Callinan Closes Private Placement

January 6, 2004

Callinan Mines, effective Dec. 24, 2003, has closed the flow-through portion of its recently announced private placement of 727,800 flow-through shares at 65 cents per flow-through share and 160,000 units of the 460,000 unit private placement at 65 cents per unit. Each unit consists of one non-flow-through share and one-half of one warrant with one whole warrant entitling the holder to purchase an additional share for a period of one year at 70 cents per share. The balance of 300,000 non-flow-through units will be closed separately.

The shares, warrants and any shares issued upon exercise of the warrants are subject to a hold period and may not be traded in British Columbia until April 24, 2004, except as permitted by the Securities Act and the rules made thereunder and the TSX Venture Exchange.

On Behalf of the Board ,



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