Carlisle's primary business objective is to conduct further exploration work for precious and base metals at its' MacLellan Gold Property in Lynn Lake Manitoba, with a view to completing a pre-feasibility study and the possible commencement of commercial production of gold and related by-products at the earliest commercially feasible opportunity.

The Phase I work program at the MacLellan property, consisting of 40 drill holes totaling 12,000 meters, has been completed. The primary objective of this program was to confirm the “historic geological reserves” presently stated to be in the order to 1,046,000 tonnes grading 6.51 grams of gold per tonne; the equivalent of 220,000 ounces. Carlisle is now producing a revised resource estimate as defined under NI 43-101 targeted for the first quarter of 2008 in order to fulfill this objective.

It is expected that the resource will be of sufficient size and quantity to justify proceeding to advanced exploration at the MacLellan mine, including dewatering the mine workings, detailed sampling and mapping of the mine openings and closely spaced underground diamond drilling. This would be followed by a further resource update and a detailed pre-feasibility study to be completed in 2008.

Compilation and assessment of other attractive targets on the remainder of the 20,000 hectare land package will continue with a view to generating additional exploration projects for resource development. As noted in the company's press release of October 11, 2007, Carlisle expects to find 800,000 to 1,200,000 ounces of gold in total resources from its' Lynn Lake Greenstone Belt properties.

Diamond drilling of other historic resource areas will likely get underway in 2008. Additional airborne geophysical surveys, followed by ground base work, may also be initiated on the remainder of the properties to provide a basis for identifying future exploration targets. Diamond drilling of targets identified to the northeast, south and southwest of MacLellan will likely also occur in 2008.

Carlisle does not presently intend to perform any exploration work on its British Columbia and Ontario properties but if sufficient funds are available and if primary objectives on the MacLellan property are being met it will consider doing so.

Total capital expenditures for 2008 will amount to approximately Cdn $15,000,000.00.

Management believes that it may be in a position to make a production decision by the end of 2008. Capital expenditures required to reach production are estimated at this time to be in the range of Cdn $50,000,000.00.

For information please contact CARLISLE GOLDFIELDS LIMITED @ 416-368-0028
info@carlislegold.com or www.carlislegold.com