Callinan Mines Limited
TSX VENTURE : CAA

Callinan Mines Limited

January 09, 2008 13:59 ET

Callinan Mines Limited: Assays Reveal New Mineralization at Coles Creek

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 9, 2008) - Callinan Mines (TSX VENTURE:CAA) has received assays from the 2007 drill program performed on the Coles Creek property near Houston, BC.

Results from the drill program expanded the Company's understanding of the multi-phase porphyry system, and also yielded new information about a previously unknown system of silver, lead and zinc mineralization in a volcanic host rock.

Hole COLE-09, drilled to test the porphyry mineralization encountered in the 2006 drill program, returned an average of 0.313% Cu, 0.004% Mo, and 0.21 g/t Au over 53 meters from a depth of 317 meters to 370 meters. The Company plans to continue to explore the extent of this porphyry system in upcoming programs.

A newly discovered silver-zinc-lead system in a polymodal volcano-sedimentary breccia conglomerate, south-east of the known porphyry system, produced anomalous mineralized intercepts. Hole COLE-15, collared in the mineralized zone, returned a width of 86.2 meters with an average grade of 4.83 g/t Ag, 0.28% Zn and 0.072% Pb from a depth of 33.8 meters to 120 meters. COLE-16, in the same type of volcano-sedimentary flows, returned an average of 3.85 g/t Ag, 0.361% Zn and 0.073% Pb over 37.5 meters, from a depth of 50 meters to 87.5 meters. All assays were performed by Acme Analytical Laboratories of Vancouver, BC.

President Mike Muzylowski expressed that, "There is much more exploration to be carried out to determine the extent of the copper mineralization. Additionally, it appears that anomalous values of silver, zinc and lead could represent a vast basin-like feature. Further testing is necessary to determine the significance of this discovery."

A total of 2,644 meters of drilling was completed in 8 holes before the program was halted due to heavy snow fall. Three of the 8 holes completed returned no significant values. Assays from two holes have yet to be returned.

On Behalf of the Board of Directors,

Mike Muzylowski

All of Callinan's exploration programs are overseen by 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 is not responsible for the adequacy or accuracy of this release.

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