Callinan proposes to extend term of warrants


    Trading Symbol: CAA: TSX VENTURE

    VANCOUVER, Oct. 29 /CNW/ - Callinan Mines Limited ("Callinan") proposes
to extend by one year the term of outstanding share purchase warrants
exercisable for 628,250 common shares of Callinan and issued pursuant to a
private placement, the first tranche of which closed on November 2, 2006
(warrants outstanding exercisable for 625,750 common shares) and the second
tranche of which closed on December 19, 2006 (warrants outstanding exercisable
for 2,500 common shares). The warrants were originally exercisable for one
year from the date of issuance, however, they were extended in October 2007
for one year and the exercise price was amended to $1.25 per share from $1.50
per share.
    This proposed extension of the term of the warrants is subject to
regulatory approval.

    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
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 financings and the timing and amount of expenditures.
Callinan does not assume the obligation to update any forward-looking

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