Private Placement of Flow-Through Units

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TORONTO, ONTARIO--(Marketwire - Dec. 30, 2011) -
Carlisle Goldfields Limited (TSX:CGJ) ("Carlisle" or the "Company") announces that it successfully completed its non-brokered private placement (the "Offering") of 5,000,000 flow-through units (each, a "FT Unit") at a price of $0.20 per FT Unit for gross proceeds of $1,000,000.
Pursuant to the Offering, the Company issued 5,000,000 FT Units at a price of $0.20 per FT Unit for gross proceeds of $1,000,000, with each FT Unit comprised of one flow-through share (each, a "Flow-Through Share") and one half of a flow-through warrant (each whole warrant, a "Warrant"), with each whole Warrant entitling the holder to purchase one additional non-flow-through common share of the Company (each, a "Common Share") for $0.27 within eighteen (18) months from December 30, 2011.
The Flow-Through-Shares, Warrants and Common Shares issuable upon the exercise of the Warrants are subject to a standard regulatory "hold period" of four (4) months from the closing date of the Offering.
"I am very pleased with the success of this private placement as it will enhance the Company's ability to advance its exploration activities at Lynn Lake aggressively," said Bruce Reid, President and Chief Executive officer of Carlisle. "We anticipate having at least two drills operating continuously over the next number of months to significantly expand the size of the Company's resource estimates".


Carlisle paid finder's and other fees of $83,900.00 (including HST) and issued 400,000 finder's warrants. Each finder's warrant entitles the holder to purchase one common share at a price of $0.27 at any time until to June 30, 2013.


The Offering is subject to all necessary regulatory approvals, including the final acceptance of the Toronto Stock Exchange ("TSX").


The gross proceeds to Carlisle from the sale of the FT Units will be used for exploration work on Carlisle's properties in the Lynn Lake Greenstone Belt in Northern Manitoba.


Carlisle now has a total of 152,342,847 common shares issued and outstanding.



About Carlisle:
Carlisle Goldfields Limited is a Canadian-based gold exploration and development company, focused on development of its wholly owned 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 mid-2010 (see News Release dated July 26, 2010), Carlisle announced a NI 43-101 compliant Resource Estimate on the MacLellan Gold Property in Lynn Lake, Manitoba, which included Total Open Pit and Underground Resources having increased to 5.3 million tonnes containing

658,200

ounces of AuEq (Gold Equivalent) at an average grade of

3.85

g/t AuEq (3.59 g/t Au (gold) and 19.3 g/t Ag (silver)) in the Measured and Indicated categories and 4.4 million tonnes containing

506,200

ounces of AuEq at an average grade of

3.56

g/t AuEq (2.9 g/t Au (gold) and 42.4 g/t Ag (silver)) in the Inferred category. The current Measured and Indicated Category represents 55% of the total resource tonnage.





This press release does not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The Flow-Through Shares, Common Shares and other securities of the Company 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 statements regarding the use of the proceeds from the Offering, that involve various known and unknown risks and uncertainties and other factors, such as the risk that the Offering may not close and the proceeds therefrom may not be made available to Carlisle. 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

.





FOR FURTHER INFORMATION PLEASE CONTACT: Bruce Reid
Carlisle Goldfields Limited
President and Chief Executive Officer
647-500-4495
br@carlislegold.com
ORCarl McGill
Carlisle Goldfields Limited
Vice President, Corporate Development
416-278-8406
cmcgill@carlislegold.com
OR2702 - 401 Bay Street
Carlisle Goldfields Limited
Toronto, Ontario, Canada
info@carlislegold.com
http://www.carlislegold.com/">www.carlislegold.com