VANCOUVER, Feb. 15 /PRNewswire/ - 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. 31st, 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,
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.
SOURCE Callinan Mines Ltd.