Callinan 1,187,800 FT and NFT Share Private Placement

December 19, 2003

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced Dec. 4, 2003:

Shares: 1,187,800 shares (of which 727,800 are flow-through shares)

Purchase price: 65 cents per share

Warrants: 230,000 share purchase warrants to purchase 230,000 shares

Warrant exercise price: 70 cents for a one-year period

Placees: Four placees (common units), 10 placees (flow-through shares)

Finder’s fee: Canaccord Capital Corp. will receive $15,000

Bolder Investments Partners will receive $31,564

First Associates Investments Inc. will receive $3,640

Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the company must issue a news release announcing the closing of the private placement and setting out the expiry dates of the hold period(s). The company must also issue a news release if the private placement does not close promptly. Note that in certain circumstances, the TSX-V may later extend the expiry date of the warrants, if they are less than the maximum permitted term.

On Behalf of the Board,

CALLINAN MINES LTD.

 

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.