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Carlisle Goldfields Closes Private Placement of Units for Gross Proceeds of $3,125,050

TORONTO, ONTARIO -- (Marketwire) -- 11/23/12 -- Carlisle Goldfields Limited (TSX:CGJ)(OTCQX:CGJCF) ("Carlisle" or the "Company") is pleased to announce that it has completed a non-brokered private placement of units (each, a "Unit"). The Company issued 20,833,667 Units at a price of $0.15 per Unit for gross proceeds of $3,125,050 (the "Offering"). Each Unit consists of one common share of the Company (each, a "Common Share") and one half of one Common Share purchase warrant of the Company (each whole warrant, a "Warrant") exercisable for a period of 24 months from the date of closing. Each whole Warrant shall be exercisable to purchase one common share of the Company at a price of $0.22 per share. PowerOne Capital Markets Limited and Stifel Nicolaus Canada Inc. acted as finders in connection with the Offering.

In total, the Company issued 20,833,667 Common Shares and 12,500,198 Warrants, inclusive of compensation paid to finders in connection with the Offering.

The proceeds from the Offering will be used for general corporate purposes, including fees and expenses of the transactions noted above.

The transactions described herein are subject to the final acceptance of the Toronto Stock Exchange ("TSX").

Carlisle's President and CEO, Bruce Reid commented that: "The proceeds from this successful private placement compliment the recently raised flow-through funds and keep us moving forward. We continue to be dedicated to finding more ounces in the ground by drilling and advancing engineering studies."

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 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 at an average grade of 1.94 g/t AuEq (1.9 g/t Au and 4.4g/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 1.8g/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.

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 gold ("Au") at an average grade of 1.04 grams per tonne ("g/t"). The Indicated Resource is estimated to be 1,021,000 tonnes containing 45,900 ounces of gold 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.

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.

Neither IIROC nor the TSX accepts responsibility for the adequacy or accuracy of this release.

Carlisle Goldfields Limited
Bruce Reid
President and Chief Executive Officer
[email protected]

Carlisle Goldfields Limited
Carl McGill
Vice President, Corporate Development
[email protected]

Carlisle Goldfields Limited
2702 - 401 Bay Street
Toronto, Ontario, Canada
[email protected]

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