Callinan commences work on Phillips Lake propertyCallinan commences work on Phillips Lake property and revises information re: director in Management Proxy Circular
VANCOUVER, Dec. 10, 2008 (Canada NewsWire via COMTEX News Network) --
<< /NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/ Trading Symbol: CAA: TSXV >>
Callinan Mines (TSX.V:CAA) has received exploration work permits and has commenced work on the Phillips Lake property near Thompson, Manitoba, where the company has made a discovery of previously unknown nickel mineralization.
The mineralized zone, originally located by airborne VTEM survey in 2007, contains near solid sulphides assaying as high as 2.98% nickel at a depth of 175 meters. Widths of up to 20.35 meters were encountered averaging 0.433% Ni, including a 2.3 m section averaging 1.35 % Ni. This zone is located 5 kilometres from a paved highway, power line and a railway. The geology consists of highly serpentinized and schistosed quartzite, banded with nickel bearing massive sulphide.
Line picketing and chaining of approximately 28 kms will be carried out, over which a deep pulse electromagnetic and magnetometer survey will be conducted by Crone Geophysics. This program is designed to define the strike and dip of the conductor. Deeper diamond drilling will follow to determine whether the mineralization continues and improves with depth.
Callinan also advises that Michael Cytrynbaum, currently a director and a nominee for election as a director at its upcoming Annual General Meeting, has notified Callinan of a revision to the information set out in the Management Proxy Circular dated November 7, 2008 with respect to its Annual General Meeting scheduled for December 12, 2008. Mr. Cytrynbaum is a director of a company, and formerly a director of another company, which each restructured under a plan with creditors in 2002 and 2003, respectively. Further, Mr. Cytrynbaum is a director and the president of a company against which a cease trade order was issued by the British Columbia Securities Commission in November 2007 and then subsequently lifted in December 2007. The details of these matters are as follows:
<<
1. Mr. Cytrynbaum has been a director and the Chair (Executive Chair
since 2004) of the Board of Look Communications Inc. ("Look") since
May 1996. Look filed for, and received, protection under the
Companies' Creditors Arrangement Act ("CCAA") on September 4, 2001.
Look prepared a Plan of Compromise and Arrangement and, with the
approval of the Court, distributed the Plan to its creditors. The
Plan was approved by creditors and was subsequently approved by the
Court. The Plan was implemented on February 11, 2002.
2. Mr. Cytrynbaum was a director of Microcell Telecommunications Inc.
("Microcell") from December 1993 to May 2003. Microcell elected to
restructure its operations under the CCAA protection and filed for
and received protection under the CCAA on January 3, 2003 in the form
of an Initial Order. On February 19, 2003, Microcell filed its
Circular, which included a plan setting out the terms of its proposed
recapitalization plan. Subsequently, on March 17, 2003 the plan was
voted upon and approved by secured and affected unsecured creditors.
On March 18, 2003, the Court issued a sanction order sanctioning the
plan and the plan became effective on May 1, 2003.
3. Mr. Cytrynbaum has been a director and President of Central Minera
Corp. since July 2002, a reporting issuer in British Columbia. The
British Columbia Securities Commission (the "BCSC") issued a cease
trade order against this company on November 6, 2007, for failure to
file a comparative financial statement for its financial year ended
June 30, 2007 as required under Part 4 of National Instrument 51-102
("NI 51-102"), and a Form 51-102F1 Management's Discussion and
Analysis for June 30, 2007 as required under Part 5 of NI 51-102.
This cease trade order was revoked by the BCSC on December 27, 2007
following filing by the company of the required documents.
Mike Muzylowski
President and CEO
The Phillips Lake Project is conducted under the supervision of Pat
DeVeaux, a qualified person as defined by National Instrument 43-101 who has
reviewed and approved the contents of this release.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
>>
The forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information.
SOURCE: Callinan Mines Ltd.
Braden Maccke, (604) 605-0885
Copyright (C) 2008 CNW Group. All rights reserved.