VANCOUVER, Aug. 16 /PRNewswire-FirstCall/ - Callinan Mines has received an interim payment
of $3,266,325 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 June 30th, 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,
Mike Muzylowski
Mike Muzylowski
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 private placements and
the timing and amount of expenditures. Callinan does not assume the
obligation to update any forward-looking statement.
SOURCE Callinan Mines Ltd.
Copyright . 16 PR Newswire