VANCOUVER, July 26, 2011 /PRNewswire/ - Callinan Mines has received a payment of
$5,090,939 from Hudbay Minerals Inc.
This payment represents the remaining balance of payments due to
Callinan for fiscal 2010 under the 777 / Callinan Mine Net Profits
Interest and Royalty agreement.
Interim quarterly payments were made throughout 2010, estimated
by Hudbay Minerals Inc. to represent 75% of 6 2/3% of the net
profits from the 777 Mine in Flin Flon,
Manitoba, plus $0.25 per ton
of ore mined. This payment represents the balance of the 25%
withheld over the four financial quarters ended December 31, 2010, adjusted to reflect final
calculation by Hudbay Minerals Inc. of the net profits
interest.
On Behalf of the Board of Directors,
Roland Butler
Roland Butler, CEO
Cautionary Statement on Forward-Looking
Information
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.
Certain of the information presented in this
News Release may constitute "forward-looking statements" or
"forward-looking information" within the meaning of Canadian
securities legislation (together referred to as "forward-looking
statements"). . The forward-looking statements are subject to
risks, uncertainties and other factors that may cause actual
results to be materially different from those expressed or implied
by such forward-looking statements, including any delays in the
receipt of consents or approvals. Although Callinan Royalties has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that such
statements will prove to be accurate as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements contained in this News Release and in
any document referred to in this News Release. Forward-looking
statements are made based on management's beliefs, estimates and
opinions on the date the statements are made and Callinan Royalties
undertakes no obligation to update forward-looking statements if
these beliefs, estimates and opinions or other circumstances should
change, except as required by applicable law.
SOURCE Callinan Mines Ltd.