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News Releases
February 03, 2010 Callinan Receives Favorable Court Ruling
Master Cooper of the Manitoba Court of Queens Bench, after reserving decision on an application made June 16, 2009, has dismissed the joint motion of Deloitte & Touche LLP and HudBay Minerals Inc. to strike an affidavit which Callinan is relying on in its motion to obtain working papers relating to the calculation of Callinan's net profits interest in the Callinan and 777Mines. This decision enables Callinan to move ahead with its motion to gain access to the working papers. Callinan's counsel will be seeking an early hearing date on its motion to have the working papers produced.
In its action against HudBay commenced March, 2007, the Company is seeking:
(i) the right to conduct an audit of the books and records of the operations of HudBay in relation to the Callinan Mine and the recently developed 777 mine
(ii) a declaration that HudBay must keep and maintain separate records and accounts for each of the Callinan Mine and the 777 Mine
(iii) a declaration that the Cumulative Cash Flow defined in the NPI Agreement and accumulated for the Callinan Mine should not be used in calculating the Net Profits interest from the 777 Mine
(iv) an order compelling HudBay to make available to Callinan the books and records of both the Callinan Mine and the 777 Mine
(v) an order for an accounting of all sums improperly included or excluded in calculating the Net Profits Interest
(vi) general damages for breach of contract and breach of fiduciary duty,
(vii) aggravated and punitive damages, interest and costs.
On Behalf of the Board of Directors,
Mike Muzylowski
Mike Muzylowski
President and CEO
Neither 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.
Statements contained in this press release may constitute forward-looking statements under Canadian securities legislation which are not historical facts and are made pursuant to the safe harbour provisions under United States securities laws Such forward-looking statements are based upon the Company's reasonable expectations and business plan at the date hereof and are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such assumptions and the actual outcomes and estimates may be materially different from those estimated or anticipated future results, achievements or positions expressed or implied by those forward-looking statements.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
You can view the Next News Releases item: Tue Feb 16, 2010, Callinan Receives Net Profits Interest Payment from HudBay Minerals
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