primary business is mineral exploration
Royalty interest in two producing mines in Flin Flon, Manitoba
Message: Callinan options Berry Creek Claims, Snow Lake area, Manitoba
Callinan options Berry Creek Claims, Snow Lake area, Manitoba
VANCOUVER, May 6, 2008 (Canada NewsWire via COMTEX News Network) --
/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/
CAA: TSXV
VANCOUVER, May 6 /CNW/ - Callinan Mines Limited ("Callinan") announces that it has entered into an option agreement (the "Agreement") with Peter Dunlop ("Dunlop") pursuant to which Callinan has acquired an option to purchase a 100% working interest, subject to a 2% net smelter returns royalty, in 15 mineral claims (the "Property") known as the Berry Creek Claims located in the Snow Lake area, Manitoba.
Upon regulatory approval of the Agreement, Callinan has agreed to pay $20,000 and issue 25,000 of its common shares to Dunlop. If, after conducting exploration on the Property, Callinan wishes to maintain its interest in the Property, it has the option to acquire a 100% ownership, subject to a 2% net smelter returns royalty for cash payments totalling $40,000, and a total of 375,000 common shares in instalments over 36 months.
Callinan has an option to purchase 50% of the royalty interest for the sum $1,000,000. For the purpose of determining the royalty payable, Callinan has agreed to include, as part of the Property, seven adjacent mining claims staked in order to supplement the land package.
The transaction is subject to regulatory approval.
Mike Muzylowski
President and CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to the completion of private placements and 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. Callinan does not assume the obligation to update any forward-looking statement.
SOURCE: Callinan Mines Ltd.
Braden Maccke, Callinan Mines Limited, 1100 - 736 Granville Street, Vancouver, BC, V6Z 1G3, Telephone: (604) 605-0885, Fax: (604) 605-0886, Email: investors@callinan.com, Website: www.callinan.com
Copyright (C) 2008 CNW Group. All rights reserved
VANCOUVER, May 6, 2008 (Canada NewsWire via COMTEX News Network) --
/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/
CAA: TSXV
VANCOUVER, May 6 /CNW/ - Callinan Mines Limited ("Callinan") announces that it has entered into an option agreement (the "Agreement") with Peter Dunlop ("Dunlop") pursuant to which Callinan has acquired an option to purchase a 100% working interest, subject to a 2% net smelter returns royalty, in 15 mineral claims (the "Property") known as the Berry Creek Claims located in the Snow Lake area, Manitoba.
Upon regulatory approval of the Agreement, Callinan has agreed to pay $20,000 and issue 25,000 of its common shares to Dunlop. If, after conducting exploration on the Property, Callinan wishes to maintain its interest in the Property, it has the option to acquire a 100% ownership, subject to a 2% net smelter returns royalty for cash payments totalling $40,000, and a total of 375,000 common shares in instalments over 36 months.
Callinan has an option to purchase 50% of the royalty interest for the sum $1,000,000. For the purpose of determining the royalty payable, Callinan has agreed to include, as part of the Property, seven adjacent mining claims staked in order to supplement the land package.
The transaction is subject to regulatory approval.
Mike Muzylowski
President and CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to the completion of private placements and 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. Callinan does not assume the obligation to update any forward-looking statement.
SOURCE: Callinan Mines Ltd.
Braden Maccke, Callinan Mines Limited, 1100 - 736 Granville Street, Vancouver, BC, V6Z 1G3, Telephone: (604) 605-0885, Fax: (604) 605-0886, Email: investors@callinan.com, Website: www.callinan.com
Copyright (C) 2008 CNW Group. All rights reserved
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