Callinan Acquires Option on Flin Flon Mining Claims


    Trading Symbol: CAA: TSXV

    VANCOUVER, July 7 /CNW/ - Callinan Mines Limited ("Callinan") is pleased
to announce that it has entered into an option agreement to acquire a 100%
interest in two mineral claims known as the Hamell Lake Claims, west of
Flin Flon Manitoba. The option ground is part of the same geological complex
as the formerly producing Flin Flon and Callinan mines, as well as the
currently producing 777 mine. Callinan plans to begin exploration on the
ground in 2008.
    Callinan will begin the option with a payment of $20,000 and issuance of
15,000 of its common shares to the optionees within five business days (the
"Effective Date") from the date of TSX Venture Exchange acceptance. Callinan
has the right to earn a 100% interest in the claims by paying the optionees a
further $130,000 and issuing an aggregate of 135,000 common shares over
36 months from the Effective Date. The optionees are entitled to receive a 2%
net smelter returns royalty interest and Callinan has the option to purchase
50% of the royalty interest at any time by paying the optionees the sum of
    The option agreement is subject to the approval of the TSX Venture

    On Behalf of the Board of Directors,

    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.

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