NEWS RELEASE !!!!!! Callinan Royalties receives $5.07-million from royalty
2012-02-15 08:56 ET - News Release
Mr. Roland Butler reports
CALLINAN ANNOUNCES QUARTERLY ROYALTY PAYMENTS
Callinan Royalties Corp. has received interim quarterly royalty payments totalling $5,075,950.50 from HudBay Minerals Inc.
The royalty payments include a payment of $4,970,814 from the 6-per-cent net profits interest royalty and $105,136.50 from the 25 cents per ton of ore produced for the quarter ended Dec. 31, 2011.
The net profits interest payment represents 75 per cent of an estimate by HudBay Minerals Inc. The remaining 25 per cent is paid annually, in mid-July, 130 business days after the financial year-end of HudBay Minerals as per the agreement.
The quarterly payments are due to Callinan's royalty interests on lands that include the 777 mine at Flin Flon, Man., Canada, which is the principal mining operation of HudBay Minerals Inc.
We seek Safe Harbor.
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