Acquisition of Securities of Calico Resources Corp.

VANCOUVER, Jan. 31 /CNW/ - On December 15, 2010, Mr. Allan W. Williams acquired from Calico Resources Corp. (formerly Cobre Exploration Corp.) (the "Company") 100,000 incentive stock options (the "Stock Options").  Each Stock Option entitled Mr. Williams to purchase one common share of the Company at a price of $0.35 per share up to December 14, 2015.

Mr. Williams now owns: (a) 1,064,000 shares of the Company; (b) share purchase warrants entitling Mr. Williams to purchase 550,000 shares of the Company; and (c) Stock Options entitling Mr. Williams to purchase 100,000 shares of the Company.  Upon the exercise of the warrants and Stock Options, Mr. Williams would own an aggregate of 1,714,000 shares of the Company or 10.23% of the issued and outstanding shares (non-diluted) of the Company.

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

Mr. Williams acquired the Options for investment purposes only.  Mr. Williams 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. Williams at (604) 681-6855.

Signed "Allan W. Williams"
Allan W. Williams

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:

ALLAN W. WILLIAMS
21071 - 43A Avenue
Langley, BC  V3A 8K4

Profil de l'entreprise

CALICO RESOURCES CORPORATION

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