VANCOUVER — Callinan Mines Limited (CAA-TSX.V) has received drilling permits for its Snow Lake area claims. A drilling program will begin immediately upon freeze-up at the Jean Lake, Watts River and Berry Creek claims.
The program will consist of approximately 4,000 meters of diamond drilling in 9 holes. Drilling on the Berry Creek property will include a hole designed to test the downward extension of the mineralized structure located in previously drilled BR-4. This previous drilling, conducted by Callinan in the previous winter season, intersected 1.35 gm/mt gold over 1.5 meters.
Targets on Jean Lake and Watts River include trends located by a recently completed induced polarization survey. Additional geophysics are being conducted to further outline known targets and locate additional targets.
Additionally, Callinan Mines announces that its board of directors has approved a continuation of its shareholder rights plan agreement (“Rights Plan”), as amended dated November 25, 2009, pursuant to which Callinan has extended by three years the term of its Rights Plan, subject to ratification by shareholders at Callinan’s annual general meeting to be held on Dec. 11th, 2009 and acceptance for filing by the TSX Venture Exchange. If the Rights Plan, as amended, is so ratified and accepted for filing, it will have a term which expires at the annual general meeting of shareholders of Callinan to be held in 2012 unless terminated earlier. The Rights Plan, as amended, may be extended beyond 2012 by resolution of shareholders at such meeting.
A copy of the Rights Plan, as amended, will be filed under Callinan’s profile on SEDAR.
President and CEO
All of Callinan’s exploration programs are conducted under the direction of Pat Deveaux, P.Geo, a qualified person as defined by national instrument 43-101, who has reviewed and approved the contents of this release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Some statements in this news release contain forward-looking information.. 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.