TORONTO, ONTARIO -- (Marketwire) -- 12/29/11 -- Carlisle Goldfields Limited (TSX:CGJ) ("Carlisle" or the "Company") announces a proposed non-brokered private placement (the "Offering") of up to 5,000,000 flow-though units (each, a "FT Unit") at a price of $0.20 per FT Unit for gross proceeds of up to $1,000,000, or such other number of units or amount of gross proceeds as the Company may determine.

Pursuant to the Offering, the Company proposes to issue up to 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 the closing date.

The Flow-Through-Shares, Warrants and Common Shares issuable upon the exercise of the Warrants will be subject to a standard regulatory "hold period" of four (4) months from the closing date of the Offering.

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 Canada.

Prior to the closing of this Offering, Carlisle has a total of 147,342,847 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.

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

Contacts:
Carlisle Goldfields Limited
Bruce Reid
President and Chief Executive Officer
647-500-4495
[email protected]

Carlisle Goldfields Limited
Carl McGill
Vice President, Corporate Development
416-278-8406
[email protected]

Carlisle Goldfields Limited
2702 - 401 BAY STREET
TORONTO, ONTARIO, CANADA
[email protected]
www.carlislegold.com