VANCOUVER, June 2, 2011 /PRNewswire/ - Callinan Mines is pleased to report strong
financial performance in the nine months ended March 31, 2011.
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Nine Months |
Nine Months |
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March 2011 |
March 2010 |
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| Operating summary |
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| Revenue |
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$23,665,470 |
$12,055,162 |
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| Operating Income |
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$20,618,457 |
$10,318,982 |
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| Net earnings |
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$16,226,453 |
$10,457,482 |
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| Financial position |
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| Working capital (i) |
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$38,126,041 |
$20,065,749 |
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| Available cash |
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$29,072,414 |
$13,248,446 |
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| Per share |
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| Basic |
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| Average number of voting shares outstanding |
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45,952,972 |
44,831,088 |
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| Net income per share |
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$0.35 |
$0.23 |
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| Diluted |
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| Average number of shares outstanding |
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46,847,212 |
45,219,801 |
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| Net income per share |
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$0.35 |
$0.23 |
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| (i) Working capital consists of
current assets less current liabilities |
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During the quarter ending March 31,
2011, Callinan received a total of $13 million from HudBay, including an adjustment
payment of $6.2 million received in
the month of March. The payment was made to account for an error in
calculation discovered by HudBay. The company considers this
payment to be an extraordinary occurrence. Net income for the
quarter after tax accruals was $9.7
million, or $0.21 per share.
Callinan's total year to date revenue is $23.6 million with net income of $16.2 million or $0.35 per share. The company currently has
$38 million in working capital and
$29 million in available cash.
Spin-Out Meeting
Callinan wishes to remind its shareholders and any interested
parties that a special meeting of shareholders will be convened on
Thursday the 7th of June at the Four Seasons Hotel in
Vancouver at 11:00 a.m. At this meeting, the shareholders will
vote on a proposal that will see Callinan's exploration assets
re-organized into a new company (Callinex Mines Ltd.) to be given
to Callinan's shareholders on the basis of 4.5 shares for every 1
share of Callinan. Following the spin-out, Callinan Mines will continue to conduct business
as a royalty-focused mineral company under the name Callinan
Royalties, and Callinex will be an exploration company.
On Behalf of the Board of Directors,
Mike Muzylowski
Mike Muzylowski
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.