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Upon review of its project portfolio and upcoming option payment obligations,Calico Resources Corp. (TSXV:CKB,OTCQX: CVXHF) has determined that it will focus all its resources and efforts solely on the Grassy Mountain Project, and will not proceed with any further exploration on the Iron Lake Property.
Upon review of its project portfolio and upcoming option payment obligations,Calico Resources Corp. (TSXV:CKB,OTCQX: CVXHF) has determined that it will focus all its resources and efforts solely on the Grassy Mountain Project, and will not proceed with any further exploration on the Iron Lake Property.
As quoted in the press release:
Calico has therefore agreed with Eastfield Resources Ltd. (the vendor) to return the property to Eastfield for no consideration to either party. Under the terms of the option agreement, Calico had not earned any interest in the Iron Lake Property. Calico will reflect an exploration asset write down on the property in its next financial statements.
Calico CEO Buck Morrow said:
“Calico is committed to the exploration and development of the Grassy Mountain Project and plans to focus its team’s efforts and company funds to that end. The 2012 exploration drilling is due to begin in mid-June to test four target areas on the property.”
Click here to read the Calico Resources (TSXV:CKB) press release
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