New Agreement Allows Calico to Acquire 100% Interest in Grassy Mountain

Calico Resources Corp.(TSXV:CKB) entered into an agreement with Seabridge Gold Inc. The new agreement amended the terms of the original option which now allows Calico to acquire 100% in the Grassy Mountain project. The closing of the new agreement is expected to take place in late April, 2012.

As quoted in the press release:

Under the terms of the Amended Option, Calico will immediately acquire a 100% interest in the Property in consideration for (a) the issuance of 11,000,000 securities (in a to-be-determined combination of common shares and special warrants) and (b) the immediate granting of a 10% Net Profits Interest (an “NPI”) to Seabridge.

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