Calico Announces Management Change

VANCOUVER, May 14, 2012 /PRNewswire/ - Calico Resources Corp. (TSX-V: CKB, OTCQX: CVXHF) (the "Company" or "Calico") is pleased to announce that Arden (Buck) Morrow, the Chairman of Calico, has agreed to accept the additional positions of President and Chief Executive Officer of Calico.

Mr. William S. Wagener has resigned as President and Chief Executive Officer of Calico for personal reasons and in order to pursue other business opportunities.  Calico wishes to express its appreciation for Mr. Wagener's dedication and diligence while working with the Company.

Mr. Morrow stated, "As the new President and Chief Executive Officer, my intention is to work closely with our team of skilled professionals in order to guide the Company through the next critical steps necessary for the exploration and development of Calico's Grassy Mountain Project."

About Grassy Mountain
The Grassy Mountain Project contains NI 43-101 compliant (see March 29, 2012 Technical Report) Indicated resources of 1,271,300 ounces of Au in 37,471,000 tonnes averaging 1.055 g/t at a 0.34 g/t cutoff and Inferred resources of 305,600 ounces of Au in 15,733,300 tonnes averaging 0.604 g/t at a 0.34 g/t cutoff. Contained in the resource above, is a higher grade NI 43-101 compliant resource suitable for underground mining with Indicated resources of 540,200 ounces Au in 3,195,400 tonnes averaging 5.258 g/t at a 2.06 g/t cutoff and Inferred resources of 58,500 ounces Au in 302,600 tonnes averaging 6.010 g/t at a 2.06 g/t cutoff.

Qualified Person
Vance Thornsberry, Calico's Vice President of Exploration, is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this release.

On behalf of the Board,

Arden (Buck) Morrow
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