Callinan Proposes To Become A Royalty Company

Callinan Mines Ltd (TSXV:CAA) reports its proposal to become a royalty company and creating a new exploration company.

The press release is quoted as saying:

Callinan, upon becoming the royalty company, will hold a 6?% Net Profits Interest royalty and a $0.25 per ton royalty (together the “Royalties”) in the 777 Mine at Flin Flon, Manitoba, Canada, which produces copper, gold, zinc and silver and is operated by HudBay Minerals Inc. Callinan will also hold the War Baby mineral property, which covers an area down-trend from the 777 Mine.

Mike Muzylowski, CEO of Callinan states:

 “We see this proposal as an excellent opportunity to enhance shareholder value and to give our shareholders the best of both worlds: a well funded royalty company led by an experienced and well regarded executive, and the potential upside of exploration success under the direction of our proven and successful team of explorers.”

Click here to access  the entire news release.

Click here to access Callinan’s corporate website.