Callinan Intercepts 215 ft of Mineralization in the Thompson Nickel Belt.

March 21, 2005

Earlier this month, Callinan retained Crone Geophysics of Mississauga, Ontario to interpret data from ground geophysics and down hole pulse EM surveys of hole CAS-2 on The Company’s Pine Property in Thompson, Manitoba. Crone Geophysics has indicated that the data suggests “a sizeable high conductance source… who’s minimum dimensions are likely on the order of at least 225m x 200m with the true depth extent of the source unknown,” and that, “it is clear that there is a higher conductance zone lying immediately North of the hole which represents an excellent drill target.”

Diamond Drill hole CAS-4, designed to test the target area, intercepted more than 215 ft of mineralization including sections of solid sulphides in pyrrhotite and pyrite with visible chalcopyrite. Core samples from the Pine property will be sent to Acme laboratories in Vancouver and assayed to determine their value. The hole will be immediately subjected to more down-hole geophysical probing in preparation for future drilling.

According to assessment files from the Manitoba dept. of Energy and Mines, previous work on the Pine Property returned drill intercepts containing as much as 2.93% Ni and 2.24% Cu. None of the core from the previous program was assayed for PGM values.

The Company’s exploration team has currently been mobilized to the nearby Phillps Lake property for drill testing of at least two geophysical conductors, one of which has been identified by Crone Geophysics as an “extremely attractive target”.

Both Callinan’s Pine and Phillips Lake properties are located in the Thompson Nickel Belt, on the same system of ultra mafic folds that contains INCO’s Thompson, Soab North, Soab South and Birchtree mines and Falconbridge Mines’ Bucko Lake Deposit. The Thompson and Birchtree Mines produced 67,869,968 and 25,820,540 lbs of nickel in 2003 respectively. Source:

On Behalf of the Board ,


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