Carlisle comments on recent trading activity

    TORONTO, Oct. 3 /CNW Telbec/ - Carlisle Goldfields Limited (TSX: CGJ)

    Recent trading involving shares of Carlisle Goldfields Limited have shown
large upswings in volume and downward pressure on its price; a price which
management feels severely understates the value of the assets of the company.
    Glencairn Gold Corporation, a holder of more than 10% of the Company
announced on September 5, 2007 its intention to sell 4 million shares of its
holdings. At the close of business on September 26, 2007 this selling was
completed. In discussions with Glencairn, Mr. Peter Tagliamonte, President and
CEO stated "We regret needing to sell this portion of our company's position
in Carlisle at this time." He further stated that this action does not reflect
negatively on growth opportunities within Carlisle. All stock was sold through
the facilities of the TSX to a diverse group of investors. Further information
of Glencairn can be obtained from their website and at
    In July, 2007 Carlisle completed a 12,000 metre drilling program at the
MacLellan Mine Property, near Lynn Lake, Manitoba, This property produced
142,000 ounces of gold and 432,000 ounces of silver from 1986 to 1989. The
primary purpose of the program was to confirm and expand the "historic
geological reserves", stated to be in the order of 1,076,000 tonnes grading
6.51 grams Au per tonne, calculated at the time the mine closed. These
resources are presently historical in nature, not considered to be current and
not defined as required by NI 43-101. Results from the drilling program are
being compiled in an updated resource estimate, which will be considered
current under NI 43-101. This report is expected to be available in the next
30 days.

    Carlisle owns 100% of a diverse group of mining leases and claims in the
Lynn Lake Greenstone Belt of Northern Manitoba, covering approximately
20,000 hectares. Included in the land package are the former producing BT and
Farley Lake open pit mines as well as the underground MacLellan Mine. This
large land holding contains a significant number of other known Gold
occurrences which require further exploration. Additional details about
Carlisle and its projects can be viewed on the Company's website at and at

For further information:

For further information: Stephen G. Mlot, President; Carl McGill,
Director, Corporate Development, (416) 368-0028, Fax: (416) 703-3695; Renmark
Financial Communications Inc.: Neil Murray-Lyon:; Jen Power:;
Media - Eva Jura:, (514) 939-3989, Fax: (514)

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