Carlisle Goldfields and Canadian Orebodies Announce Completion of Expenditures at the Farley Lake Mine Project
January 21 2014 - 9:00AM
Marketwired
Carlisle Goldfields and Canadian Orebodies Announce Completion of
Expenditures at the Farley Lake Mine Project
TORONTO, ONTARIO--(Marketwired - Jan 21, 2014) - Carlisle
Goldfields Limited ("Carlisle" or the "Company")
(TSX:CGJ)(OTCQX:CGJCF) announces that Canadian Orebodies Inc.
(TSX-VENTURE:CO) ("Canadian Orebodies") has completed its
obligations with respect to the acquisition of a 10% non-diluting
interest in the Company's Farley Lake Mine Project (please see
press release dated November 13, 2013). 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 commented, "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.
About Carlisle: Carlisle Goldfields Limited is a Canadian‐based
gold exploration and Development Company focused on development of
its Lynn Lake Gold Camp in Lynn Lake, Manitoba, Canada. Carlisle
now has five NI 43-101 compliant resource estimates within its Lynn
Lake Gold Camp, four of which form the basis for the PEA (Farley
Lake Mine Deposit, MacLellan Mine Deposit, Burnt Timber Mine
Deposit, and Linkwood Deposit). Further details including technical
reports are available on SEDAR (www.sedar.com) or
www.carlislegold.com/resource-summary.php.
In December 2013, Carlisle released a positive PEA highlighting
a Pre-tax NPV of $625 million (using a 5% discount factor) and an
IRR of 34.4%. (Please see press release dated December 2, 2013 or
www.carlislegold.com/pea.php.)
About Orebodies: Canadian Orebodies is a Canadian-based mineral
exploration company with a portfolio of properties in Nunavut,
Ontario, and Manitoba. Canadian Orebodies trades on the TSXV under
the symbol "CO". For more information please visit
www.canadianorebodies.com.
This press release shall not constitute an offer to sell or
solicitation of an offer to buy the securities in any jurisdiction.
The Company's shares and other securities have not been and will
not be registered under the United States Securities Act of 1933
and may not be offered or sold in the United States absent an
applicable exemption from the registration requirements.
Except for statements of historical fact contained herein,
the information in this press release may constitute
"forward-looking information" within the meaning of Canadian
securities law. Other than statements of historical fact, all
statements are "forward-looking statements", including the
establishment and estimate of resources, that involve various known
and unknown risks and uncertainties and other factors. There can be
no assurance that such statements will prove accurate. Results and
future events could differ materially from those anticipated in
such statements. Readers of this press release are cautioned not to
place undue reliance on these "forward-looking statements". Except
as otherwise required by applicable securities statutes or
regulation, Carlisle expressly disclaims any intent or obligation
to update publicly forward-looking information, whether as a result
of new information, future events or otherwise.
Neither IIROC nor the TSX accepts responsibility for the
adequacy or accuracy of this release.
Carlisle Goldfields LimitedNicholas KonkinInvestor
Relations416-642-0869 ext.
353nkonkin@buickgroup.comwww.carlislegold.comCanadian Orebodies
Inc.Jamie FrawleyInvestor
Relations416-742-5600jfrawley@firstcanadiancapital.comwww.canadianorebodies.com