Acquisition of Securities of Calico Resources Corp.

VANCOUVER, Jan. 28 /CNW/ - On December 15, 2010, Mr. Arden B. Morrow acquired from Calico Resources Corp. (formerly Cobre Exploration Corp.) (the "Company") 200,000 incentive stock options (the "Stock Options").  Each Stock Option entitled Mr. Morrow to purchase one common share of the Company at a price of $0.35 per share up to December 14, 2015.

Mr. Morrow now owns: (a) 1,200,000 shares of the Company; (b) share purchase warrants entitling Mr. Morrow to purchase 800,000 shares of the Company; and (c) Stock Options entitling Mr. Morrow to purchase 200,000 shares of the Company.  Upon the exercise of the warrants and Stock Options, Mr. Morrow would own an aggregate of 2,200,000 shares of the Company or 13.14% of the issued and outstanding shares (non-diluted) of the Company.

Mr. Morrow did not pay any money for the Stock Options.

Mr. Morrow acquired the Options for investment purposes only.  Mr. Morrow may acquire additional securities of the Company, dispose of some or all of the securities he now owns or controls, or may continue to hold his current position.

A copy of the report filed in accordance with applicable securities legislation may be obtained by contacting Mr. Morrow at (604) 681-6855.

Signed "Arden Morrow"
Arden (Buck) Morrow

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

SOURCE CALICO RESOURCES CORPORATION

For further information:

Terri Anne Welyki
T: 604.681.6855

Profil de l'entreprise

CALICO RESOURCES CORPORATION

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Mr. Arden B. Morrow

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