Callinan to Option and Drill Candorado's Rayfield River Copper Property
November 30 2007 - 9:10AM
Marketwired
VANCOUVER, BRITISH COLUMBIA has entered into an option agreement
with Candorado Operating Company Ltd. (TSX VENTURE: CDO). The
agreement affords Callinan the ability to acquire a 60% working
interest in the Rayfield River copper property near 70 Mile house,
BC.
Exploration on the Rayfield River property by previous operators
encountered consistent chalcopyrite and bornite copper
mineralization in shallow targets with grades increasing to
depth.
Robert Shives, a notable expert in radiometric surveys and
consultant to the Joint Venture, noted in a preliminary report that
the intersections from previous drilling "clearly demonstrate the
existence of a major alkaline porphyry (copper/gold) system." He
adds that, "this system (may contain) better grades deeper
down."
Airborne radiometric surveys conducted by the Geological Survey
of Canada in conjunction with Candorado have isolated several areas
that exhibit the properties of potassic alteration associated with
known copper/gold mines in the area. The targets also bear a
striking similarity to the radiometric signature at Imperial
Metals' Mt. Polly mine.
Initial exploration activities will consist of deep holes both
in areas of previously intersected shallow mineralization, as well
as in previously un-drilled airborne targets. A total of 4,000
metres of drilling has been planned to test these anomalies. The
Company is excited to be participating in the project, and is
looking forward to increased activity in the Quesnel Trough.
The option agreement entitles Callinan to earn a 60% interest in
the property by spending $600,000 on exploration within 1 year.
Callinan has agreed to pay $50,000 in cash and issue a total of
100,000 shares to Candorado as part of the agreement. The Rayfield
River property is subject to a 2% NSR, with the operator having the
option to purchase 100% of the royalty interest for the sum of
$1,000,000. The option agreement is subject to the approval of the
TSX Venture Exchange.
The Project is being overseen by Bill Gilmour, P.Geo, a
qualified person as defined by National Instrument 43 - 101 who has
reviewed and approved the contents of this release.
On Behalf of the Board of Directors,
Mike Muzylowski
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for the adequacy or accuracy of this news
announcement.
Contacts: Callinan Mines Limited Braden Maccke (604) 605-0885
(604) 605-0886 (FAX) Email: investors@callinan.com Website:
www.callinan.com