TORONTO, ONTARIO--(Marketwire - Sept. 24, 2012) - Carlisle Goldfields Limited ("Carlisle" or the "Company", (News - Market indicators)(OTCQX:CGJCF)) announces its Burnt Timber Project Inferred Resource estimate totaling 780,500 ounces of gold ("Au") at an average grade of 1.04 grams per tonne ("g/t"). The Indicated Resource is estimated to be 45,900 ounces of gold at a grade of 1.4 g/t. The Company's new resource estimate used a 0.4 g/t cut off to a depth of 170 metres from surface. The mineral resource was undertaken by P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario. A National Instrument 43-101 ("NI 43-101") Technical Report will be completed by P&E within 45 days of this news release.

Bruce Reid, President of Carlisle Goldfields stated "The Burnt Timber project is the second of four resource estimates that the Company plans to deliver to the market this year, with a fifth scheduled for Q1 of 2013. In March 2012, Carlisle released a mineral resource estimate on the MacLellan gold project which included Measured and Indicated Resources of 32.4 million tonnes containing 2,018,100 ounces of gold equivalent ("AuEq") at an average grade of 1.94 g/t AuEq (1.86 g/t Au and 4.40 g/t Ag). The Inferred Resources are 1.9 million tonnes containing 126,700 ounces of AuEq at an average grade of 2.08 g/t AuEq (2.01 g/t Au and 3.70 g/t Ag).

The Burnt Timber mineral resource estimate will substantially increase our Global Resource Estimate and Management expects to continue to add shareholder value by way of three more significant resource estimates over the next six months on Carlisle's other deposits: Linkwood, Last Hope and Farley Lake. All of these deposits are located in the Company's Lynn Lake Mining Camp, in the mining friendly province of Manitoba." (See map below)

Burnt Timber Mineral Resource Estimate at 0.40 g/t Au Cut-Off Grade ^{(1)(2)(3)(4)(5)}

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 August 31, 2012 two year trailing average of US$1,555/oz with a process recovery of 95%. The US$ exchange rate was $1.00.

5. Process costs used were C$15/tonne and G&A was C$4/tonne. Open pit mining costs were C$3.25/tonne for mineralized material and C$2.50/tonne for waste. Open pit slopes were 50 degrees.

The resource estimate on the Burnt Timber Project is the result of the summation of a new 38-hole drill program completed earlier this year. The latest drill program outlined a continuous mineralized zone over an approximate 1,200 metre strike length running east-west. The mineralization dips at a 45 degree angle to the north with an overall average thickness of approximately 35 metres in multiple zones. It remains open at depth and along strike in both directions. In addition to the recent 38 hole drill program, there are more than 200 historical drill holes that were completed in the late 1980's and 1990's. A small portion of the Burnt Timber deposit was previously mined from a 300-metre long, 30-metre deep open pit from 1998-1999 producing 78,000 ounces of Au at an average grade of 2.8 g/t.

Peter Karelse P.Geo, the Company's Vice-President of Exploration commented that the "We are very encouraged by the results of this initial or Phase 1 resource for the Burnt Timber Deposit. The addition of these new ounces to our compliant estimate shows that the Johnson Shear structural complex has considerable potential. The focus of our Phase 2 drill program at Burnt Timber will include raising parts of the resource to a measured and indicated quality."

To view Burnt Timber and Linkwood Deposit Area, please visit the following link: http://media3.marketwire.com/docs/BurntTimberandLinkwoodDepositArea.pdf.

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

QA/QC

The mineral resource estimate on the Burnt Timber deposit was undertaken by 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. All technical information contained in this news release has been reviewed and approved by Mr. Puritch.

Carlisle's exploration programs are carried out under the supervision of Peter Karelse P.Geo., Vice-president of Exploration, who is 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.

The contents of this press release has been reviewed and approved by Mr. Karelse, P.Geo. and Eugene Puritch, P.Eng. of P&E.

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 distance of the town of Lynn Lake.

In March 2012 (see News Release dated March 13, 2012), Carlisle announced an updated Resource Estimate on the 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 at an average grade of 1.94 g/t AuEq (1.86 g/t Au and 4.4g/t Ag). The pit-portion contained Measured and Indicated resource categories of 30.0 million tonnes contain 1.7 million ounces of AuEq at an average grade of 1.76 g/t AuEq (1.68 g/t Au and 4.40 g/t Ag). The current Measured and Indicated Categories represent 94% of this total resource estimate.

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.