Pre-Feasibility Study to commence

Carrick advances 4m oz. Goldfields Projects

8th September 2009

Highlights

? Carrick Gold has approved commencement of a Pre-Feasibility Study ("PFS") for open-pit mining operations at its Lindsay's, Brilliant, and Kalpini gold projects

? Golder Associates appointed to undertake the PFS

? Carrick has a large 4 million ounce resource, with the Lindsay's project boasting a resource of 2.9m. oz. which the Board believes will sustain a long-term open pit mining operation

? The commencement of the PFS is a major step for Carrick toward becoming an Australian mid-tier gold producer of between 100,000 to 200,000 ounces per annum

? Carrick is seeking to progress to production as soon as possible

? Lindsay's is potentially the first step in the creation of a new gold mining centre in WA's North Eastern Goldfields

? Carrick has appointed RBC (Royal Bank of Canada) Capital Markets as its financial adviser

Figure 1: Location Map of Carrick Gold Limited's North East Kalgoorlie projects.

WA gold explorer Carrick Gold Limited (ASX:CRK) is pleased to announce it will commence a PFS for the first stage of open-pit mining operations at its Lindsay's, Brilliant and Kalpini gold projects, located within 90km north east of Kalgoorlie.

Carrick has commissioned Golder Associates to commence the PFS following positive results from internal studies completed by the Company.

Carrick Chairman, Frank Carr, said the commencement of the PFS was a significant milestone for the Company.

"This marks a significant step for Carrick in its path to becoming an Australian mid-tier gold producer with significant scale and initial production targets of 100,000 - 200,000 ounces per annum," Mr Carr said.

"Carrick has, over many years, quietly and successfully established a JORC resource that exceeds 4 million ounces.

This is a significant resource position, and the time is now right for the Company to take the next step and proceed towards production as soon as possible."

"The mineralisation also remains open along strike and at depth, and we have fully funded drill programmes in place to add additional mineable resources. Importantly, the Company is well funded to increase Carrick's world class gold inventory."

Creation of a New Mining Centre

Carrick currently has a tenement holding of about 450 km2 in the Goldfields region of Western Australia, located north east of Kalgoorlie. Carrick has already discovered three gold deposits and a host of other exciting prospects which it will explore while progressing the development of the Lindsay's project.

Figure 2: Map of Carrick Gold's Projects - Lindsays, Kalpini and Kurnalpi and newly acquired, Kalgoorlie-West.

Carrick has achieved remarkable exploration success and has defined a JORC resource in excess of 4 million ounces at three gold projects.

Table 1: Carrick Gold's resource position

The majority of gold deposits discovered by Carrick to date are at shallow depth and should be amenable to open-pit mining. Carrick believes the nature of the Lindsay's Parrot Feathers deposit will allow for a low cost open-pit mining operation.

Figure 3: 3-Dimensional model of Parrot Feathers structure

The long term goal for Carrick is to create a new mining hub within close proximity to Kalgoorlie. The development of the existing projects will coincide with ongoing exploration activity to prove up more resources which will underpin additional mining operations. To advance its development, Carrick will be seeking to bolster its team and is actively seeking experienced staff to join the Company.

Carrick currently has $10.3 million in cash (30 June 2009) which will allow it to fund the PFS and ongoing exploration activity.

Appointment of Financial Adviser

To help advance the development of Carrick's gold projects, the Company has recently appointed RBC Capital Markets ("RBC") as its financial adviser. RBC will provide financial and strategic advice to Carrick with respect to the Company's future financing requirements and other corporate matters.

For further information please contact:

Bevan Jaggard

Carrick Gold Limited

08 9225 5544

Richard Barker

RBC Capital Markets

02 9033 3179

Warrick Hazeldine

Purple Communications

08 6314 6300

About Carrick Gold Limited

Carrick Gold Limited ('Carrick') is an ASX-listed (ASX:CRK) gold exploration and development company based in Perth, Western Australia with its projects located within close proximity to the gold-mining town of Kalgoorlie, Western Australia. Carrick's vision is to deliver exceptional shareholder returns through the discovery, delineation and development of mineable resources.

Carrick's gold projects are located in the world-renowned WA Goldfields region, within 90km from the major mining services of Kalgoorlie. Since listing on the ASX in January 2005, Carrick has increased its JORC resource base to in excess of 4 million ounces, including the 2.9 million ounce Parrot Feathers deposit at the Lindsay's project. Carrick's exploration success has come at a very low cost of only $4 per ounce of gold resource delineated.

Carrick's goal is to develop a new mining centre on its North Eastern Goldfields tenements and become a successful Australian mid-tier gold producer.

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