Vancouver October 26, 2011 Calico Resources Corp. (TSX-V: CKB, OTCQX: CVXHF) (the “Company” or “Calico”) is pleased to report that the Company has staked an additional 252 unpatented lode mining claims (5,040 acres) around its Grassy Mountain Project. The total land position currently consists of 9,540 acres containing three (3) patented lode mining claims, 418 unpatented lode mining claims, nine (9) unpatented mill site claims, six (6) unpatented association placer claims and 1,382 acres of fee land.
“The staking of additional claims at the Grassy Mountain Project is an important step in securing the long term life of the project” said Bill Wagener, President & CEO. “In addition to the Grassy Mountain main target, the historic exploration has identified 17 additional targets on the land package acquired from Seabridge Gold Inc. (Seabridge). After an extensive review of existing geologic information and completion of additional drilling during the fall of 2011, Calico’s geologists believe that there is potential for additional gold mineralization extending well beyond the land package acquired from Seabridge and have staked claims on trend and in the surrounding area that is believed to be the most prospective.”
“Calico now controls approximately 15 square miles of terrain that contains a substantial NI 43-101 compliant resource, identified exploration targets and has had significant exploration work carried out on it by predecessor companies. Some of the newly acquired land has had exploration activity in the past and after a careful review of that data it is believed that new exploration targets will emerge with further work. The expansion of our land position is consistent with Calico’s business plan of acquiring projects with existing discoveries and resources with exploration upside”, Wagener adds.
About Calico Resources Corp.
Calico’s strategy is to create shareholder value by acquiring projects that give the Company a “pipeline” of opportunities ranging from properties with near term production potential and advanced stage exploration projects with
significant exploration upside. The Company is actively exploring its Grassy Mountain Project which contains NI 43- 101 compliant Indicated resources of 18,657,000 tonnes containing 924,000 ounces Au averaging 1.54 g/t (0.045 opt) at a 0.55 g/t (0.016 opt) cutoff and Inferred resources of 1,722,000 tonnes containing 61,000 ounces Au averaging 1.10 g/t (0.032 opt) at a 0.55 g/t (0.016 opt) cut-off. A copy of the NI 43-101 report dated June 6, 2011 is posted on SEDAR and Calico’s website www.calicoresources.com.
On behalf of the Board,
W. S. Wagener
William S. Wagener
President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information: Terri Anne Welyki – Vice-President of Corporate Development – 604-681-6855.