Mr. Abraham Drost reports

CARLISLE'S LYNN LAKE JOINT VENTURE TO SPEND CAD$13 MILLION IN 2015

Carlisle Goldfields Ltd. has provided a corporate update after the recent annual general and special meeting conducted on Jan. 15, 2015 (see press release dated Jan. 15, 2015).

Two thousand fourteen was a year of transition for the company, highlighted by the formation of the Lynn Lake joint venture through a strategic partnership with AuRico Gold Inc. After difficult commodities and metal markets particularly in gold through 2011 to 2013, Carlisle turned the corner in 2014, as indicated through a series of material changes including:

1. Completion of an optimized preliminary economic assessment on the Farley Lake and MacLellan gold deposits in the Lynn Lake gold camp characterized as follows:
   • A pretax internal rate of return of 34 per cent using a gold sale price of $1,100 (U.S.) over the life of mine, derived from discounted cash flows with a posttax net present value discounted at 5 per cent of $257-million, on production of an average of 145,000 ounces of gold per year over a 12-year mine life (see the company website for PEA press release dated Feb. 27, 2014);
2. Carlisle completing a strategic partnership with AuRico as follows:
   • Private placement for a 19.9-per-cent equity interest in Carlisle at eight cents per share for gross proceeds of $5.6-million;
   • AuRico acquiring a direct 25-per-cent interest in the Lynn Lake gold camp project for proceeds of $5-million. A joint venture was formed with AuRico as the operator. (See press release dated Nov. 11, 2014.)

Further to the receipt of majority shareholder approval at its recent annual general and special meeting held on Jan. 15, 2015, Carlisle's board of directors has approved the consolidation of the Carlisle share capital structure in a ratio of 6.5:1, which will result in approximately 55 million shares issued and outstanding following the consolidation. All outstanding warrants and options will be equitably adjusted, with the number outstanding being reduced by dividing their number by 6.5 and their exercise prices multiplied by 6.5.

In addition, both the management committee and the special exploration committee of the Lynn Lake joint venture have approved budgets for commencement of the feasibility study ($9-million) and exploration outside the feasibility study area ($4-million) totalling approximately $13-million, to be expended by the partners in calendar 2015.

Carlisle president and chief executive officer, Abraham Drost, stated that: "Carlisle achieved project validation and a welcome vote of confidence from AuRico through the formation of the Lynn Lake joint venture in 2014. The Lynn Lake joint venture will expend the equivalent of an amount nearly equating to Carlisle's entire market capitalization on feasibility and exploration work in 2015 alone. We are gratified that AuRico has recognized the same potential for significant gold production at Lynn Lake initially recognized by our executive chairman, Bruce Reid, several years ago. The events of 2014 have reinvigorated the company, and begun the process of unlocking the significant shareholder value expected as we upgrade gold resources to reserves at the Farley Lake and MacLellan deposits in particular, but also as we continue to explore and develop the other gold deposits and occurrences outside the feasibility study areas on the joint venture-owned lands."

We seek Safe Harbor.