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Message: Carlisle Announces Closing of Final Tranche of Flow Through Private Placement

TORONTO, Dec. 23, 2013 (GLOBE NEWSWIRE) -- Carlisle Goldfields Limited ("Carlisle" or the "Company") (TSX:CGJ) is pleased to announce that it has completed the final closing of a non-brokered private placement of flow through units (each, a "Flow Through Unit"). Under the private placement, the Company issued 10,350,000 Flow Through Units at a price of $0.05 per Flow Through Unit for gross proceeds of $517,500 (the "Offering"). Each Unit consisted of one common share of the Company (each, a "Common Share") and one Common Share purchase warrant of the Company ("Warrant") exercisable for a period of 48 months from the date of closing. Each Warrant shall be exercisable to purchase one Common Share of the Company at a price of $0.075 per share.

On closing of the final tranche, the Company raised $217,500 and issued 4,350,000 Common Shares and 4,518,000 Warrants, inclusive of compensation warrants paid to finders in connection with the Offering. On the first closing, the Company raised $300,000 through the issue of 6,000,000 Units.

Carlisle's President and CEO, Bruce Reid commented that: "with the closing of this final tranche of the flow through financing, we will continue to move forward with our infill drill program at Farley Lake with results due in the new year. "

The proceeds from the Offering will be used for infill drilling at the Farley Lake Mine Project at the Company's Lynn Lake Gold Camp.

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

About Carlisle: Carlisle Goldfields Limited is a Canadian‐based gold exploration and development company focused on development of its Lynn Lake Gold Camp in the Lynn Lake Greenstone Belt of Northern Manitoba, covering approximately 28,727 hectares, which includes 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, Manitoba. Carlisle now has five NI 43-101 compliant resource estimates within its Lynn Lake Gold Camp. Further details including technical reports are available on SEDAR (www.sedar.com) or carlislegold.com/resource-summary.php. In December 2013, Carlisle released a positive Preliminary Economic Assessment highlighting a Pre-tax NPV of $625 million (using a 5% discount factor) and an IRR of 34.4%. (Please see press release dated December 2, 2013 or carlislegold.com/pea.php)

FOR FURTHER INFORMATION PLEASE CONTACT BELOW
CARLISLE GOLDFIELDS LIMITED
2702 – 401 BAY STREET
TORONTO, ONTARIO, CANADA
[email protected]
www.carlislegold.com
Nicholas Konkin
Investor Relations
416-642-0869 ext. 353 or [email protected]
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