Trading Symbols: CAA: TSX VENTURE, CCNMF: OTCBB
VANCOUVER, May 13 /PRNewswire-FirstCall/ - Callinan Mines Limited
(TSX.V-CAA) has received an interim payment of CAD$2,511,239 from HudBay
Minerals Inc. representing the quarterly installment of the company's 6
2/3% net profits interest in HudBay's 777 Mine in Flin Flon, Manitoba. The
payment represents 75% of the total due for the quarter ended March 31,
2008.
As disclosed by HudBay, Callinan's estimated year-to-date net profit
interest totals $6,983,167 million. This current payment by HudBay brings
the amount received to date by Callinan to $5,237,376, representing 75% of
the estimated net profits for the period, leaving $1,745,971 outstanding.
The outstanding amount represents 25% of actual net profits for the period,
as defined in the agreement. The balance is payable no more than 130
business days following the completion of HudBay's fiscal year. The net
profit payment is derived from an agreement made between Callinan and
HudBay dated January 1, 1988.
Mike Muzylowski, President and CEO of Callinan Mines stated, "We are
pleased with this sustained revenue stream, and are looking forward to
continuing extensive exploration programs on numerous advanced
poly-metallic exploration properties in British Columbia, Manitoba and
Saskatchewan. This income is allowing us to expand activity and develop
assets quickly and efficiently."
Mike Muzylowski
President and CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release. Some
statements in this news release contain forward-looking information. These
statements include, but are not limited to, statements with respect to the
completion of private placements and future expenditures. These statements
address future events and conditions and, as such, involve known and
unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by the
statements. Such factors include, among others, the ability to complete
contemplated private placements and the timing and amount of expenditures.
Callinan does not assume the obligation to update any forward-looking
statement.
CONTACT: Braden Maccke, Investor Relations, 736 Granville Street, Suite
1100, Vancouver, BC, V6Z 1G3, Telephone: (604) 605-0885, Fax: (604)
605-0886, Email: investors@callinan.com, Website: http://www.callinan.com
SOURCE Callinan Mines Ltd.
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CONTACT:
Braden Maccke, Investor Relations, 736
Granville Street, Suite 1100, Vancouver, BC, V6Z 1G3, Telephone:
(604) 605-0885, Fax: (604) 605-0886, Email:
investors@callinan.com, Website: http://www.callinan.com
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