Callinan Mines Limited
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Callinan Mines Limited

March 01, 2006 15:00 ET

Callinan Acquires Echo Lake Property, Plans Drilling

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 1, 2006) - Callinan Mines Limited today is pleased to announce the acquisition of a copper, gold and silver prospect whose promising mineralization was recorded by a major mining company in the 1960s.

Callinan within the coming weeks will conduct a modern exploration program on the 279 hectare property at Echo Lake, located near the eastern Saskatchewan border close to Flin Flon, Manitoba.

The Echo Lake mineralization was discovered during a two-year exploration program in 1963-65. Results from the inaugural program included copper values of 3.82% and silver values of 2.33 oz/ton over more than 6 metres.

Geophysical technology and geological knowledge has advanced significantly since the property was last explored. Callinan's management is confident that modern techniques will enable them better understand the nature and structure of the mineralization.

Mike Muzylowski, Callinan's President and CEO, served as Managing Geologist on the Echo Lake project under its previous operator. "There is plenty of potential in this project," he said today. "The initial program produced some very good holes, and established a zone that appears to be open to the north. Therefore, we are very pleased to have acquired the property, through staking, and we will undertake a new, more modern exploration program based upon our historic familiarity with the project."

The company is in the process of acquiring and reviewing the complete record of assessment from the government of Saskatchewan. The exploration program will begin as soon as permitting is approved. This initial program will include a pulse electromagnetic survey and diamond drilling, followed by a down hole E.M. probe survey to better define the mineralized zone. The program will be directed by Pat DeVeaux, Callinan's Chief Geologist, a qualified person as defined by national instrument 43-101.

Mike Muzylowski, President and CEO

CALLINAN MINES LIMITED