Carlisle Goldfields Initiates Preliminary Economic Assessment

TORONTO, ONTARIO -- (Marketwire) -- 08/04/11 -- Carlisle Goldfields Limited ('Carlisle' or the 'Company') (TSX: CGJ) announces that NordPro Mine and Project Management Services Limited of Thunder Bay, Ontario has been engaged to complete a Preliminary Economic Assessment on the MacLellan Gold Property in Lynn Lake, Manitoba for the Company. This assessment is expected to be completed in early September 2011.

Highlights of the report will include:

1.  A preliminary design of an open pit mining operation, reviewing
    excavation/layback requirements and layouts, mining equipment and
    throughput.

2.  A preliminary design of an underground mining operation to augment and
    eventually replace the open pit project, providing layouts, equipment,
    and throughput.

3.  An assessment of the required processing facilities, including process
    requirements and final product form.

4.  A preliminary equipment list (both fixed and mobile for the new area),
    with long-lead items identified for consideration in the project
    schedule.

5.  An estimate of operating and maintenance costs for the new facility.

6.  A preliminary economic analysis, including both Internal Rate of Return
    and Net Asset Value for the project.

7.  An assessment of the workforce requirements, support requirements, and
    utilities needed to enable production from the new mine.

8.  An implementation of the results of a new metallurgical study currently
    being undertaken by SGS Lakefield to determine the optimal recovery
    methods of the gold and silver as well as the characteristics of the
    tailings waste material.

Peter Karelse, P.Geo, the Company's Vice-President of Exploration commented 'This is yet another positive step by Carlisle to bring this project on stream in the near-term. While the drill program continues to deliver positive results, it will be interesting to gain some understanding of how these results relate to the overall economic potential of the MacLellan deposit.'

Bruce Reid, President of Carlisle Goldfields stated 'This new assessment will provide the Company and the shareholders with a much clearer picture of the economic potential of the MacLellan Mine Project. The new metallurgical studies will also provide valuable information on the best milling and recovery methods to be used on this project.'

This Press release was supervised by Peter Karelse; P. Geo. Vice-President of Exploration 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. 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 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 distance of 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 in the Measured and Indicated categories (3.59 g/t Au and 19.3 g/t Ag) and 4.4 million tonnes containing 506,200 ounces of AuEq at an average grade of 3.56 g/t AuEq in the Inferred category (2.9 g/t Au and 42.4 g/t Ag). The current Measured and Indicated Category represents 55% of the total resource tonnage.

Forward Looking Information: This news release may contain or refer to forward-looking information. All information other than statements of historical fact that address activities, events or developments that Carlisle believes, expects or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict that may cause actual events or results to differ materially from those discussed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Carlisle disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Carlisle believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be placed on these forward-looking statements due to the inherent uncertainty therein.

Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Contacts:

Carlisle Goldfields Limited

2702 - 401 Bay Street

Toronto, Ontario, Canada
info@carlislegold.com
www.carlislegold.com


Carlisle Goldfields Limited

Bruce Reid

President and Chief Executive Officer

647-500-4495
br@carlislegold.com


Carlisle Goldfields Limited

Carl McGill

Vice President, Corporate Development

416-278-8406
cmcgill@carlislegold.com