(via Thenewswire.ca)

Vancouver, British Columbia / TheNewswire / May 6, 2015 - Calico Resources Corp. (TSX-V: CKB) ("Calico" or "the Company") has arranged a non-brokered private placement (the "Private Placement") of 25,000,000 common shares of the Company at a price of $0.08 per share for total gross proceeds of $2,000,000. No warrants, commissions or finders' fees will be issued or paid in connection with this financing.

Proceeds from the Private Placement will be used to continue the permitting process for Calico's 100% owned Grassy Mountain gold project in Oregon and fund general working capital requirements. Paul Parisotto, President and CEO of Calico, noted that permitting is proceeding on schedule and that the Company expects to complete its Division 37 application to the State by early next year. "We are encouraged by the support we have been getting from local communities and the co-operation we have received from regulators," he said.

FCMI Parent Co., a Company controlled by Albert D. Friedberg and members of his family, has agreed to subscribe for 14.9 million shares of the Private Placement, increasing its ownership in Calico to approximately 19.9%. "We are gratified to have the support of several of our largest shareholders in this financing, particularly Mr. Friedberg, a large and successful investor in resource companies," stated Parisotto.

All securities issued pursuant to the Private Placement will be subject to a four month and one day hold period. The Private Placement is subject to receipt of applicable regulatory approvals, including the acceptance of the TSX Venture Exchange (the "TSX-V").

About Calico

Calico owns a 100% interest in the advanced stage Grassy Mountain gold project in Oregon. A Preliminary Economic Assessment of Grassy Mountain released on January 13, 2015 indicates that the project represents an excellent economic opportunity in the current gold price environment. Please see the Company's website at www.calicoresources.com for more information.

On behalf of the Board,

Paul A. Parisotto

President & CEO

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.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES.

Copyright (c) 2015 TheNewswire - All rights reserved.