TSXV: CAA
VANCOUVER, Oct. 22, 2014 /CNW/ - Callinan Royalties
Corporation ("Callinan", the 'company') (TSXV: CAA) announces that
Glenn R. Brown, PhD., currently a
director of Callinan has been appointed to the role of interim
President and CEO effective immediately. Roland Butler, formerly President and CEO of
Callinan has been terminated without cause and has resigned from
the board of directors as part of a transition process.
Roland Butler stated, "I am
thankful for the opportunity to serve Callinan for the past four
years and wish the company and its shareholders well in the
future."
Brian Irwin, Chairman of Callinan
stated, "Mr. Butler has shepherded Callinan during its transition
phase to a successful royalty company and the time, investment and
effort he has contributed is very much appreciated. We wish him
well in his future endeavours."
On Behalf of the Board of Directors,
Brian C. Irwin,
Chairman
About Callinan Royalties
Callinan Royalties is a Canadian company that creates and
acquires mineral royalties. The company uses its royalty
income to provide alternative financing options to mineral
exploration and development companies with attractive
projects. Callinan's strategy is to create shareholder value
over the long term by generating a portfolio of profitable mineral
royalties.
The Corporation currently has two producing royalties. Callinan
holds a 6⅔% net profits interest royalty and a production royalty
CAD $0.25 per ton of ore milled on
lands that include the 777 mine and 777 North mine owned by Hudbay
Minerals Inc. located in Flin Flon,
Manitoba, Canada. Callinan also holds the 777 Deeps (War
Baby) property and an associated royalty option on the property,
which is located adjacent to the 777 mine.
Callinan is a dividend paying Tier 1 company listed on the TSX
Venture Exchange under the symbol CAA. The Corporation has a strong
financial position with no debt, approximately $24 million in cash and approximately 49.2
million shares outstanding.
Cautionary Statement on Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Certain of the
information presented in this News Release may constitute
"forward-looking statements" or "forward-looking information"
within the meaning of Canadian securities legislation (together
referred to as "forward-looking statements"). The forward-looking
statements are subject to risks, uncertainties and other factors
that may cause actual results to be materially different from those
expressed or implied by such forward-looking statements, including
any delays in the receipt of consents or approvals. Although
Callinan Royalties has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
such statements will prove to be accurate as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements contained in this News
Release and in any document referred to in this News Release.
Forward-looking statements are made based on management's beliefs,
estimates and opinions on the date the statements are made and
Callinan Royalties undertakes no obligation to update
forward-looking statements if these beliefs, estimates and opinions
or other circumstances should change, except as required by
applicable law.
SOURCE Callinan Royalties Corporation