Completion Of Expenditures At Farley Lake Mine Project

TORONTO, ON - Carlisle Goldfields Limited reported that Canadian Orebodies Inc. has completed its obligations with respect to the acquisition of a 10% non-diluting interest in the Company's Farley Lake Mine Project, in Manitoba. In order to acquire the interest, Canadian Orebodies was required to incur aggregate exploration expenditures of $800,000 by December 31, 2013.

Bruce Reid, President and CEO of Carlisle said, "Management remains encouraged by the strong results so far from the drilling program at Farley Lake. We will work together diligently to capture the considerable exploration potential at the project."

The parties will enter into a joint venture agreement pursuant to which Carlisle shall incur all further expenditures on the Project until it reaches commercial production. After the commencement of commercial production, Canadian Orebodies and Carlisle will be obligated to contribute funds to approved programs and budgets of the joint venture in proportion to their respective participating interests. Carlisle will be the initial manager of the joint venture and will continue to be the manager so long as it holds a minimum 50% participating interest in the joint venture.

At any time prior to April 30, 2016, Canadian Orebodies shall be entitled to transfer the interest back to Carlisle (the "Put Right") in consideration for the issuance to Canadian Orebodies of $800,000 in common shares of Carlisle ("Carlisle Shares") valued at the greater of $0.10 or the 20-day volume weighted average trading price on the TSX at the time of exercise of the Put Right, provided that the exercise of the Put Right does not result in Canadian Orebodies holding 20% or more of all of the issued and outstanding Carlisle Shares at the time of exercise. Further, at any time after December 31, 2014 and prior to April 30, 2016, Carlisle shall have the right to require that Canadian Orebodies transfer the interest back to Carlisle (the "Back-in Right") upon 15 days prior written notice to Canadian Orebodies, in consideration of issuing to Canadian Orebodies $800,000 in common shares of Carlisle valued at the 20-day volume weighted average trading price on the TSX at the time of exercise of the Back-in Right, unless such number of shares is greater than 10% of the number of Carlisle shares then outstanding or the price per share is less than the minimum price permissible by the TSX.