CARLISLE GOLDFIELDS INITIATES PRELIMINARY ECONOMIC ASSESSMENT

August 4, 2011 - Toronto, Ontario - 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.

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.”

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

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

. All the

information contained herein is in compliance with the National Instrument 43-101.