Business & Finance News and Press Releases

/CNW/ – Carlisle Goldfields Limited (Carlisle or the Company) (CNSX-CGJ) announces that P & E Mining Consultants Inc. have completed an Updated Technical Report and 43-101 compliant Resource Estimate on the MacLellan Gold Property in Lynn Lake, Manitoba for the Company. Highlights of the report include:

1. Total Open Pit and Underground Resources have increased to 5.3 million tonnes containing 658,200 ounces of AuEq (Gold Equivalent) at an average grade of 3.85 g/t AuEq in the Measured and Indicated category and 4.4 million tonnes containing 506,200 Inferred ounces AuEq at an average grade of 3.56 g/t AuEq. This is compared to 932,000 tonnes containing 210,100 ounces AuEq (Measured and Indicated) and 904,000 tonnes containing 213,700 ounces (Inferred) AuEq in the July 2008 Resource Report. The current Measured and Indicated Category represents 55% of the total resource tonnage.

2. Open Pit Resources, designed down to a maximum depth of approximately 230 meters include 3.1 million tonnes containing 315,800 Measured and Indicated ounces AuEq at an average grade of 3.14 g/t AuEq and 2.4 million tonnes containing 226,600 Inferred ounces AuEq at an average grade of 2.95 g/t AuEq.

3. The Underground Resources of the deposit are estimated at 2.2 million tonnes containing 342,400 ounces AuEq (Measured and Indicated) at an average grade of 4.89 g/t AuEq and 2.0 million tonnes containing 279,600 ounces AuEq (Inferred) at an average grade of 4.27 g/t AuEq.

4. Silver in the resource is estimated 3,302,000 Measured and Indicated ounces Ag and 6,042,000 ounces Ag in the Inferred category.

The complete resource estimate undertaken by P&E Mining Consultants Inc. is outlined below.

Table 1.1: Open Pit Resource Estimate at 0.65 g/t AuEq Cut-Off Grade (1),(2),(3),(4)

————————————————————————-
Classifi- Au Ag AuEq Au Ag AuEq
cation Tonnes (g/t) (g/t) (g/t) (oz) (oz) (oz)
————————————————————————-
Measured 987,000 2.74 12.0 2.91 87,000 380,000 92,300
————————————————————————-
Indicated 2,146,000 2.84 29.1 3.24 195,800 2,009,000 223,500
————————————————————————-
Measured &
Indicated 3,133,000 2.81 23.7 3.14 282,800 2,389,000 315,800
————————————————————————-
Inferred 2,392,000 2.09 62.1 2.95 160,600 4,776,000 226,600
————————————————————————-

Table 1.2: Underground Resource Estimate at 2.5 g/t AuEq Cut-Off Grade (1),(2),(3),(4)

————————————————————————-
Classifi- Au Ag AuEq Au Ag AuEq
cation Tonnes (g/t) (g/t) (g/t) (oz) (oz) (oz)
————————————————————————-
Measured 630,000 4.78 11.1 4.93 96,700 224,000 99,800
————————————————————————-
Indicated 1,549,000 4.68 13.8 4.87 233,100 688,000 242,600
————————————————————————-
Measured &
Indicated 2,179,000 4.71 13.0 4.89 329,800 912,000 342,400
————————————————————————-
Inferred 2,036,000 4.00 19.4 4.27 262,000 1,267,000 279,600
————————————————————————-

Table 1.3: Total Open Pit and Underground Resource Estimate (1),(2),(3),(4)

————————————————————————-
Classifi- Au Ag AuEq Au Ag AuEq
cation Tonnes (g/t) (g/t) (g/t) (oz) (oz) (oz)
————————————————————————-
Measured 1,618,000 3.53 11.6 3.70 183,700 604,000 192,100
————————————————————————-
Indicated 3,696,000 3.61 22.7 3.92 428,900 2,697,000 466,100
————————————————————————-
Measured &
Indicated 5,314,000 3.59 19.3 3.85 612,600 3,301,000 658,200
————————————————————————-
Inferred 4,428,000 2.97 42.4 3.56 422,600 6,043,000 506,200
————————————————————————-

1. Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources may
be materially affected by environmental, permitting, legal, title,
taxation, sociopolitical, marketing, or other relevant issues.

2. The quantity and grade of reported inferred resources in this
estimation are uncertain in nature and there has been insufficient
exploration to define these inferred resources as an indicated or
measured mineral resource and it is uncertain if further exploration
will result in upgrading them to an indicated or measured mineral
resource category.

3. The mineral resources in this press release were estimated using the
CIM Standards on Mineral Resources and Reserves, Definitions and
Guidelines prepared by the CIM Standing Committee on Reserve
Definitions and adopted by CIM Council December 11, 2005.

