Vancouver, British Columbia, November 17, 2011 - Correction - Calico Resources (TSXV:CKB) (OTCQX:CVXHF) reported an intercepts of 47 metres of 8.75 grams per tonne gold and 65 metres of 4.98 grams per tonne gold, from two holes at Grassy Mountain, Oregon.
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Vance Thornsberry,VP of Exploration stated, "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."
These intercepts came from the first two holes of the recently completed 12 hole drill campaign, totalling 10,200 feet, at the company's flagship Grassy Mountain Project, located in Oregon.
The project contains a NI 43-101 compliant Indicated Resource of 18.7 million tonnes containing 924,000 ounces gold averaging 1.54 grams per tonne, and an Inferred Resource of 1.8 million tonnes containing 61,000 ounces gold averaging 1.1 grams per tonne. A copy of this report was filed in June 2011 and is available at www.sedar.com
An additional 252 claims were staked in October, giving Calico a property position including approximately 8,800 acres of unpatented mining claims and 1,300 acres of fee land.
Bill Wagener, Calico's President & CEO stated, "The staking of additional claims at the Grassy Mountain Project is an important step in securing the long term life of the project. In addition to the Grassy Mountain main target, the historic exploration has identified 17 additional targets on the land package acquired from Seabridge Gold Inc."
The company's strategy is to evaluate and prioritize exploration of the 17 identified targets.
A recent audio interview with William Wagener is available at www.osixmedia.com (http://www.osixmedia.com/).
The company trades at $0.48, and with approximately 27 million shares outstanding, is capitalized at $13 million.
For more information, please visit Calico's website www.calicoresources.com (http://www.calicoresources.com/), or call Terri Anne Welyki at 604-681-6855.
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