Mr. Mike Muzylowski reports
CALLINAN MINES RELEASES Q3 FINANCIAL STATEMENTS
Callinan Mines Ltd. is providing its financial performance for the nine months ended March 31, 2011.
FINANCIAL HIGHLIGHTS Nine months Nine months March, 2011 March, 2010Operating summary Revenue $23,665,470 $12,055,162 Operating income $20,618,457 $10,318,982 Net earnings $16,226,453 $10,457,482 Per share Basic Net income per share
.35
.23 Diluted Net income per share
.35
.23
During the quarter ended March 31, 2011, Callinan received a total of $13-million from HudBay, including an adjustment payment of $6.2-million received in the month of March. The payment was made to account for an error in calculation discovered by HudBay. The company considers this payment to be an extraordinary occurrence. Net income for the quarter after tax accruals was $9.7-million, or 21 cents per share. Callinan's total year-to-date revenue is $23.6-million with net income of $16.2-million or 35 cents per share. The company currently has $38-million in working capital and $29-million in available cash.
Spinout meeting
Callinan wishes to remind its shareholders and any interested parties that a special meeting of shareholders will be convened on June 7, 2011, at 11 a.m. at the Four Seasons Hotel in Vancouver. At this meeting, the shareholders will vote on a proposal that will see Callinan's exploration assets reorganized into a new company (Callinex Mines Ltd.) to be given to Callinan's shareholders on the basis of one share for every 4.5 shares of Callinan. Following the spinout, Callinan Mines will continue to conduct business as a royalty-focused mineral company under the name Callinan Royalties, and Callinex will be an exploration company.
We seek Safe Harbor.