4. AuEq was calculated such that one gram of Au = 72.3 grams
Ag. Metal prices used were the April 30, 2010 trailing average for Au
at US$955/oz and Ag at US$14.77/oz with respective process recoveries
of 95% and 85%. The US$ exchange rate was $0.95.

5. Process costs used were C$15/tonne and G&A was C$5/tonne. Open pit
mining was C$3.50/tonne for ore and C$2.75/tonne for waste with
underground mining at C$57/tonne. Open pit slopes were 50 degrees.

6. The mined tonnage from previous operations was removed from the block
model.

The current 43-101 Resource Estimate differs primarily from the previous report filed in July 2008 in that there is now a significant Open Pit Resource with a cut-off grade of 0.65g/t outlined for the MacLellan deposit. The average grade of the resource within the pit limits is 3.14 g/t in the Measured and Indicated resource classification and 2.95 g/t in the Inferred resource classification. Grade estimation was undertaken with the inverse distance (1/d3) interpolation method. Management considers the grade of the resource estimate to be highly significant and is confident that this approach will positively affect the economics of the overall project. Management is now considering undertaking a Preliminary Economic Assessment during 2010 to more thoroughly examine the economics of the MacLellan Project.

The Underground Resource was also re-estimated using a 2.5g/t AuEq cut-off grade rather than 3.5 g/t. AuEq cut-off. This in combination with the Phase I and Phase II drilling done in 2006-08 (21,456 meters of Core drilling) provided the basis for a substantial increase in the estimated Underground Resource ounces. The average mining width (domain width) has also increased to 3.0 meters from 1.5 m reflecting the possibility of a bulk mining scenario.

The average price of Gold used in this Technical Report at US$ 955 per ounce Au which was substantially higher than the previous price in the 2008 report at US$ 710/oz. The current average price is calculated based on the 24 month trailing average to April 30, 2010.

The MacLellan gold deposit contains a significant open pit and underground mineral resource estimate of 5.3 million tonnes grading at 3.59 g/t Au and 19.3 g/t Ag in the Measured and Indicated category with an additional 4.4 million tonnes of Inferred resources grading 2.97 g/t Au and 42.4 g/t Ag. It should be noted that within the context of the entire Carlisle land holdings in the area, the MacLellan deposit occupies only a small portion. Therefore there remains a significant potential for further expansion of the resource through exploration on a regional basis.

Carlisles current plan for the MacLellan gold deposit are of sufficient merit to justify undertaking preliminary engineering and additional environmental and metallurgical studies aimed at completing the characterization of the context of the gold-rich mineralization.

Since the mineralized zones within the MacLellan project area are still open along strike and down dip, Carlisle is planning to undertake an IP survey in late 2010. The survey will entail establishment and surveying of approximately 120 line-km of grid. The IP survey area would be centered over the shaft and cover an area 2 km north to south and 5 km east to west.

Peter Karelse P.Geo, the Companys independent Geological Consultant commented the MacLellan deposit is in some ways unique in that the gold mineralization is found in a broad sheared zone with clearly defined higher grade zones found within this broad zone. From an economic and operational standpoint the distribution of gold mineralization at MacLellan offers a great deal of flexibility. The fact that the deposit remains open in all directions is of particular interest in that the possibility to readily build on the resource indicated above remains possible at a relatively low dollars invested per additional resource ounce.

Bruce Reid, President of Carlisle Goldfields stated This updated Technical Report should substantially improve the economic viability as well as change the future development plans of the Companys Northern Manitoba Assets. The possibility of being able to Open Pit a substantial portion of the MacLellan Gold Deposit especially in the early years of production is a radical change from previous mining plans that will certainly benefit the economics of this project.

The full Updated Technical Report and Resource Estimate will be available soon on both www.sedar.com and the Companys website at www.carlislegold.com.

The Technical Report was completed by P & E Mining Consultants Inc. for Carlisle Gold fields Ltd., under the supervision of Peter Karelse; P. Geo. who is a qualified person as defined by National Instrument 43-101 with more than 25 years of experience in exploration and development of gold projects. All technical information contained in this press release has been reviewed and approved by Mr. Peter Karelse P.Geo. and Eugene Puritch, P.Eng. of P&E Mining Consultants Inc, both of whom are Qualified Persons under the National Instrument 43-101 guidelines. All the information contained herein is in compliance with the National Instrument 43-101.

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.

Forward-Looking Statement:

Some statements in this news release that are not historical facts, including statements about plans and expectations regarding future exploration programs and resource reports, are forward-looking. Investors are cautioned that the forward-looking statements of the Company may include certain estimates, assumptions and other forward-looking information. The actual future events, performance, developments and/or results may differ materially from any or all of the forward-looking statements, which include current expectations, estimates and projections, in all or part attributable to general economic conditions, and other risks, uncertainties and circumstances partly or totally outside the control of the Company, including resource estimates, drilling activities, future costs and expenses related exploration and development programs, financing availability and other activities associated with the mineral exploration industry.