Callinan Receives Fourth Quarter Royalty Payment from HudBay Minerals
VANCOUVER -- Callinan Mines (TSX.V -- 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 entitlements.
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.