Carlisle recently announced an updated 43-101 compliant resource estimate on the MacLellan Mine Project (see press release dated March 13, 2012 under news or at www.sedar.com). The project now hosts a Measured and Indicated in-pit resource of approximately 1.7 million gold equivalent ounces and a total resource of approximately 2.2 million gold equivalent ounces. Additionally, a Preliminary Feasibility Study has been commissioned by the Company for this project, which is expected to be completed in Q4 2012.
The MacLellan Mine is located in northern Manitoba, approximately 1000 km northwest of Manitoba's capital city, Winnipeg. Access to the Property is via an all-weather gravel road running to the former mine site from the town of Lynn Lake, located 9 km southwest of the Property. The Property is located within the Lynn Lake Greenstone Belt where approximately 144,000 ounces of gold and 432,000 ounces of silver were produced from this mine between 1987 and 1989. Considerable drilling has taken place since 1989 with the primary objective of confirming the "historic geological reserves".