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Calico Resources appoints Parisotto as president, CEO

2014-08-18 17:01 ET - News Release

Mr. Rudi Fronk reports

CALICO RESOURCES APPOINTS NEW CEO AND PRESIDENT

Calico Resources Corp. has made a change in the senior leadership of the company to reflect the next step in Calico's value creation process. Paul A. Parisotto has been appointed president and chief executive officer of Calico. Mr. Parisotto is an experienced resource company executive and former investment banker who has successfully managed the development and sale of major mining assets. Buck Morrow, who has acted as president and chief executive officer since 2012, will remain as a director.

Speaking on behalf of the board, Rudi Fronk noted: "Buck has been instrumental in the early stages of Calico, acquiring the Grassy Mountain project and moving it forward through exploration, economic evaluation and permitting. We wish to thank Buck for his valuable contributions to Calico. Paul has an unusually wide range of experience, which we believe will be critical for Calico in the next phase of its evolution."

As chairman and director of Noront Resources Ltd. since 2008, Mr. Parisotto has been responsible for all facets of the administration of this public nickel-copper-platinum-palladium company. As president, chief executive officer and director of Arizona Star Resource Corp., listed on the TSX Venture Exchange and the American Stock Exchange, he led the sale of the company to Barrick Gold Corp. in December, 2007, for $773-million in an all cash takeover bid. Arizona Star owned a 51-per-cent interest in one of the world's largest undeveloped gold/copper deposits. Earlier in his career, Mr. Parisotto built and headed up the mining corporate finance business for a Canadian investment dealer after serving as the manager, original listings for the Toronto Stock Exchange.

Mr. Fronk has assumed the new role of non-executive chairman of the board of Calico. Mr. Fronk is chairman and chief executive officer of Seabridge Gold Inc., listed on the New York Exchange and the TSX. Other key Calico personnel responsible for technical and permitting work will remain in their current positions.

"Our mandate on behalf of our shareholders is to derive value from our 100-per-cent-owned Grassy Mountain project. We are fully confident about the value of this asset and the ability of our team to get the job done," Mr. Fronk said.

The company also reports that 1.35 million incentive stock options were granted to key non-director employees of Calico at a strike price of 16 cents per share and exercisable for five years. Of these options, 675,000 vest immediately, while the remaining 675,000 will vest on the achievement of specific corporate objectives.