Calico Begins Trading On The OTCQX Under Symbol CVXHF

VANCOUVER, Oct. 6, 2011 /PRNewswire/ - Calico Resources Corp. (TSX-V: CKB; OTCQX: CVXHF) (the "Company" or "Calico") is pleased to announce that its application to join the OTC markets' prestigious OTCQX International Tier have been approved. The Company will commence trading on 6 October 2011 in the US market under the symbol CVXHF. Financial disclosure and Real-Time Level 2 quotes for the Company are available on www.otcqx.com and www.otcmarkets.com.

"With our membership on the OTCQX International now complete, Calico is able to provide US investors with a trading platform that is transparent and improves efficiency when transacting shares of Calico in the US market," commented Bill Wagener, President and CEO of Calico.  "Joining OTCQX, in conjunction with the availability of our Company's information through the Standard & Poor's Market Access Program, is intended to create greater visibility in the US market during what we believe to be a very exciting time in the Company's development."

Berns & Berns, Counselors at Law will serve as Calico's Principal American Liaison ("PAL") on the OTCQX, and is responsible for providing guidance on compliance with OTCQX requirements.  Shoreline Pacific LLC advised the Company in listing on the OTCQX.

About Calico Resources Corp.
Calico's strategy is to create shareholder value by acquiring projects that give the Company a "pipeline" of opportunities ranging from properties with near term production potential and advanced stage exploration projects with significant exploration upside.

The Company is actively exploring its Grassy Mountain Project which contains NI 43-101 compliant Indicated resources 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.  A copy of the NI 43-101 report dated June 6, 2011 is posted on SEDAR and Calico's website www.calicoresources.com.

A drill program commenced in August that will concentrate on further defining and expanding the high-grade underground potential at Grassy Mountain. The high grade zone was previously evaluated by a historic, non NI 43-101 compliant, pre-feasibility study, titled "Newmont Grassy Mountain Corporation Pre-Feasibility Study, 1,000 st/d Underground Mine Option, Malheur County Oregon, Kilborn International Inc., dated January 1993". (the "Kilborn Study"). The Kilborn Study identified a high-grade underground "indicated and inferred reserve" of 1,508,000 tons at a diluted mined grade of 0.265 opt with an "associated" 414,600 ounces of gold, using a 0.1 opt (3.1 g/t) cutoff grade.  The study was based on a 1,000 ton per day underground and mill processing operation. Average diluted and capped mill feed grade was projected at 0.265 opt (8.2 g/t).

Note that NI 43-101 does not use the terms "indicated and inferred reserve" or "an associated" and, accordingly, those terms are not NI 43-101 compliant.  The Kilborn Study pre-dates NI 43-101 and used various terminologies in describing the resource but given the detail of analysis, cost estimates and other references in the report it appears that the report was referring to proven and probable reserves.  Calico believes that the estimate in the Kilborn Study was accurate and reliable at the time of its completion and many of the conclusions remain relevant today.  A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves.  The Company is not treating the historical estimate as current mineral resources or mineral reserves and the historical estimate should not be relied upon.  There is no intention to imply any current economic viability. 

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About Shoreline Pacific LLC:  With offices in New York and San Francisco, Shoreline is a licensed investment bank specializing in the resources sector. www.shorelinepacific.com Contact: Stephen Goodman, Sr. Vice President: [email protected], 917-371-2966

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.

SOURCE Calico Resources Corporation