VANCOUVER, Oct. 20 /PRNewswire/ - A Master of the Manitoba Court of Queens Bench has decided not to order HuBay's auditors, Deloitte to produce its working papers to Callinan because production was premature. Callinan believes the Master erred and will be proceeding with an appeal of this order while simultaneously pursuing its audit of the documents provided to date by HudBay.
It is Callinan's claim that HudBay Minerals has improperly calculated payments due to Callinan under its Net Profits Interest concerning HudBay's Callinan and 777 Mines, and has failed to make payments due to Callinan under the Net Profits Interest.
Callinan remains committed to gaining transparency in the matter of the accounting of its Net Profits Interest in the past and present and for the future.
On Behalf of the Board of Directors,
Neither 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 private placements and the timing and amount of expenditures. The Company does not assume the obligation to update any forward-looking statement.
SOURCE Callinan Mines Ltd.