Callinan Mines Limited

Callinan Mines Limited

January 26, 2007 12:09 ET

Callinan Mines Limited: Assays Confirm Coles Creek Potential

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 26, 2007) - Callinan Mines Limited (TSX VENTURE:CAA) today announced that assay results have confirmed the presence of widespread mineralization on its Coles Creek property near Houston, B.C.

The eight-hole 2006 drilling program targeted various geological and geophysical targets and established that the 13,456-hectare property features a multi phase porphyry system with extensive copper and molybdenum mineralization. Here are some of the representative drill results:

Hole Width (m) Cu (%) Mo (%)
COLE1 208.6 0.132 -
COLE2 37.4 0.200 -
COLE3A 11.5 0.632 0.038
COLE7 9.0 0.240 -
and 45.0 0.115 -

The intersections shown above represent core lengths, true thicknesses are unknown.

Mike Muzylowski stated that, "These results are encouraging, as many targets remain to be tested, including a previously unknown surface showing." Field crews sampled the surface showing as part of the 2006 exploration program. Assays from an 82 kg sample returned 0.482% Cu, 0.038% Mo with 2 g/t Ag and 0.6 g/t Au.

Additionally, a geochemical sampling survey has indicated copper molybdenum anomalies in the same area as hole COLE3A.

"Much more drilling is required to explore this highly altered porphyry system," Mr. Muzylowski continued, "The 06 program has shown us increased potential to the south and southeast, which will enable us to conduct a more focused program in 2007."

The company is prepared to begin work on the property as soon as spring conditions arrive.

The company plans to spend 4.5 million dollars on its 2007 exploration projects, including the Coles Creek property and a large nickel project in Fox River, Manitoba.

All of Callinan's exploration programs are conducted under the direction of Pat Deveaux, P.Geo, a qualified person as defined by national instrument 43-101, who has reviewed and approved the contents of this release.

On behalf of the board,

Mike Muzylowski

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