Carlisle Goldfields Commissions Tetra Tech to Carry Out Preliminary Feasibility Study
TORONTO, ONTARIO -- (Marketwire) -- 03/19/12 -- Carlisle Goldfields Limited ("Carlisle" or the "Company") (TSX: CGJ) has engaged Wardrop, a Tetra Tech Company of Toronto, Ontario, to complete a Preliminary Feasibility Study for the Company on its MacLellan Gold Project in Lynn Lake, Manitoba. This study is expected to be completed in Q4 2012. Management decided to move directly into pre-feasibility level studies after the Company reported an updated resource estimate on the MacLellan Mine Project (see the Company's news release dated March 13, 2012 filed on www.sedar.com)which included Measured and Indicated Categories having increased to 32.4 million tonnes containing 2.2 million ounces of AuEq ("Gold Equivalent") at an average grade of 1.94 g/t AuEq (1.86 g/t Au ("Gold") and 4.4 g/t Ag ("Silver")).
Focus of the Preliminary Feasibility Study will include:
1. Design of an optimized open pit, including infrastructure, resource/reserve estimates, and geotechnical evaluation for design of pit slopes. This will also include design of mining operations, mine support, manpower schedules, excavation/layback requirements, mining equipment, and production rates.
2. Preliminary design of an underground mining operation will be included to augment and eventually replace the open pit project. This will include mining methods, preliminary layouts, equipment selection, manpower schedules, and production rates.
3. Metallurgical work will include a review of historical and current test programs and will include additional laboratory test work to be carried out by SGS Lakefield.
4. The proposed "Carbon-in-Pulp" process plant will be designed and include flow sheet development, plant design criteria, tailings disposal design, process equipment selection, operating schedules, and plant and manpower requirements.
5. Assessing and identifying the infrastructure needs required to support the mine and plant.
6. An equipment list (both fixed and mobile), with long-lead time items identified for consideration in the project schedule.
7. Detailed development and production schedules plus an estimate of capital and operating costs for the new facility.
8. An economic analysis of the project, including IRR and NPV plus sensitivity analysis, and payback.
Bruce Reid, President of Carlisle Goldfields, stated "This new assessment will provide the Company and its shareholders with a much clearer picture of the economic potential of the MacLellan Mine Project along with the other projects in the Lynn Lake Area."
Rick Adams, P. Eng., the Company's Chief Operating Officer, commented, "This is yet another positive step by Carlisle to bring this project closer to production in the near-term. While the drill program continues to deliver positive results, it will be exciting to see how these results relate to the overall economic potential of the MacLellan deposit."
This news release was supervised by Rick Adams, P. Eng., Chief Operating Officer, who is a "qualified person" within the meaning of National Instrument 43-101, with more than 35 years of experience in mine development and operations. All technical information contained in this news release has been reviewed and approved by Rick Adams, P. Eng. and is in compliance with 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 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 the 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 (1.86 g/t Au and 4.4 g/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 (1.68 g/t Au and 4.4 g/t Ag). The current Measured and Indicated Categories represent 94% of the total resource estimate.
This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The Securities of the Company have not been 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 anticipated delivery of studies and reports and statements 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.
Contacts:
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
Carlisle Goldfields Limited
2702 - 401 BAY STREET
TORONTO, ONTARIO, CANADA
info@carlislegold.com
www.carlislegold.com