Callinan Receives First Net Profits Interest From Hudbay Minerals Inc.

November 8, 2007

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.

Mike Muzylowski

President and CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to the completion of private placements and future expenditures. 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.