Callinan Mines Limited
TSX VENTURE : CAA

Callinan Mines Limited

October 25, 2007 18:52 ET

Callinan Proposes to Extend Term and Amend Exercise Price of Warrants

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 25, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES

Callinan Mines Limited ("Callinan") (TSX VENTURE:CAA) proposes to extend by one (1) year the term, and adjust the exercise price to $1.25 per share, of outstanding share purchase warrants issued pursuant to a private placement, the first tranche of which closed on November 2, 2006 and the second tranche of which closed on December 19, 2006. The warrants issued in the first tranche, exercisable for up to 1,129,250 common shares, were originally issued with an expiry date of November 2, 2007 and an exercise price of $1.50 per share. The warrants issued in the second tranche, exercisable for up to 35,000 common shares, were originally issued with an expiry date of December 19, 2007 and an exercise price of $1.50 per share.

This proposed extension of the term, and amendment to the exercise price, of the said warrants is subject to regulatory approval.

On Behalf of the Board of Directors,

Mike Muzylowski, President and CEO

Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to the completion of private placements and future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to complete contemplated private placements and the timing and amount of expenditures. Callinan does not assume the obligation to update any forward-looking statement.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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