Kirrin's first REE project, Bottom Brook in western Newfoundland, joined the portfolio in September 2008, well before the upsurge of interest in REE. Its second REE project, Grevet in Quebec, was acquired in February 2010. REE are rare in commercial concentration and possess attributes that are increasingly essential in green/high technology products, whether computers, medical MRI equipment, defence equipment or lightweight permanent magnets used in hybrid automobiles, generators and wind turbines. Two intriguing features combine to make Kirrin's participation in this exploration sector very attractive. Firstly, over 95% of global REE production comes from China. Secondly, China has drastically reduced export quotas. With China's own consumption of REE expanding at a rapid pace, the rest of the world has a serious challenge to discover and develop new sources of REE.
Kirrin Resources was founded with the dual objectives of assembling an exploration property portfolio and applying corporate development skills to add shareholder value. Kirrin now operates two uranium exploration projects, in southeastern Labrador and the Athabasca Basin in Saskatchewan, and two REE projects, in western Newfoundland and northwestern Quebec. Kirrin has an ongoing program of research to expand its portfolio through the addition of green energy assets via joint ventures and corporate acquisitions.
Kirrin's portfolio of four exploration projects comprises the survivors of rigorous exploration appraisal over three years. Other projects have fallen away. Positive exploration results in 2011 mean that all four projects have the potential to reach drill stage in 2012.
- Employ a strong technical team to select assets and projects, design and implement exploration programs and rapidly assess results
- Apply technical and corporate expertise to the ongoing high-grading of the asset portfolio
- Focus on acquisitions, mergers and strategic partnerships to enhance shareholder value
- Maintain a balanced level of support operations in order to maximise the proportion of funding spent on exploration
The members of the executive team have a diverse range of corporate and technical skills which they bring to the professional management of Kirrin Resources. This is complemented by arrangements with leading technical consultants combining in excess of 100 years' uranium and REE exploration experience. The technical team has been carefully assembled to include project generation and selection capabilities, exploration and logistics skills, and results appraisal and assessment experience.
Kirrin's Board of Directors has extensive entrepreneurial experience across a range of commodities. It represents a mature blend of corporate finance and development knowledge, legal expertise and investment banking skills which focus on the expansion of the Company through corporate activities.