Callinan Receives First Net Profits Interest From HudBay Minerals Inc.
November 08 2007 - 3:32PM
Marketwired
VANCOUVER, BRITISH COLUMBIA has today received an interim
payment of $358,000 from HudBay Minerals Inc. representing 75% of
an estimate of 6 2/3% of net profits from HudBay's 777 Mine in Flin
Flon, Manitoba for a portion of the quarter ended September 30,
2007. Today's payment is the first time that HudBay's quarterly
payment has included a portion attributable to Callinan's 6 2/3%
Net Profits Interest in the 777 Mine which is derived from an
agreement made between Callinan and HudBay dated January 1, 1988.
Under the agreement, HudBay was entitled to recover all its
capital, operating and other costs incurred on the 777 Mine and the
Callinan Mine plus interest before Callinan was entitled to receive
any net profits.
Mike Muzylowski, President and CEO
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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news
release.
Contacts: Callinan Mines Limited Braden Maccke (604) 605-0885
(604) 605-0886 (FAX) Email: investors@callinan.com Website:
www.callinan.com