Calico Resources Corp. Accomplishes Two Major Permitting Milestones at Grassy Mountain

In a letter dated January, 20, 2016, the State of Oregon Technical Review Team (TRT) under the direction of the Oregon Department of Geology and Mineral Industries (DOGAMI) has determined that the baseline data submitted by Calico is complete and may be used by Calico to support both the consolidated application and environmental evaluation.

Furthermore, in a letter dated November 10, 2015, the United States Bureau of Land Management (BLM) has determined that Calico's Revised Plan of Operations (Plan) at Grassy Mountain is complete. This means that Calico can now proceed with conducting the necessary National Environmental Policy Act (NEPA) activities required to complete the application without submitting a reclamation bond at this time. When the NEPA process is finalized, the Company must submit a detailed reclamation plan. Once the reclamation bond has been determined by the BLM and Calico has submitted a financial guarantee, the Company can begin project construction. The Plan will be considered complete and authorized when the NEPA process is finalized and the reclamation bond submitted.

"Completing the baseline data has cleared a major hurdle in meeting the requirements of the State's Division 37 Chemical Process Mining Permit for hardrock mines. It is the farthest any major hardrock mining permit has progressed since the inception of the 1993 Division 37 regulations. What we have demonstrated is that the process works and the State is able and willing to move forward with well-designed, environmentally-responsible mining projects. Calico has now entered the consolidated application phase of Division 37 and we intend to submit a completed application during the 3rd Quarter of 2016", stated Paul Parisotto, President and CEO of Calico.

Michael F. McGinnis, Calico's Project Manager/Exploration, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 and has reviewed and validated the information contained in this news release.


About Calico

Calico owns a 100% interest in the advanced stage Grassy Mountain gold project in Oregon. Please see the Company's website at www.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.

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:

Calico Resources Corp.
Paul A. Parisotto
1-855-589-0400
www.calicoresources.com.



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