The Mining Stock Report

Carlisle Goldfields Limited released details of the recently received NI 43-101 compliant resource estimate for its 100% owned MacLellan Gold Mine. The current estimate includes Measured and Indicated Resources of 932,000 tonnes grading 6.81 g/t gold and 11.4 g/t silver (containing 204,200 oz gold and 341,300 oz silver), as well as Inferred Resources of 904,000 tonnes grading 7.16 g/t gold and 11.4 g/t silver (containing 208,000 oz gold and 330,900 oz silver).

Toronto, ON – May 29, 2008 – Carlisle Goldfields Limited (CGJ-TSX), in its press release of May 22, 2008, released details of the recently received NI 43–101 compliant resource estimate for its 100% owned MacLellan Gold Mine. The current estimate includes Measured and Indicated Resources of 932,000 tonnes grading 6.81 g/t gold and 11.4 g/t silver (containing 204,200 oz gold and 341,300 oz silver), as well as Inferred Resources of 904,000 tonnes grading 7.16 g/t gold and 11.4 g/t silver (containing 208,000 oz gold and 330,900 oz silver). See the press release dated May 22, 2008 for full details (SEDAR.COM). Gold exploration companies are commonly valued on the basis of total measured, indicated and inferred resource ounces, and Carlisle can now be valued in this manner.

This resource is a significant milestone for Carlisle as it puts the company on a path towards a scoping study and advanced exploration, with a view to resumption of production, and further confirms Management’s confidence in the MacLellan property and in the gold potential within the Lynn Lake Greenstone belt.

Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. An Inferred Mineral Resource has a lower level of confidence than that applied to an Indicated Mineral Resource, and an Indicated Mineral Resource has a lower level of confidence than a Measured Mineral Resource. It is notable that approximately 50% of the resource is in the higher confidence, Measured and Indicated categories, unusual for an initial resource estimate. This reflects the high level of confidence in the exploration, drilling, sampling, rock characteristics, and understanding of the geology, and controls on mineralization. The presence of a large amount of Inferred Resources suggests that there is much ability to increase the quantities of the higher confidence categories with additional drilling.

The MacLellan deposit remains open to depth, below the area for which the resource is estimated, and there is significant potential to develop additional resources below the mine with additional drilling. There is also potential to add resources with drilling towards the southwest where recent drilling continues to intersect veins with visible gold in the Dot and Rainbow zones.

The current resource has met management’s initial objective of roughly doubling the historic resource figure, with recognition of the silver values now included in this resource for the first time. The information being gained by the current drilling program is expected to add to, and upgrade the resource estimate. Work on a updated resource estimate will commence once all of the data from the drilling program is in hand.

The Company is well on its way to the previously stated target of discovering 800,000 – 1,200,000 ounces of gold on its larger Lynn Lake land package.

* Mineral resources do not have demonstrated economic viability, and the estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. The quantity and grade of reported Inferred Resources are conceptual in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource. It is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.

For further information please contact:
Stephen G. Mlot, President
Carl J. McGill, Director,
Telephone: (416) 368–0028
Fax: (416) 703–3695
info@carlislegold.com
http://www.carlislegold.com/

Renmark Financial Communications Inc.
Neil Murray-Lyon : nmurraylyon@renmarkfinancial.com
Jen Power : jpower@renmarkfinancial.com
Media : Eva Jura : ejura@renmarkfinancial.com
Tel. : (514) 939–3989
Fax : (514) 939–3717
http://www.renmarkfinancial.com/

Forward-Looking Statements
This press release contains certain “Forward-Looking Statements”. All statements, other than statements of
historical fact included herein, including without limitation, statements regarding exploration results, future
plans and objectives of the Company are forward-looking statements that involve risks and uncertainties.
There can be no assurance that such statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company’s expectations are disclosed in the Company’s
documents filed from time to time with The TSX and the Canadian Securities Commissions. Not to be
construed as an offer to buy or sell securities of this Company. Readers are advised to discuss all of their
stock purchases with a registered securities broker or personal finance professional prior to investing.