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V a n cou v e r / TNW-ACCESSWIRE / O c t ob e r 21, 2 014 / C a li c o R e s o u rc e s C orp. ( T S X - V : C K B ) (t h e "Co m pan y " or "Ca l i co " ) announ c ed t o d ay t hat i t has au t ho r i z ed t h r ee new s t u d i es t o enh a nce t h e v a l ue of i t s 10 0% - o w ned G r a s sy Mou n t a i n g o l d p r o j e ct i n ea s t e r n O r e g o n .

C a l i co has co m m i s si o n ed M e t al M i n i ng C onsu l t a n t s I nc. of H i g h l ands R an c h, C o l o r a do, ( M M C ) und e r t he d ir e c t i on o f Sco t t E. W il s on, t o co m p l e t e a P r e li m i na r y Econo m i c A s s e s s m ent ( P EA ) f ocu s i ng on t h e h i g h - g r ade unde r g r ou n d p o r t i on o f t he G r a s s y Mo u n t a i n de p os i t . M M C h as a s t r ong tr a ck r ec o r d o f su c c e s s f ul p r o j e ct e n g i nee r i ng f o r s m a l l and m i d - s i z ed g o l d p r o j e c t s ( s ee h tt p : / / m e t a l m i n i n g co n su l t a n t s. c o m ) . C o m p l e ti on o f t h e PEA i s expe c t ed i n J a n ua r y , 2015.

A s p a r t of t h e P E A, C a l i c o has co m m i s si oned H a r d R ock C ons u l t i n g , L L C o f L i t t l e t on, C o l o r ado to upda t e t he D e ce m ber 2012 N I 4 3 - 101 r e s ou r c e e s ti m a t e . T h e upd a t ed r e s o u r ce e s t i m a t e w i l l i nc o r p o r a t e a s m a ll er b l ock s i z e w h i ch i s m o r e su i t a b l e f o r t he u nd e r g r ound m i n i ng s c ena r i o p r opos e d f or t he P E A as w e l l as r ec e nt d r i l l r e s u l t s t hat w e r e n o t i n c l uded i n t he l a s t e s t i m a t e.

A dd i t i on a ll y , C a l i co h a s con t r a c t ed R e sou r ce D e v e l o p m ent I nc., of Whea t r i dg e, C o l o r ado ( R D i ) t o unde r t a k e d e t a i l ed m e t a ll urg i cal t e s t w o r k and p r o ce s s de s i g n i n o r der t o m ax i m i z e t he r e co v e r i es f o r t he G r a s sy Mou n t a i n de p os i t . T h i s work w i l l be d i r e c t ed by D eepak M al ho t r a, Ph D , Pr e s i de n t of R D i . R e s u l t s of t h e m e t a l l u r g i c al t e s t s w i l l b e u t i l i z ed i n t h e PE A .

Paul Pa r i s o t t o, Pr e s i d e nt a nd C EO s t a t ed, " T h e P E A i s a v e r y i m po rt ant ne x t s t ep t o co n t i nue t o c r e a t e v a l ue f or t h e Ca l i co s h a r e h o l d e r s. I a m con fi d e nt t h at by f ocu si ng on de v e l op i ng t he h i g h -g r ade po r t i on o f t he G r a s sy Moun t a i n dep o s it , t he P E A w il l de m ons t r a t e t h a t t he Pr o j e c t i s e c o no m i ca ll y v i ab l e at t h e cu r r ent g o l d p r i c e . "

Funding f o r t h e s e i n i t i a t i v es w as o b t a i ned i n t he p ri v a t e p l a ce m en t s c o m p l e t ed ea r li e r t h i s m on t h.

T he G r a s sy Moun t a i n g o l d p r o j ect h os t s a h i g h g r ade N I 4 3 - 10 1 - c o m p li a n t r e s ou r ce co n s i s t i ng of an e s t i m a t ed 2,341 , 000 t o nnes of M e a su r ed g r ad i ng 9.48 g r a m s per t on n e ( 7 1 3,400 ounce s ) , 95,0 00 t on ne s of I nd i ca t ed g r ad i ng 8.75 g / T ( 26,7 00 ounce s ) and 1 4,700 t on n es of I n f e rr ed g r ad i n g 8.75 g / T ( 4,100 ounce s ) , ca l cu l a t ed u s i n g a 2.7 g / T c u t o f f g r ade. P l ease s e e t he C o m pan y ' s w eb si t e a t ca l i c o r e s o u r c e s . c om f or m o r e i n f o r m a ti on.

