VANCOUVER, Feb. 15 /CNW/ - Callinan Mines (TSXV:CAA) has received an
interim payment of $4,524,342 from HudBay minerals Inc. This payment
represents 75% of an estimate of 6 2/3% of the net profits from the 777
Mine in Flin Flon, Manitoba for the quarter ended Dec. 31st, 2010.
Callinan Mines has a current cash position of approximately $18 million,
with no debt. The company is involved in an ongoing legal action
against Hudbay Minerals designed to gain transparency in the
calculation of both the quarterly net profits payments and past
On Behalf of the Board of Directors,
President and CEO
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.
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 contemplated work programs and the timing and
amount of expenditures. Callinan does not assume the obligation to
update any forward-looking statement.
The Company disclaims any intention or obligation to update or revise
any forward-looking statements whether as a result of new information,
future events or otherwise.
SOURCE Callinan Mines Ltd.
For further information:
Braden Maccke, 736 Granville Street, Suite 1100, Vancouver, BC, V6Z 1G3, Telephone: (604) 605-0885, Toll-Free: 1-877-228-5210, Fax: (604) 605-0886, Email: firstname.lastname@example.org, Website: www.callinan.com