At 777 mine, ore production tonnage for the second quarter of 2010 was 6% lower compared to the same period in 2009. A planned increase in lateral development on the decline below the 1412 metre level to access the south zone at depth has increased the waste hoisting requirement which will continue throughout the year limiting some ore hoisting time. In addition, the production hoist was shutdown for four days in May to allow for a planned rope replacement of the main conveyance and counter-weight. Limited personnel were underground during this rope replacement. The zinc grade was higher by 28%, and the copper grade was higher by 23%, due to the areas mined in the quarter.
Callinan Mines announced it has received an interim payment of CAN$3,173,228 from HudBay Minerals Inc. This payment represents 75% of an estimate of 6.66% of the net profits from the 777 Mine in Flin Flon, Manitoba for the quarter ended March 31st, 2010.
Callinan Mines has received an interim payment of $2,024,731 from HudBay Minerals Inc. This payment represents 75% of an estimate of 6 ? % of the net profits from the 777 Mine in Flin Flon, Manitoba for the quarter ended June 30th, 2009. Callinan Mines receives payments from their net profits interest in the 777 Mine in Flin Flon, Manitoba quarterly. Operated by HudBay Minerals, the mine is expected to produce until 2019.
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