Carlisle Goldfields announces private placement

    TORONTO, Nov. 28 /CNW Telbec/ - Carlisle Goldfields Limited (TSX: CGJ)
(the "Company") is pleased to announce its intention to conduct a private
placement consisting of up to 7,409,091 common shares of the Company issued on
a "flow-through" basis at $0.28 per share (the "Flow-Through Shares").
Alternatively, in lieu of up to 2,409,091 Flow-Through Shares, the Company may
sell up to 1,606,061 units at $0.23 per unit, each unit consisting of one
common share of the Company and one half of one common share purchase warrant,
each whole warrant being exercisable into a common share of the Company within
two years of the closing of the transaction. Each warrant will be exercisable
at $0.30 per common share of the Company during the first year following the
closing of the transaction, and $0.35 per common share during the second year
following the closing of the transaction. The Company intends to use the
proceeds of the offering to fund the further development and exploration of
the Company's Lynn Lake property and working capital. The proposed private
placement is subject to regulatory approval.

    The Toronto Stock Exchange does not accept responsibility for the
    adequacy or accuracy of this news release.

    About Carlisle:

    Carlisle Goldfields Limited, a Canadian based Gold Exploration and
Development company, focused on its 20,000 hectare land position in the Lynn
Lake Greenstone Belt of Manitoba where the Company is expecting to define
resources in the range of 800,000 to 1,200,000 ounces of Gold. The primary
target is the former producing MacLellan Gold Mine and the Company is working
towards a re-commencement of production at the earliest possible date.

For further information:

For further information: Stephen G. Mlot, President; Carl McGill,
Director, (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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