Calico Announces Completion of Non-Brokered Private Placement Financing

VANCOUVER, June 13, 2011 /CNW/ - Calico Resources Corp. (TSX-V: CKB) (the "Company" or "Calico") is pleased to announce the closing of its non-brokered private placement announced on May 24, 2011.  The Company issued 2,625,000 units at a price of $0.50 per unit.  The total proceeds raised in this placement amount to $1,312,500.  FCMI Parent Co. ("FCMI") was among those participating in the private placement and subscribed for 1,000,000 units.  FCMI is a private corporation based in Toronto, controlled by Albert D. Friedberg and members of his family.

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 two years, expiring June 8, 2013.

The Company has paid a cash finder's fee of $15,000 in connection with the private placement to certain parties who were instrumental in introducing investors to the Company.

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 October 9, 2011.

The net proceeds will be used for exploration, environmental, engineering, other expenses associated with the Company's Grassy Mountain Project (Project) and for general working capital.  The Project is optioned from Seabridge Gold Inc. and is located in Malheur County, Oregon.  The Project has NI 43-101 compliant Indicated resources of 924,000 ounces of gold averaging 1.54 gram per ton at a 0.55 gram per ton cutoff.

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:

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

Organization Profile

CALICO RESOURCES CORPORATION

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