Callinan Receives Balance of 2009 Net Profits Interest Payments

Callinan Mines(TSXV:CAA) reports that it has received a payment  from Hudbay Minerals Inc.

This payment represents the remaining balance of payments due to Callinan for fiscal 2009 under the 777 / Callinan Mine Net Profits Interest and Royalty agreement.Interim quarterly payments were made throughout 2009, representing an estimated 75% of 6 2/3% of the net profits from the 777 Mine in Flin Flon, Manitoba, plus $0.25 per ton of ore mined. This payment represents the balance of the 25% withheld over the four financial quarters ended December 31, 2009, adjusted to reflect Hudbay’s final calculation of the net profits interest.

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