Calico Announces Completion of Non-Brokered Private Placement Financing

VANCOUVER, Sept. 29, 2011 /CNW/ - Calico Resources Corp. (TSXV: CKB) (the "Company" or "Calico") is pleased to announce the closing of its non-brokered private placement announced on September 21, 2011. The Company issued 3,000,000 units at a price of $0.50 per unit. The total proceeds raised in this placement amount to $1,500,000. Each unit (a "Unit") consists of one common share and one-half of one share purchase warrant. Each full warrant ("Warrant") is exercisable into one additional common share at a price of $0.60 per share for a period of one year, expiring September 26, 2012.

All securities issued by the Company in connection with the private placement are subject to a statutory hold period and may not be traded until January 27, 2012.

The net proceeds from the Offering will be used for exploration, environmental and permitting activities on the Company's Grassy Mountain Project and for general working capital.

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."

SOURCE Calico Resources Corporation

For further information:

For more information please contact: Terri Anne Welyki - Vice-President of Corporate Development - 604-681-6855.

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Calico Resources Corporation

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