VANCOUVER, March 11, 2013 /CNW/ - Calico Resources Corp.
(TSX-V: CKB, OTCQX: CVXHF) (the "Company" or "Calico") reports that
it has received a 16 year extension of time to construct a water
system and apply water to beneficial use at its 100% owned Grassy
Mountain Project.
On February 8,
2012, Calico Resources USA
Corp. filed an application for extension of time to complete
construction of a water system and to apply water to beneficial use
under Oregon Water Resources Department ("OWRD") Permit #
G-10994. The Permit is for water use for mining purposes at
the Grassy Mountain site. The public protest period closed on
July 27, 2012, and no protests were
filed. On December 26, 2012, OWRD
issued a final order approving the requested extension of time,
which was subject to judicial review through February 25, 2013. No petitions for judicial
review were filed.
Buck Morrow CEO of Calico stated "The extension of time to
complete the water system is another milestone met by Calico.
OWRD's approval of the extension and no adverse filings for
judicial review offers further evidence that Oregon is a favorable jurisdiction to work
in." The new completion date for construction of the water system
and application of water to beneficial use is October 1, 2028. During that time frame, Calico
is authorized to use up to 2.0 cubic feet per second (898 gallons
per minute) of groundwater year-round for mining and industrial
uses. As a condition of the extension, Calico will submit progress
reports to OWRD in 2017, 2022 and 2027 to provide evidence of
diligence towards completion of the project, and the reports will
be subject to public comment.
On behalf of the Board,
Arden B. Morrow
Chairman and CEO
"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."
SOURCE Calico Resources Corporation