Carlisle Goldfields Limited Closes Private Placement Financing with the Mineralfields Group

    TORONTO, Dec. 7 /CNW Telbec/ - Carlisle Goldfields Limited (TSX: CGJ)
(the "Company") is pleased to announce the closing of the private placement of
6,526,863 common shares of the Company issued on a "flow-through" basis (the
"Flow-Through Shares") at $0.28 per share to the MineralFields Group. The
Company intends to use the proceeds of the offering to fund the further
development and exploration of the Company's Lynn Lake Manitoba Property.
    "We are very pleased to be entering into this relationship with the
MineralFields Group", said Stephen Mlot, President and Chief Executive Officer
of the Company. "This is an important milestone in the growth of Carlisle
Goldfields Limited and we look forward to working with MineralFields Group as
we develop our holdings in the Lynn Lake region."

    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.

    About MineralFields, Pathway and First Canadian Securities(R)

    MineralFields Group (a division of Pathway Asset Management) is a
Toronto-based mining fund with significant assets under administration that
offers its tax-advantaged super flow-through limited partnerships to investors
throughout Canada during most of the calendar year, as well as hard-dollar
resource limited partnerships to investors throughout the world. Pathway Asset
Management also specializes in the manufacturing and distribution of
structured products and mutual funds. Information about MineralFields Group is
available at First Canadian Securities(R), a division
of Limited Market Dealer Inc., is active in leading resource financings (both
flow-through and hard dollar) on competitive, effective and service-friendly
terms, with investors both within, and outside of MineralFields Group.

    This news release contains forward-looking statements, which can be
identified by the use of statements that include words such as "could",
"potential", "believe", "expect", "anticipate", "intend", "plan", "likely",
"will" or other similar words or phrases. These forward-looking statements,
including statements regarding the Corporation's beliefs in potential
mineralization, are based on current expectations, assumptions and projections
about future events and entail various risks and uncertainties that are beyond
the Corporation's ability to control or predict. Actual results may materially
differ from expectations as more information regarding a property is gathered
or if the Corporation's estimates or assumptions prove inaccurate. Factors
that may materially affect actual results include, but are not limited to,
political, business and economic conditions in jurisdictions where the
Corporation conducts business, and risks associated with mineral exploration
and production. The Corporation does not intend, and does not assume any
obligations, to update forward-looking statements, whether as a result of new
information, future events or otherwise. Readers should not place undue
reliance on forward-looking statements.

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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