Drilling Continues at Calico’s Grassy Mountain Gold Project

Calico Resources Corp.(TSXV:CKB,OTCQX:CVXHF) announced drill results the Grassy Mountain drill program which completed in October 2011. The announcement reported results from five sequential drill holes.

Highlights include:

• CAL-004R, a -70 degree step-out hole (45.7m / 150ft.) cut 38.1m (125 ft.) of mineralization averaging 8.77 g/t (0.256 opt) Au including 12.2m (40 ft.) averaging 15.86 g/t (0.463), extends mineralization to the south on section 2850NW.
• CAL-005R, a -65 degree fill-in hole, covers a 60.9m (200 ft.) gap in drilling by intersecting 60.9m (200 ft.) averaging 4.83 g/t (0.141) opt Au including 19.8m (65 ft.) averaging 11.47g/t (0.335 opt) Au, extends mineralization vertically and to the north on section 3050NW.

Calico Resources, VP of Exploration, Vance Thornsberry, said:

All 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 five (5) drill holes will be announced as appropriate when the final assays are received.

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