TORONTO, ONTARIO--(Marketwire - March 7, 2013) - Carlisle Goldfields Limited ("Carlisle" or the "Company") (News - Market indicators)(OTCQX:CGJCF) is pleased to announce that it has successfully reached an agreement to extend its option to acquire the Last Hope Project for an additional term of three years (to December 31, 2015). The initial resource estimate for the Last Hope Project ("Last Hope") totals 182,000 ounces of gold (Au) in the Inferred category grading 5.29 grams per tonne ("g/t") and 37,000 ounces of Au in the Indicated category grading 5.75 g/t.

Carlisle's President and CEO, Bruce Reid commented that: "We are pleased that we were able to extend our option on the Last Hope Project. We are happy with the results thus far from Last Hope and will look to further explore the Project over the course of the next few years to add additional ounces to this initial NI 43-101 resource estimate."

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, sociopolitical, 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 the Indicated or Measured mineral resource category.

3. The mineral resources in this press release were estimated using the inverse cubed grade interpolation method and the CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions adopted by CIM Council.

4. The gold price used was the February 28, 2013 two-year trailing average of US$1,643/oz with a process recovery of 95%. The US$ exchange rate was $1.00.

5. Process costs used were C$15/tonne and G&A was C$5/tonne. Underground mining costs were C$80/tonne.

6. The Company's initial resource estimate used a 2.0 g/t cut-off grade.

Under the terms of the extension to the option agreement, Carlisle has agreed to incur an aggregate of $2,000,000 of exploration expenditures on or before December 31, 2015 (of which more than $1,000,000 has already been incurred), make three interim cash payments of $100,000 each on or before January 31, 2013, December 31, 2013 and December 31, 2014 and a final cash payment of $2,000,000 on or before December 31, 2015. The vendor has reserved a net smelter return royalty of 2.5% of which one half may be purchased for $1,250,000 to reduce the royalty to 1.25%.

The Last Hope Project is located approximately 20 kms southeast of Lynn Lake, Manitoba and 8 km south of Carlisle's Burnt Timber and Linkwood Projects. Last Hope had previously been substantially explored and drilled (1982-1984).  In addition to drilling completed during 2012, the resource estimate was determined utilizing assays of over 200 historical Diamond drill holes in the mineralized zones. The core from this historical drilling remains intact at the project site and was partially re-assayed last year. 

The Last Hope Project estimate is the fourth NI 43-101 compliant technical report on a resource estimate that Carlisle has produced in less than a year. See below in "About Carlisle" or on www.sedar.com for Carlisle's news releases dated March 13^th, 2012, September 24^th 2012 and January 15, 2013. Management expects to complete a fifth NI 43-101 compliant technical report on its Farley Lake Project before the end of the second quarter of 2013.

QA/QC

The mineral resource estimate on the Last Hope Project was 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. and Eugene Puritch, P.Eng. of P&E, both Qualified Persons 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 mining leases and claims in the Lynn Lake Greenstone Belt of Northern Manitoba, covering approximately 20,000 hectares which include the former MacLellan Gold mine and two other former producing gold mines as well as numerous other historically identified Gold Zones all within close proximity to the town of Lynn Lake.

In March 2012 (see News Release dated March 13, 2012), Carlisle announced an updated Resource Estimate on its MacLellan Gold Project in Lynn Lake, Manitoba. This included Open Pit and Underground Resources in the Measured and Indicated Categories having increased to 32.4 million tonnes containing 2,018,100 ounces of AuEq (gold equivalent) at an average grade of 1.94 g/t AuEq (1.9 g/t Au and 4.4g/t Ag (silver)). The pit‐contained Measured and Indicated categories of 29.9 million tonnes contain 1.7 million ounces of AuEq at an average grade of 1.8g/t AuEq (1.7 g/t Au and 4.4g/t Ag). The current Measured and Indicated Categories represent 94% of this total resource estimate.

To view "Carlisle Goldfields Property Location Map," please visit the following link: http://media3.marketwire.com/docs/cgf36map.pdf.

In September 2012 (see News Release dated September 24, 2012), Carlisle announced its initial Burnt Timber Project Inferred Resource estimate totaling 23,438,000 tonnes containing 780,500 ounces of Au at an average grade of 1.04 g/t. The Indicated Resource is estimated to be 1,021,000 tonnes containing 45,900 ounces of Au at an average grade of 1.40 g/t. The Company's new resource estimate used a 0.4 g/t cut off to a depth of 170 metres from surface.

In January 2013 (see News Release dated January 15, 2013), Carlisle announced its initial Linkwood Project Inferred Resource estimate totaling 21,004,000 tonnes containing 783,000 ounces of Au at an average grade of 1.16 g/t. The Indicated Resource is estimated to be 984,000 tonnes containing 37,000 ounces of Au at an average grade of 1.16 g/t. The Company's new resource estimate used a 0.4 g/t cut off to a depth of 160 metres from surface.

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.