VANCOUVER, Oct. 30 /CNW/ - Callinan Mines Limited (CAA-TSX.V) wishes to
update its shareholders and prospective investors regarding its financial
position, and its upcoming activities.
Presently, the company has a strong cash position and no debt. The
company's income continues to be derived from its 6 2/3% net profits interest
in the 777 Mine in Flin Flon, Manitoba. The company is sufficiently
capitalized to conduct continuing exploration programs, and to continue its
ongoing litigation against HudBay Minerals Inc.
Callinan's directors have chosen to focus exploration activities on the
most cost-effective properties this winter. The programs will include
geophysical work and drilling at our Phillips Lake property in the Thompson
Nickel Belt, where we have discovered high grade nickel mineralization.
Programs conducted in the winter of 2007 / 2008 at Pine Lake and Fox River
yielded low nickel values. These programs will be held in abeyance as Phillips
Lake becomes the focus of this winter's exploration. The program carried out
at Coles Creek this summer continues to return encouraging silver, lead and
zinc results. Assays will be announced as soon as the complete set has been
received and compiled.
"Our intention for the coming months is to preserve capital," President
Mike Muzylowski explained. "The volatile metals and capital markets are making
exploration an even more uncertain proposition than it usually is, so the
focus will be on the most inexpensive and high-potential properties. By virtue
of our cash position and our income, we will survive these difficult economic
times and continue to prosper."
On behalf of the Board of Directors,
Chairman and CEO
The TSX Venture Exchange has not reviewed or approved and does not accept
responsibility for the adequacy or accuracy of this News Announcement.
Some statements in this news release contain forward-looking information.
These statements include, but are not limited to, statements with respect to
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 financings and the timing and amount of expenditures.
Callinan does not assume the obligation to update any forward-looking
For further information:
For further information: Braden Maccke, (604) 605-0885