Callinan Mines Publishes 2nd Quarter Financial Results

Mar 03, 2011, 14:35 ET from Callinan Mines Ltd.

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.

                    Six Months ending
December 2010
Operating summary                      
Revenue                             $10,609,554
Operating Income                                 8,590,772
Net earnings                                 6,443,079
Financial position                      
Working capital  (i)                             $23,757,695
Per share                      
Net income per share (before tax)                     $0.19
Net income per share (after tax)                                     $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.