VANCOUVER, March 3 /PRNewswire-FirstCall/ - Callinan Mines (TSX.V - CAA, OTC - CCNMF) is
pleased to report financial performance for the six month period
ending December 31, 2010.
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Six Months ending
December 2010 |
Operating summary |
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Revenue |
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$10,609,554 |
Operating Income |
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8,590,772 |
Net earnings |
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6,443,079 |
Financial position |
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Working capital (i) |
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$23,757,695 |
Per share |
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Net income per share (before tax) |
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$0.19 |
Net income per share (after tax) |
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$0.14 |
(i)Working capital consists of current assets less current
liabilities.
Increases in revenue and operating income are a reflection of
increased royalty payments derived from the company's royalty
assets. Expenditures during the period advanced the exploration of
the company's mineral assets at the Gossan Hill and Herblet Lake,
projects in Northern Manitoba, and
at the Coles Creek property in Northern BC. 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. Details of this plan of
arrangement will be published as soon as they are available.
On Behalf of the Board of Directors,
Tamara Edwards, CFO
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.
SOURCE Callinan Mines Ltd.