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Vancouver, June 15, 2011, Calico Resources Corp. (TSX-V: CKB) (the �Company� or �Calico�) is pleased to announce that the TSX Venture Exchange has given final approval of the Grassy Mountain NI 43-101 Technical Report (Report) prepared by Mike Lechner, P. Geo., President, of Resource Modeling Inc., and a Qualified Person under National Instrument 43-101 ("NI 43-101"). In updating the Report, an assessment of the permitting environment was undertaken by Jon Brown of Telesto Nevada who concluded:
�Although numerous permits are required, and Federal, State and local regulatory agencies are involved, it is the opinion of Telesto that, the permitting process for a chemical mining project in Oregon does not differ significantly from similar requirements for precious metal mining projects in other western states like Nevada, Idaho, or Arizona".
The Report estimates open pit Indicated resources for the Project 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. The resource is l ocated entirely on Patented Lode Mining Claims within the larger approximately 3,800 acre project claim package located in Malheur County, Oregon, approximately 70 miles west of Boise, Idaho and 22 miles south of Vale, Oregon. A copy of the NI 43-101 is posted on SEDAR and Calico�s website.
Calico�s Phase I exploration drilling program, planned to commence in mid summer, will concentrate on further defining and expanding the high-grade underground potential at Grassy Mountain. The high grade zone was previously evaluated by a historic, non NI 43-10 compliant, pre-feasibility study, titled �Newmont Grassy Mountain Corporation Pre-Feasibility Study, 1,000 st/d Underground Mine Option, Malheur County Oregon, Kilborn International Inc., January 1993�. (the �Kilborn Study�). The Kilborn Study identified a high-grade underground indicated and inferred reserve with an associated 414,600 ounces of gold, using a 0.1 opt (3.1 g/t) cutoff grade. The study was based on a 1,000 ton per day underground and mill processing operation. Average diluted and capped mill feed grade was projected at 0.265 opt (8.2 g/t).
Note that NI 43-101 does not use the terms �indicated and inferred reserve� or �an associated� and, accordingly, those terms are not NI 43-101 compliant. The Kilborn Study pre-dates NI 43-101 and used various terminologies in describing the resource but given the detail of analysis, cost estimates and other references in the report it appears that the report was referring to proven and probable reserves. Calico believes that the estimate in the Kilborn Study was accurate and reliable at the time of its completion and many of the conclusions remain relevant today. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. The Company is not treating the historical estimate as current mineral resources or mineral reserves and the historical estimate should not be relied upon. There is no intention to imply any current economic viability.
Quality Assurance / Quality Control
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101, and reviewed by the Company�s qualified person, Vance V. Thornsberry, P. Geo., Vice President of Exploration for Calico Resources Corp.
On behalf of the Board,
William S. Wagener
President and CEO
Cautionary Statement
This document contains �forward-looking statements� within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding exploration plans and other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company�s documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound.
"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.
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