M i c h a e l F. M c G i nn i s, C P G 10914, C a l i c o ' s P r o j e c t M a n a g e r/ Ex p l o r a t i o n , i s t he C o m pan y ' s Q ua l i f i ed Pe r son pu r s u a n t t o N a ti on al I ns tr u m ent 4 3 - 101, St a n da r ds f or D i s c l os u r e f or M i ne r al P r o j e c t s. H e h a s r e v i ewed a nd ap p r o v ed t he t ech n i c al i n f o r m a ti on d i s c l os e d i n t h i s news r e l ea s e .

On b e h a lf of t h e B o a rd,

P a u l A . P a r i s o tt o

Pr e s i de n t & C EO

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NO T F O R D I S S E M I N A T I O N I N T H E U N I T ED S T A T ES O R F O R R E L E A S E T O U .S. N EWSW I R E S ER V I C E S .

T h is n e w s r ele a s e do es no t c on s titute a n o ffer to s ell o r a s o licit a ti o n o f a n o ffer to bu y o r s ell s e cu r i t ies in t h e U n ited S t a tes. T h e s e cu r ities ha ve no t b e e n an d w ill no t b e r e g i s tered und er t h e U n ited S t a tes S e cu r ities Act o f 1933 , a s a me n d e d , o r an y s t a te s e c ur ities l aw s an d m a y no t b e o ffe r ed o r s o ld w it h in t h e U n ited S t a tes o r to U .S . Per s on s un less a n e x em p ti o n f r o m s u c h r e g i s t r a ti o n is a v a il ab le.

N eit h er T S X Ve n t u r e Ex cha n g e no r its Re g u l a ti o n S ervices P r o vi d er ( a s t ha t te r m is d efi n ed in t h e po licies o f t h e

T S X Ve n t u r e Ex ch a ng e) a c c e p ts r es pon s i b ili t y f o r t h e ad e q u a cy o r a c cu r a cy o f t h is r ele a s e.

C a uti o n a ry St a t e m e nt

T h is do c u m e n t c o n ta i n s " f or w a r d - l oo k i n g s tat e m e n t s " wit h i n t h e m e a n i n g o f a pp li c a b le C a n a d i a n s e c u r iti e s r e gu la t i o ns . A ll s tat e m e n ts o t h er t h an s tat e m e n ts o f h i s t or i c a l f a c t h e r e i n , i n c l u d i n g , w it h o u t l i m itati o n , s t a t e m e n t s r e g a rd i n g e x p l or ati o n p la n s a n d o t h er f u t u r e p la n s a n d ob j e c ti v es, a r e f o r w a r d - l oo k i n g s tat e m e n ts t h at i n v o l v e v a r i o u s r i s k s a n d un c er ta i n ti es . T h e r e c a n b e n o as su r a n ce t h at s u ch s tat e m e n t s w i ll pro v e to b e a c c u r ate a n d f u t u r e e v e n t s a n d a c t u al r e s u lts c ou l d d i ff er m ate r ia ll y f r o m t h o s e a n tici p ated in s u c h s tat e m e n t s . I m por ta n t f a c t or s t h at c o u ld c au s e a c t u al r es u lts to d if f er m ate r ial l y f r o m o u r e x p e ctati o n s a r e d i s cl o s ed in t h e Co m p a n y ' s do c u m e n ts f iled f r o m t i m e to t i m e v ia S E D A R w i t h t h e C a n a d ian r e gu l a t o r y a g e n ci e s to w h o s e po licies w e a r e bo un d .

F o r m or e i n f o r m ati o n p lease c o n tact: P a u l A . P a r i s o tto a t 1 85 5 - 589 - 04 00 o r y o u c a n r e f er to t h e C o m p a n y ' s

w e b s i te: ww w .c a lic or es o u r c e s .c o m .

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