Calico Receives Conditional Approval for Grassy Mountain Option Agreement

VANCOUVER, May 12 /CNW/ - Calico Resources Corp. (TSX-V: CKB) (the "Company" or "Calico") is pleased to announce that the TSX Venture Exchange (Exchange) has granted conditional approval for the previously announced Option Agreement between Calico and Seabridge Gold Inc. (Seabridge) for the acquisition by Calico of a 100% interest (subject to certain royalties) in the Grassy Mountain Project (the "Project"). Completion of the documents required to clear the conditions is well under way and the Company will submit the filings as soon as possible in accordance with the instructions of the Exchange.

The Company also announces the grant of 50,000 incentive stock options to an Officer of the Company pursuant to its incentive stock option plan. These options are exercisable for a period of five years from the date of grant at a price of $0.40 per share.

On behalf of the Board,

William S. Wagener

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

Organization Profile

CALICO RESOURCES CORPORATION

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