Calais Resources Inc. Announces Amendments to Previously Issued Statements

DENVER, COLORADO--(Marketwire - Aug. 10, 2011) - CALAIS RESOURCES INC. ("Calais" or the "Corporation") wishes to revise and retract certain statements made in a press release issued by the Corporation dated February 14, 2011 (the "Press Release").

In the Press Release the Corporation disclosed historical estimates from the Consolidated Caribou 43-101F1 Technical Report. However, the Corporation has become aware that the historical estimates are not in compliance with the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects, both in effect at the time and under the new rules. Therefore, the Corporation wishes to retract, in its entirety, the section entitled Historic Resources set out on pages 2 and 3 of the Press Release.

Additionally, in the Press Release the Corporation stated it was "a developmental stage mineral exploration company". The Corporation would like to retract and amend this statement to read "an exploration stage mineral company".

The common shares of the Corporation are not currently listed or quoted on any exchange or market in Canada or the United States.

The Corporation intends to continue to explore and develop its mineral properties located in Colorado.

Forward-Looking Statements:

Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"), including the Corporation's intention to continue to explore and develop mineral properties located in Colorado. Although the forward-looking statements contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, the Corporation cannot be certain that actual results will be consistent with these forward-looking statements. A number of factors could cause events and achievements to differ materially from the results expressed or implied in the forward-looking statements.

Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause the Corporation's actual results, event, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Corporation has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Any forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law. In particular, there is no assurance that the Corporation will be able to continue to explore and develop its mineral properties located in Colorado.