Mr. Paul Parisotto reports

CALICO STRENGTHENS BOARD OF DIRECTORS

At the annual and general meeting held on Jan. 19, 2015, the following individuals were elected as directors of Calico Resources Corp.: Rudi Fronk, Jay Layman, Kevin Milledge, Paul Parisotto, John Pollesel, Hugo Sorensen and Allan Williams. All of the directors are independent of management except for Mr. Parisotto, who is the company's president and chief executive officer.

Three of the directors, Mr. Parisotto, Mr. Pollesel and Mr. Sorensen, are newly elected.

Mr. Fronk, chairman, commented: "The additions of Paul, John and Hugo significantly strengthen the Calico board. They collectively bring over 85 years of relevant experience to the company."

Mr. Pollesel has more than 25 years of experience in the mining industry as a member of several senior management and executive teams responsible for operations, financial management and business planning, developing governance models, and leading organizational transformation. He is currently senior vice-president, mining, at Finning Canada. He also served as chief executive officer for the Morris group of companies, and from October, 2010, to November, 2012, and prior to that, he was chief operating officer and director of base metals operations for Vale's North Atlantic operations, where he was responsible for the largest underground mining and metallurgical operations in Canada. He holds an MBA from Laurentian University, and he is both a chartered professional accountant and a certified management accountant.

Mr. Sorensen has more than 30 years of experience as a disciplined senior business executive with broad industry experience across multiple disciplines. He is currently the president and controlling shareholder of a privately held construction equipment dealership. He has also held senior executive positions in both the private and public sectors, including president of Triathalon Leasing, managing director of the Canadian division of Olsten Staffing, and president and CEO of Tormont Industries and Hy-Drive Technologies.

Mr. Parisotto has served as the president and chief executive officer of Calico since Aug. 18, 2014. For further information regarding his background, please see the company's press release dated Aug. 18, 2014.

In addition, the company also announces the grant of a total of 300,000 incentive stock options in accordance with its stock option plan, specific to the appointment of two new independent directors. The options are exercisable at a price of 17 cents for a period of five years from the date of grant. Of these options, 150,000 will vest immediately, while the remaining 150,000 will vest upon the earlier of: (1) the sale of the company; (2) the sale of the Grassy Mountain asset; (3) completion of a joint venture agreement on Grassy Mountain; or (4) approval of a plan of operation by the State of Oregon.

We seek Safe Harbor.