Calico Resources Announces Filing of Updated NI 43-101 Technical Report for its Grassy Mountain Project in Oregon, USA

VANCOUVER, Dec. 4, 2012 /CNW/ - Calico Resources Corp. (TSX-V:  CKB, OTCQX:  CVXHF) (The "Company" or "Calico") is pleased to report that it has filed a National Instrument 43-101 ("NI 43-101") compliant technical report related to its October 16, 2012 news release announcing the updated resource estimate of its Grassy Mountain Gold Project located in Malheur County, Oregon, USA.

The independent technical report, entitled "NI 43-101 Technical Report on Resources, Grassy Mountain Gold Project" (the "Technical Report"), dated November 29, 2012 with an effective date of September 26, 2012, was prepared for Calico Resources by Gustavson Associates, LLC of Lakewood, Colorado, USA. The Technical Report is available through the Internet under the Company's profile on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com and on the Company's website at www.calicoresources.com.

The table below shows the measured, indicated and inferred mineral resources estimated within the Grassy Mountain Deposit (effective date of September 26, 2012). Mineral resources are reported using a 0.4 g/t (0.012 opt) gold cut-off-grade.  There are discrete higher-grade zones contained within the resource that can be represented by using a 2.7 g/t (0.079 opt) gold cut-off-grade.

Grassy Mountain Mineral Resource Estimate

Cutoff Measured
Au
(g/t)
Au
(opt)
Tonnes
(000s)
Au
g/t
Au
opt
Ounces Au
(000s)
Ag
g/t
Ag opt Ounces Ag
(000s)
0.4 0.012 33,820.8 1.30 0.038 1,416.7 3.84 0.112 4,172.6
2.7 0.079 2,341.4 9.48 0.276 713.4 13.01 0.379 979.5
    Indicated
    Tonnes
(000s)
Au
g/t
Au
opt
Ounces Au
(000s)
Ag
g/t
Ag opt Ounces Ag
(000s)
0.4 0.012 10,225.5 0.56 0.016 183.7 1.97 0.057 648.0
2.7 0.079 95.1 8.75 0.255 26.7 3.84 0.112 11.7
    Measured plus Indicated
    Tonnes
(000s)
Au
g/t
Au
opt
Ounces Au
(000s)
Ag
g/t
Ag opt Ounces Ag
(000s)
0.4 0.012 44,046.3 1.13 0.033 1,600.4 3.41 0.099 4,820.6
2.7 0.079 2,436.4 9.45 0.276 740.2 12.65 0.369 991.2
    Inferred
    Tonnes
(000s)
Au
g/t
Au
opt
Ounces Au
(000s)
Ag
g/t
Ag opt Ounces Ag
(000s)
0.4 0.012 4,376.5 0.50 0.015 69.8 1.83 0.053 258.0
2.7 0.079 14.7 8.75 0.255 4.1 4.57 0.133 2.2

g/t = grams per metric tonne;  opt = ounces per short ton

Mineral Resources are not Mineral Reserves and do not demonstrate economic viability. There is no certainty that all or any part of the Mineral Resource will be converted to Mineral Reserves. Quantity and grade are estimates and are rounded to reflect the fact that the resource estimate is an approximation.

Michael F. McGinnis, Calico's Project Manager/Exploration, is a Qualified Person as defined by National Instrument 43-101 is not independent of Calico, as that term is defined in NI 43-101, and has reviewed and approved the technical contents of this news release.

Buck Morrow CEO of Calico stated "the just filed NI 43-101 for the Grassy Mountain Project is another milestone met by Calico's technical and management team.  We are now moving to the next major milestone of completing the permitting for the project."

On behalf of the Board,

Arden (Buck) Morrow
President and 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"

SOURCE: Calico Resources Corporation

For further information:

Terri Anne Welyki
Vice President of Corporate Development
(604) 681-6855