VANCOUVER, Nov. 30 /PRNewswire-FirstCall/ - Callinan Mines (TSX.V-CAA, OTC-CCNMF) is pleased
to report financial performance for the quarter ending September 30th, 2010. Financial
results in the period were higher than in the corresponding
1st quarter of the previous fiscal year.
Summary financial information for the period:
|
|
September
2010 |
September
2009 |
Operating summary |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
4,440,840 |
$ |
2,857,162 |
Net earnings |
|
$ |
4,019,861 |
$ |
2,475,613 |
Working capital |
|
$ |
20,982,722 |
$ |
15,615,494 |
Net income per share |
|
$ |
0.09 |
$ |
0.05 |
Average number of shares outstanding |
|
|
46,020,403 |
|
44,618,657 |
|
|
|
|
The increases in both revenue and net earnings are a reflection
of increased royalty payments derived from the company's royalty
assets. Expenditures during the quarter advanced the development of
the company's exploration assets at the Coles Creek property in
British Columbia and the Herblet
project in Manitoba.
Callinan Mines is currently
refining a plan to organize its exploration assets into a separate
company, to be distributed to Callinan shareholders, and to focus
its efforts on the development of its royalty portfolio.
The company's Annual General Meeting of Shareholders will be
held Friday December 10th,
2010 at 10 am at Vancouver's Hyatt Regency Hotel, 655 Burrard
Street, in the Grouse Room. All current shareholders and
prospective shareholders are invited to attend.
On behalf of the Board of Directors,
Tamara Edwards
Tamara Edwards, CFO
For further information, please contact Tamara Edwards at 1 (877) 228-5210.
All of Callinan's exploration programs are
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 release.
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 . 30 PR Newswire