VANCOUVER, Nov. 16, 2011 /CNW/ - Callinan Royalties Corporation has
received interim quarterly royalty payments totaling $4,836,406 from
HudBay Minerals Inc.
The royalty payments include a payment of $4,730,620 from the 6 2/3% Net
Profits Interest Royalty and $105,786 from the $0.25 per ton of ore
produced for the quarter ended September 30, 2011.
The Net Profits Interest payment represents 75% of an estimate by Hudbay
Minerals Inc. The remaining 25% is paid annually, in mid-July, 130
business days after the financial year end of HudBay Minerals Inc.as
per the agreement.
The quarterly payments are due to Callinan's royalty interests on lands
that include the 777 Mine at Flin Flon, Manitoba, Canada, which is the
principal mining operation of HudBay Minerals Inc.
On Behalf of the Board of Directors,
Roland Butler, CEO
Callinan Royalties Corporation is a mineral royalty company based in
Canada. Its principal business activities centre on acquiring and
creating a portfolio of mineral royalties while diligently managing its
royalty interests and investments.
The Corporation currently has two producing royalties. Callinan holds a
6 2/3 % net profits interest royalty and another $0.25 per ton royalty
on lands that include the 777 Mine owned by Hudbay Minerals Inc.
located at Flin Flon, Manitoba, Canada as well as the adjacent 777
North Mine scheduled for production in 2012. Callinan also holds the
777 Deeps (War Baby) property and an associated royalty option located
on that property, which is located adjacent to the 777 Mine.
Callinan is a Tier 1 company listed on the TSXV under the symbol CAA.
The Corporation has a strong financial position with no debt,
approximately $29 million in cash and approximately 49,000,000 shares
For more information, please visit www.callinan.com.
Cautionary Statement on Forward-Looking Information
Neither the 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. Certain of the information presented in this News Release may constitute
"forward-looking statements" or "forward-looking information" within
the meaning of Canadian securities legislation (together referred to as
"forward-looking statements"). . The forward-looking statements are
subject to risks, uncertainties and other factors that may cause actual
results to be materially different from those expressed or implied by
such forward-looking statements, including any delays in the receipt of
consents or approvals. Although Callinan Royalties has attempted to
identify important factors that could cause actual actions, events or
results to differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events or
results not to be as anticipated, estimated or intended. There can be
no assurance that such statements will prove to be accurate as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements contained in this News
Release and in any document referred to in this News Release.
Forward-looking statements are made based on management's beliefs,
estimates and opinions on the date the statements are made and Callinan
Royalties undertakes no obligation to update forward-looking statements
if these beliefs, estimates and opinions or other circumstances should
change, except as required by applicable law.
SOURCE Callinan Royalties Corporation
For further information:
Braden Maccke, 736 Granville Street, Suite 110, Vancouver, BC, V6Z 1G3, Telephone: (604) 605-0885, Toll-Free: 1-877-228-5210, Fax: (604) 605-0886, Email: email@example.com, Website: www.callinan.com