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Callinan
Releases Q1 Financial Statements
VANCOUVER -- Callinan Mines (TSX.V-CAA, OTC-CCNMF) is pleased to
report financial performance for the quarter ending September 30th, 2010.
Financial results in the period were higher than in the corresponding 1st
quarter of the previous fiscal year.
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September
2010
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September
2009
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Operating summary
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Revenue
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$ 4,440,840
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$ 2,857,162
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Net earnings
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$ 4,019,861
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$ 2,475,613
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Working capital
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$20,982,722
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$15,615,494
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Net income per share
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$0.09
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$0.05
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Average number of shares outstanding
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46,020,403
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44,618,657
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The increases in
both revenue and net earnings are a reflection of increased royalty payments
derived from the company's royalty assets. Expenditures during the quarter
advanced the development of the company's exploration assets at the Coles
Creek property in British Columbia and the Herblet
project in Manitoba.
Callinan Mines is currently refining a plan to
organize its exploration assets into a separate company, to be distributed to
Callinan shareholders, and to focus its efforts on
the development of its royalty portfolio.
The company's Annual General Meeting of Shareholders will be held Friday
December 10th, 2010 at 10 am at Vancouver's Hyatt Regency Hotel, 655 Burrard Street, in the Grouse Room. All current
shareholders and prospective shareholders are invited to attend.
On behalf of the Board of Directors,
Tamara Edwards
Tamara Edwards, CFO
For further information, please contact Tamara Edwards at 1 (877) 228-5210.
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.
Some statements in this news release contain forward-looking information.
These statements include, but are not limited to, statements with respect to
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.</i>
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