Mr. Arden Morrow reports

CALICO ANNOUNCES CLOSING OF ITS THIRD AND FINAL TRANCHE OF ITS NON-BROKERED PRIVATE PLACEMENT FINANCING

Calico Resources Corp. has closed the third and final tranche of its non-brokered private placement originally announced on March 25, 2014, raising total gross proceeds of $993,000. In this tranche, the company issued 5,033,334 units at a price of 12 cents per unit. The total proceeds raised in this tranche amount to $604,000. Of the units issued in this tranche, 2,533,334 units are subject to a statutory hold period and may not be traded until Nov. 18, 2014, and 2.5 million of these units may not be traded until Nov. 26, 2014.

Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant is exercisable into one additional common share at a price of 15 cents per share for a period of one year. Of these warrants, 1,266,667 warrants expire July 17, 2015, and 1.25 million warrants expire July 25, 2015.

The proceeds of the private placement will be used to repay a loan to the company to advance the permitting process of Calico's high-grade underground gold deposit, the Grassy Mountain project, located in southeast Oregon.