Carlisle Goldfields announces initial results from its Last Hope drill program

TORONTO, ONTARIO–(Marketwire – July 9, 2012) – Carlisle Goldfields Limited ("Carlisle" or the "Company") (TSX:CGJ)(OTCQX:CGJCF) announces initial results from its 4000-metre, 15-hole drill program at its Last Hope Project ("Last Hope"). The Last Hope Project had previously been substantially explored and drilled (1982-1984) and had a historical resource* of 888,000 tonnes of mineralized material at a grade of 9.4 grams per tonne. This represents over 270,000 ounces of gold. Most of this mineralization was measured within 150 metres of surface. This was determined from assays of over 200 diamond drill holes into the mineralized zones. The core from this historical drilling remains intact at the project site. Last Hope is located approximately 20 kilometres (km) south-east of Lynn Lake, Manitoba and 6 km south of the Carlisle's Burnt Timber and Linkwood Projects.

*This historical resource estimate pre-dates NI 43-101, and therefore is not compliant with the requirements of NI 43-101. Consequently, these historical resource estimates cannot be relied upon. A qualified person, as defined in NI 43-101, has not performed sufficient work to classify the historical resource estimate as mineral resources and Carlisle is not treating the historical estimate as a current mineral resource.

Drilling for Carlisle's current exploration program at its Last Hope Project commenced in early July with a program designed to expand the non-compliant resource over a strike length of approximately one km and to bring more of the mineralization into the Measured and Indicated Resource categories. The results below intersected the western extension of this deposit. The attached longitudinal section, drawn in the plane of the mineralization indicates the locations of the holes reported on below.

LH12-016.0 g/t of Gold ("Au") over 3 metres from 88 to 91 metres within a larger intersection of 8 metres of 2.8 g/t of Au, from 83 to 91 metres.

LH12-029.8 g/t of Au over 3 metres from 98 to 101 metres within a larger intersection of 5.1 g/t of Au over a drill intersection width of 7 metres, from 95 to 102 metres.

Peter Karelse P.Geo, the Company's Vice-President of Exploration, commented that "the Last Hope deposit is an extremely exciting exploration project. The fact that the deposit has already been substantially drilled near surface and remains open at depth and along strike is of particular interest as there is an excellent possibility to readily build upon the non-compliant resource indicated above."

Bruce Reid, President of Carlisle Goldfields stated "the level of previous drilling and high grade nature of the mineralization all point to this being a high impact project. Carlisle's Management believes that this project is an excellent way to build value for shareholders using some of the newly raised money from recent private placements."

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QA/QC

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.

Carlisle's exploration programs are carried out under the supervision of Peter Karelse P.Geo., Vice-president of Exploration, who is qualified person as defined by NI 43-101, with more than 30 years of experience in gold exploration and development. All technical information in this press release has been reviewed and approved by Mr. Karelse.

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 (1.9 g/t Au and 4.4 g/t Ag). The pit-contained Measured and Indicated categories of 29.9 million tonnes contain 1.7 million ounces of AuEq at an average grade of 1.8 g/t AuEq (1.7 g/t Au and 4.4 g/t Ag). The current Measured and Indicated Categories represent 94% of this total resource estimate.

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 future drilling programs and such statements 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.

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