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Last updated on April 24, 2014 at 14:09 EDT

Calico Resources reaches major permitting milestone at Grassy Mountain Project

July 11, 2012

VANCOUVER, July 11, 2012 /PRNewswire/ – Calico Resources Corp. (TSX-V: CKB, OTCQX: CVXHF) (the “Company” or “Calico”) is pleased to announce Calico Resources USA
Corporation completed their first significant permitting advance in the
State of Oregon, receiving a “completeness determination” on a Notice
of Intent to conduct mining operations on patented land at the Grassy
Mountain Project. The site is located 25 miles south-southwest of Vale,
Oregon in Malheur County.

“This is a major step in a series of permitting requirements to open an
underground mine and processing facility at the Grassy Mountain site.
The Department of Geology and Mineral Industries (DOGAMI) will now move
ahead with the Division 37 permitting process by activating the
Technical Review Team and a Project Coordinating Committee to implement
a consolidated permitting process. We have worked very closely with
DOGAMI, other state agencies and the BLM to accomplish this permitting
milestone”, stated Buck Morrow, President and CEO.

“We are now moving ahead to complete work plans for environmental
baseline studies including preliminary prefeasibility- level operating
and reclamation plans. In addition Calico will submit other necessary
permit applications to finalize all necessary information requirements.
The next permitting milestone is approval and implementation of the
environmental baseline program and initial operating and reclamation
plans which will result in the receipt of the “Notice to Proceed” by
DOGAMI.  This will trigger a one year process after which all
requirements are met, the environmental and socioeconomic evaluations
completed, and the consolidated permits can be issued”, according to
Morrow.

The Calico Grassy Mountain Project is the first mining proposal in
Oregon since 1995 to file and receive approval of a Notice of Intent
under Division 37, Chemical Process Mining (632-037000059) This
consolidated process is designed to effectively implement the
provisions of Chapter 735, 1991 Oregon Laws, which address obtaining
permits necessary to operate a chemical process mine.

About Grassy Mountain
The Grassy Mountain Project contains NI 43-101 compliant (see March 29,
2012 Technical Report) Indicated resources of 1,271,300 ounces of Au in
37,471,000 tonnes averaging 1.055 g/t at a 0.34 g/t cutoff and Inferred
resources of 305,600 ounces of Au in 15,733,300 tonnes averaging 0.604
g/t at a 0.34 g/t cutoff. Contained in the resource above, is a higher
grade NI 43-101 compliant resource suitable for underground mining with
Indicated resources of 540,200 ounces Au in 3,195,400 tonnes averaging
5.258 g/t at a 2.06 g/t cutoff and Inferred resources of 58,500 ounces
Au in 302,600 tonnes averaging 6.010 g/t at a 2.06 g/t cutoff.

Qualified Person
Michael McGinnis, Calico’s Exploration Project Manager, is a Qualified
Person as defined by National Instrument 43-101 and has reviewed and
approved the technical contents of this release.

On behalf of the Board,

Arden (Buck) Morrow
President and 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


Source: PR Newswire