A method is shown for producing stable, non-settling calcium hydroxide slurries with defined solids, viscosity, reactivity, and particle size. A traditional hydrated lime is first blended with an organic solvent. The hydrated lime and organic solvent blend is then wet-milled in a media mill. The resulting slurries can be used in applications where the addition of aqueous calcium hydroxide slurries would be a disadvantage such as in the production of solvent based oils, greases and lubrication products. The process can also be used to produce stable, non-settling, ultra-fine particles of calcium oxide in organic solvents, where fine particles are needed for processing in organic matrices.