October 30, 2008
Callinan Mines Provides Corporate Update
VANCOUVER, Oct. 30 /PRNewswire-FirstCall/ -- Callinan Mines Limited (CAA-TSX.V) wishes to update its shareholders and prospective investors regarding its financial position, and its upcoming activities.
Presently, the company has a strong cash position and no debt. The company's income continues to be derived from its 6 2/3% net profits interest in the 777 Mine in Flin Flon, Manitoba. The company is sufficiently capitalized to conduct continuing exploration programs, and to continue its ongoing litigation against HudBay Minerals Inc.Callinan's directors have chosen to focus exploration activities on the most cost-effective properties this winter. The programs will include geophysical work and drilling at our Phillips Lake property in the Thompson Nickel Belt, where we have discovered high grade nickel mineralization. Programs conducted in the winter of 2007 / 2008 at Pine Lake and Fox River yielded low nickel values. These programs will be held in abeyance as Phillips Lake becomes the focus of this winter's exploration. The program carried out at Coles Creek this summer continues to return encouraging silver, lead and zinc results. Assays will be announced as soon as the complete set has been received and compiled.
"Our intention for the coming months is to preserve capital," President Mike Muzylowski explained. "The volatile metals and capital markets are making exploration an even more uncertain proposition than it usually is, so the focus will be on the most inexpensive and high-potential properties. By virtue of our cash position and our income, we will survive these difficult economic times and continue to prosper."
On behalf of the Board of Directors, Mike Muzylowski Chairman and CEO The TSX Venture Exchange has not reviewed or approved and does not accept responsibility for the adequacy or accuracy of this News Announcement.
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 financings and the timing and amount of expenditures. Callinan does not assume the obligation to update any forward-looking statement.
Callinan Mines Ltd.
CONTACT: Braden Maccke, (604) 605-0885