Callinan Receives Fourth Quarter Royalty Payment from HudBay Minerals
February 15 2011 - 12:07PM
PR Newswire (Canada)
VANCOUVER, Feb. 15 /CNW/ -- VANCOUVER, Feb. 15 /CNW/ - Callinan
Mines (TSXV:CAA) has received an interim payment of $4,524,342 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 Dec. 31(st), 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
President and CEO Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy 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 work programs and the timing and amount of
expenditures. Callinan does not assume the obligation to update any
forward-looking statement. The Company disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise.
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V6Z 1G3, Telephone: (604) 605-0885, Toll-Free: 1-877-228-5210, Fax:
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