,748,000
of Gold Inferred 127,000 781,000 783,000 182,000 403,000 2,276,000

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/744/5766_carlis3.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: FOR FURTHER INFORMATION PLEASE CONTACT BELOW 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