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File: Oct7-2014.pdf

                                          NEWS RELEASE

                    Calico Closes First Tranche of Private Placement
Vancouver, October 7, 2014: Calico Resources Corp. (TSX-V: CKB) (the "Company" or "Calico") is
pleased to announce that it has closed the first tranche of its non-brokered private placement announced
on September 10, 2014. The Company has issued 7,963,331 units at a price of $0.15 per unit for gross
proceeds of $1,194,500.

Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant
is exercisable to acquire an additional common share for a period of 12 months, at an exercise price of
$0.18 per share for the initial six months and $0.21 for the final six months.

All securities issued by the Company in connection with the private placement are subject to a statutory
hold period which expires on February 7, 2015.

The Company paid a finder's fee in the amount of $10,250 to certain finders in accordance with TSX
Venture Exchange policies.

The Company anticipates closing a second tranche of the private placement in the amount of $613,500
shortly and will provide an update in due course.

The net proceeds of the private placement will be used to advance two of the Company's major goals.
First, in the near term, the Company will be moving ahead with a Preliminary Economic Assessment
(PEA) for its Grassy Mountain Project to quantify its economic potential. Secondly, the financing will
enable the Company's technical team to continue to advance the permitting process towards a completed
Division 37 application acceptable to the State of Oregon. A portion of the proceeds will also be used for
general working capital purposes.

President and CEO Paul Parisotto stated "We are very pleased to complete the first tranche of our private
placement financing in a very difficult market environment, which I believe is a testament to the quality
and economic potential of the Company's Grassy Mountain Project".

Calico owns a 100% interest in the advanced stage Grassy Mountain gold project in Oregon. The project
hosts a high grade NI 43-101-compliant resource consisting of an estimated 2,341,000 tonnes of
Measured grading 9.48 grams per tonne (713,400 ounces), 95,000 tonnes of Indicated grading 8.75 g/T
(26,700 ounces) and 14,700 tonnes of Inferred grading 8.75 g/T (4,100 ounces), calculated using a 2.7 g/T
cutoff grade. Please see the Company's website at calicoresources.com for more information.

On behalf of the Board,

Paul A. Parisotto
President & CEO

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE
SERVICES.
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This news release does not constitute an offer to sell or a solicitation of an offer to buy or sell securities in the
United States. The securities have not been and will not be registered under the United States Securities Act of 1933,
as amended, or any state securities laws and may not be offered or sold within the United States or to U.S. Persons
unless an exemption from such registration is available.

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.

Cautionary Statement

This document contains "forward-looking statements" within the meaning of applicable Canadian securities
regulations. All statements other than statements of historical fact herein, including, without limitation, statements
regarding exploration plans and other future plans and objectives, are forward-looking statements that involve
various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and future
events and actual results could differ materially from those anticipated in such statements. Important factors that
could cause actual results to differ materially from our expectations are disclosed in the Company's documents filed
from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound.

For more information please contact: Paul A. Parisotto at 1 855-589-0400 or you can refer to the Company's
website: www.calicoresources.com.