VANCOUVER – Callinan Mines Limited (TSX.V-CAA) has today received an interim payment of $358,000 from HudBay Minerals Inc. representing 75% of an estimate of 6& 2/3 % of net profits from HudBay’s 777 Mine in Flin Flon, Manitoba for a portion of the quarter ended September 30, 2007. Today’s payment is the first time that HudBay’s quarterly payment has included a portion attributable to Callinan’s 6 2/3% Net Profits Interest in the 777 Mine which is derived from an agreement made between Callinan and HudBay dated January 1, 1988. Under the agreement, HudBay was entitled to recover all its capital, operating and other costs incurred on the 777 Mine and the Callinan Mine plus interest before Callinan was entitled to receive any net profits.
President and CEO
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