Calico Drills 153 feet (46.73 m) of 0.255 opt (8.75 g/t) Gold Using a 50 g/t Au Cap At Grassy Mountain

VANCOUVER, Nov. 15, 2011 /PRNewswire/ - Calico Resources Corp. (TSX-V: CKB, OTCQX: CVXHF) (the "Company" or "Calico") is pleased to announce the final results from the first two core holes of the recently completed 12 hole drilling campaign at Grassy Mountain.  The drill program targeting the higher grade portion of the resource consisted of three (3) core holes and nine (9) reverse circulation rotary (RC) holes totaling 10,216 feet was completed October 30, 2011.

• Drill hole CAL-001, a -70 degree angle hole extended gold mineralization 100 feet south of historic RC holes TSO-2 and 26-043 along Section 2950NW, intersected 213.7 feet (65.14 m) of high-grade material averaging 0.146 opt Au (4.98 g/t) using a 50 g/t cap on Au sample results.
• Drill hole CAL-002, a vertical hole designed to fill in a 200 foot gap between historic RC holes 26-037 and 26-056 on Section 2900NW, intersected 153.3 feet (46.73 m) of high-grade material averaging 0.255 opt Au (8.75 g/t) using a 50 g/t cap on Au sample results.
• Table 1 below presents, weight averaged intercepts, both uncapped and "top-capped" at 50 g/t.  Intercepts include internal waste (waste is defined as maximum consecutive down hole assay length containing less than 2g/t) and are 40 feet in CAL-001 and 20 feet in CAL-002 (note this statement is not meant to imply economics).  The intercepts are "bottom capped" at >2 g/t above and below the intercept. Table 2 presents comparative results of the above mentioned historic RC holes.
  
  

It is not possible at this time to determine true width of the higher grade intercepts.  CAL-001, an angle hole, was drilled normal to the trend of mineralization; however it does not penetrate full width of mineralization due to the geometry of the deposit. A Drill Hole Plan Map and Sections 2900NW and 2950NW depicting the locations of CAL-001 and CAL-002 are posted to the Company's website at www.calicoresources.com.

Vance Thornsberry VP of Exploration states "Both core holes accomplished their targeted objective by intersecting the high-grade portion of the resource as designed.   All holes drilled this season appear to have encountered the correct lithology, alteration and structure consistent with the historic drilling.  The remaining ten (10) drill holes will be announced as appropriate when the final assays are received."

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.

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. He has verified the drill results and other data disclosed in this news release, including sampling, analytical and test data. Field work has been conducted under his supervision. The Calico sampling and analysis program included an industry standard QA/QC program, including the insertion of certified standards, duplicates and blank material into the assay stream. Documented chain of custody follows the core and RC samples from the drill rig to a secure field office, to sampling and logging, to the shipper and to the laboratory.   Samples are given a unique identification number and sample batches are number sealed.  Samples were transported by Federal Express Freight to ALS Chemex, an ISO9001:2008; and ISO/IEC17025:2005 certified assay lab in Reno, Nevada and Vancouver, British Columbia for analysis. The samples were analyzed for gold and silver using a standard 50g fire assay Gravimetric procedure.

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