Callinan Outlines Strong Financial Position

August 24, 2007

VANCOUVER – In response to numerous shareholder inquiries, Callinan Mines is pleased to report a strong financial position.

The company maintains:

• Steady and increasing quarterly income of more than $100,000.

• More than $3 million in working capital, stored in safe, liquid financial instruments.

• No debt.

• No exposure to asset backed commercial paper.

Additionally, 250,000 warrants have been exercised in the latest quarter at a strike price of $0.85 per share.

The company remains committed to using its working capital to advance its exploration programs and increase the value of the shareholders’ equity.

The company’s current exploration programs include drilling being conducted on the copper / silver / molybdenum porphyry at Coles Creek, BC, and the Fox River nickel / copper project in Northern Manitoba near Gillam, among others. A full list of Callinan’s projects is available at

On behalf of the Board of Directors,

Mike Muzylowski

President and CEO

All figures are quoted in Canadian Dollars. The TSX Venture exchange has not reviewed or approved the contents of this release.