Callinan Mines Limited

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Mr. Brown is currently President and Chief Executive Officer of Boswell Capital Corporation. He has investigated resource investments in over forty countries and has analyzed exploration and development projects in uranium, gold, silver, diamonds, and base metals for over 25 years. He was professor of Geology and Geological Engineering at the University of Toronto from December 1988 to May 1997 and thereafter joined Canaccord Capital Corp. as a senior mining analyst until April 1999. He started the Toronto office of Haywood Securities in 1999. As Vice-President Research at Haywood, Mr.

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.

VANCOUVER, Canada -- Callinan Royalties Corporation ('Callinan', the 'Company') (TSXV: CAA) has acquired 4,000,000 units (the \'Units\') of Estrella Gold Corporation ('Estrella') (TSXV:EST) at a price of $0.05 per Unit pursuant to a private placement.

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