Callinan Mines Limited
TSX VENTURE : CAA

Callinan Mines Limited

December 07, 2007 16:30 ET

Callinan Options Phillips Lake Property in Thompson Nickel Belt

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 7, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH US NEWSWIRES.

Callinan Mines Limited (TSX VENTURE:CAA) is pleased to announce that it has entered into an option agreement with W. S. Ferreira Ltd. ("WSF") to purchase a 100% working interest in five mineral claims known as the Phillips Lake Claims located in the Thompson Nickel Belt, in Northern Manitoba. Callinan agreed to pay $20,000 and issue 50,000 of its shares to WSF on the date of execution and pay a further $100,000 and issue a further 600,000 shares over the 36 months thereafter in order to maintain and exercise the option.

WSF retains a 2% Net Smelter Royalty, one half of which can be purchased from Callinan for a payment of $1 million.

The area hosts notable ultramafic style Nickel deposits such as the Thompson Mine, Soab North, Soab South and the Birchtree mines, among others.

On Behalf of the Board of Directors,

Mike Muzylowski

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

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