Callinan Releases Q1 Financial Statements

VANCOUVER, Nov. 30 /PRNewswire-FirstCall/ - Callinan Mines (TSX.V-CAA, OTC-CCNMF) is pleased to report financial performance for the quarter ending September 30^th, 2010. Financial results in the period were higher than in the corresponding 1^st quarter of the previous fiscal year.

Summary financial information for the period:

The increases in both revenue and net earnings are a reflection of increased royalty payments derived from the company's royalty assets. Expenditures during the quarter advanced the development of the company's exploration assets at the Coles Creek property in British Columbia and the Herblet project in Manitoba.

Callinan Mines is currently refining a plan to organize its exploration assets into a separate company, to be distributed to Callinan shareholders, and to focus its efforts on the development of its royalty portfolio.

The company's Annual General Meeting of Shareholders will be held Friday December 10^th, 2010 at 10 am at Vancouver's Hyatt Regency Hotel, 655 Burrard Street, in the Grouse Room. All current shareholders and prospective shareholders are invited to attend.

On behalf of the Board of Directors,

Tamara Edwards

Tamara Edwards, CFO

For further information, please contact Tamara Edwards at 1 (877) 228-5210.

All of Callinan's exploration programs are conducted under the direction of Pat Deveaux, P.Geo, a qualified person as defined by national instrument 43-101, who has reviewed and approved the contents of this release.

Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to 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.

SOURCE Callinan Mines Ltd.