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Calico Resources Corp
Symbol CKB
Shares Issued 77,445,845
Close 2015-01-05 C$ 0.15
Market Cap C$ 11,616,877
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Calico testwork from Grassy reaches 97% Au recovery

2015-01-06 07:42 ET - News Release

Mr. Paul Parisotto reports

CALICO REPORTS EXCEPTIONAL RESULTS FROM METALLURGICAL TEST WORK

Resource Development Inc. (RDi) has completed positive bench-scale metallurgical testing for Calico Resources Corp.'s Grassy Mountain project located in southeastern Oregon. A technically sound and economically viable processing strategy has been developed by RDi for production of gold and silver based on representative samples of drill core from Grassy Mountain. Tests indicate that recoveries of 97.0 per cent gold and 84.6 per cent silver are achievable utilizing a conventional gravity process followed by carbon-in-leach (CIL) cyanidation of the gravity tailings. Dr. Deepak Malhotra, PhD, president of RDi, directed the work.

  SUMMARY OF GRAVITY AND LEACH TEST RESULTS -- GRASSY MOUNTAIN PROJECT   
    
Primary          Gravity                        Leaching        Over all
grind
P80, mesh
              Recovery %        Grade g/t     Recovery %      Recovery %
              Au      Ag       Au      Ag     Au      Ag      Au      Ag

48          22.6    16.6    336.1   598.4   90.6    79.2    92.7    82.7
65          25.1    18.9    286.1   443.4   91.1    76.8    93.3    81.2
100         26.9     6.4    961.7   975.8   95.9    83.6    97.0    84.6

Note 
Feed assayed 8.50 g/t Au and 19.1 g/t Ag.

"These exceptional results take us another step closer to establishing the economic potential of Grassy Mountain. The next step is to incorporate the metallurgical data into the preliminary economic assessment now in progress. We expect to announce the results of the PEA later this month. Meanwhile, we also continue to advance the project through the permitting process. Our aim remains to derisk the project in preparation for a transaction that unlocks the value of Grassy Mountain for our shareholders," said Paul Parisotto, president and chief executive officer of Calico.

Qualified person

Michael F. McGinnis, a qualified person (CPG 10914) pursuant to National Instrument 43-101 standards for disclosure for mineral projects, has reviewed and approved the technical contents of this news release. Mr. McGinnis is Calico's project manager/exploration and is therefore not independent of Calico.

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