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Nickel Mineralization Discovered at Phillips Project

August 26, 2008

VANCOUVER, Aug. 26 /PRNewswire-FirstCall/ — Diamond drilling on Callinan Mines Limited’s (CAA.V) Phillips Lake property near Thompson, Manitoba has discovered nickel bearing sulphide zones.

Assays on core from the 2007 winter drill program have returned significant nickel values as shown in the table below. Widths of mineralization ranging from 2.3m to 29.4m were intercepted in three holes completed during the program. Samples containing pentlandite mineralization within the larger widths graded as high as 2.98% Ni. Additional assays are currently being carried out on the zones containing nickel values to test for associated platinum group metal values. All zones remain open at depth and on strike.

Testing of one anomaly returned a near-solid sulphide intercept which assayed 1.35% Ni over 2.3 m at 175 m of vertical depth. Previous operators did not detect this nickel mineralization. Additional anomalies remain to be tested. The mineralization occurs in a serpentinized peridotite similar to that which hosts the nickel deposits along the Thompson Nickel belt.

The Company plans to carry out detailed ground pulse electromagnetic surveying (inside and outside the transmitter loop) in the coming winter season to define the targets and prepare for an extended drill program. Further drilling will be required to determine the true widths of the intercepts reported below.

   -------------------------------------------------------------------------       Hole (Angle)      From (m)     To (m)      Width (m)    Nickel Assay   -------------------------------------------------------------------------   CAP 6 (-65 degrees)    143.00      147.85         4.85          0.445%   -------------------------------------------------------------------------                          197.55      203.90         6.35          0.695%   -------------------------------------------------------------------------                          238.80      256.50        17.70          0.448%   -------------------------------------------------------------------------   CAP 7 (90 degrees)     131.90      146.10        14.20          0.364%   -------------------------------------------------------------------------                          173.90      176.20         2.30          1.352%   -------------------------------------------------------------------------   CAP 13 (-70 degrees)   105.15      125.50        20.35          0.433%   -------------------------------------------------------------------------                          153.60      166.00        12.40          0.564%   -------------------------------------------------------------------------                          174.40      203.80         29.4          0.351%   -------------------------------------------------------------------------   

Holes Cap 6 and Cap 7 were drilled from the same collar location. Cap 13 was collared 250 m north of Cap 6 and 7. Callinan Mines maintains a quality-control program using industry best practices consistent with National Instrument 43-101. The program is under the supervision of P.J Deveaux, a qualified person as defined by National Instrument 43-101. All technical information is obtained and reported within a formal quality assurance and quality control (QA/QC) program. Sampling was conducted at a Company facility in Snow Lake, Manitoba, with two 50/50 per cent splits prepared for each interval. Core was then shipped by freight to Acme Analytical Laboratories in Vancouver, BC for assay. Sample preparation and aqua regia digestion ICP-ES analysis were carried out at Acme’s Vancouver facility.

   About Callinan Mines   --------------------  

Callinan Mines is an aggressive Canadian exploration company. The Company’s ongoing exploration for base and precious metals is well funded by a Net Profits and Royalty Interest in the 777 mine in Flin Flon, Manitoba.

   On Behalf of the Board of Directors,    Mike Muzylowski   President and CEO   

The Phillips Lake Project is being conducted under the direction of Pat DeVeaux, P.Geo, a qualified person as defined by National Instrument 43-101 who has reviewed and approved the contents of this news announcement.

The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of this news announcement. The forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information.

Callinan Mines Ltd.

CONTACT: Braden Maccke at (877) 228-5210 or (604) 605-0885




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