Calico Announces Submission of Grassy Mountain NI 43-101 Technical Report and Option Agreement

VANCOUVER, April 26 /CNW/ - Calico Resources Corp. (TSX-V: CKB) (the "Company" or "Calico") announces that it has received an updated NI 43-101 Technical Report for the Grassy Mountain Gold Project (the "Project") and is submitting it and the previously announced Option Agreement to the TSX-V Exchange for approval.  This submission follows the announcement last week that Calico had signed the Definitive Option Agreement (Option) with Seabridge Gold Inc. for the acquisition of a 100% interest (subject to certain royalties) in the Project.  The completion and simultaneous submission of both the Technical Report and Option Agreement is a key step in the process of seeking exchange approval for the acquisition.

"We are pleased that we were able to complete and submit the Technical Report and Option Agreement for review in such a timely manner and are now planning the exploration and other property advancement activities which will commence upon receipt of TSX-V approval" said Bill Wagener, President and CEO.

Mike Lechner, P. Geo., President, of Resource Modeling Inc., and a Qualified Person under National Instrument 43-101 ("NI 43-101") has prepared for Calico the NI 43-101 Technical Report.  The Technical 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 NI 43-101 resource is located 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.

The current NI 43-101 Technical Report that was prepared by Mr. Lechner will be filed in SEDAR.

Calico is committed to operating in a manner consistent with "sustainable development" principles.  The Company is executing a plan to deliver on a strategy designed to increase shareholder value and is confident that in so doing, it will benefit the employees, communities and other stakeholders in the areas in which it operates.

Qualified Person
Mike Lechner, P. Geo., is an independent "qualified person" as that term is defined in NI 43-101, and has reviewed and approved the technical disclosure in this news release.

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.

Cautionary Statement Regarding Forward-looking Information

This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, the approval of the TSX-V of the option agreement with Seabridge, exercise of the Company's option under the agreement with Seabridge, the Company's plans for exploration drilling on the Project, the results of Company's exploration activities, statements regarding Calico's business strategy and plans for the Project and other expectations and intentions contained in this press release that are not historical fact. The Company's expectations regarding the option and the Project depend in part upon the Company's ability to obtain all necessary regulatory and other approvals for the option agreement and to conduct operations on the Project and the success of Company's exploration activities, among other things.  When used in this press release, the words "plan", "expect", "believe", and similar expressions generally identify forward-looking statements. These statements reflect the Company's current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, the failure of the parties to agree to the terms of a definitive option agreement. In light of the risks and uncertainties surrounding the option, investors should understand that the Company cannot assure investors that the forward-looking statements contained in this press release will be realized.

SOURCE CALICO RESOURCES CORPORATION

For further information:

Terri Anne Welyki, twelyki@calicoresources.com, 604-681-6855

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CALICO RESOURCES CORPORATION

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