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The Grevet REE property is located in north-western Quebec, Canada. It was acquired in February 2010 with Kirrin required to complete a four year exploration program. The property encompasses a carbonatite intrusive body and dyke complex and its acquisition was premised on the potential for an open pit operation. Grevet is close to infrastructure, with a Provincial road providing direct access, a CN railroad line transecting the property, and power available 25 km southwest at Lebel-sur-Quévillon.

In September 2010, Kirrin announced assay results from its first round of sampling at Grevet. Results show 14.08% light rare earth oxides (LREO-see Note 1) in a grab sample from a carbonatite dykelet and 1.61% LREO across 2.2 m from a wider carbonatite dyke.

In October 2011, Kirrin announced assay results from its 2011 sampling program. These include a remarkable 20.35% LREO, from the same location as the previous year's high assay, an additional four samples from other showings that assayed >10% LREO and 14 samples that ran between 1.0% and 10% LREO. These REE grades not only confirm the prospectivity of the Grevet REE property to host REE-bearing carbonatite deposits but also extend the area underlain by potentially high-REE grade carbonatite several hundred metres northwest of the main carbonatite showing.

The results show that elevated REE in carbonatite exists throughout the Grevet property and are encouraging in the context of the recessive nature of large carbonatite occurrences. Kirrin's consultants have suggested that only smaller carbonatite occurrences are likely to be present in outcrop and that larger bodies, because of their recessive nature, would tend to be in drift covered draws or other overburden covered areas along the strike of the carbonatite dyke or dyke swarms.

There is widespread distribution of carbonatites with such elevated TREO across the Grevet property, and ground geophysical surveys indicate a large, but recessive, carbonatite body may occur in the southeast portion of the property. The exploration target comprises carbonatite veins that, in several places, form stockworks, but where larger they are recessive as noted. Therefore, Kirrin's primary focus is to discover a large, blind, close-to-surface carbonatite body or stockwork that is mineable by open pit methods. Development is enhanced by supportive infrastructure, including a major highway and railroad that transects the Grevet property, and nearby electrical transmission lines and a sizable local community.

Kirrin expanded the property (Grevet Extension) in 2011 by 56% on trend with the high assay locations. The development of the exploration program for the Grevet Extension will await the results from the current summer field program, as well as compilation of all existing mineral exploration data.

Note 1: LREO = Lanthanum (La2O3), Cerium (Ce2O3), Praseodymium (Pr2O3), Neodymium (Nd2O3) and Samarium (Sm2O3) oxides.

The Grevet property is located in Grevet Canton (Township), 25 km northeast of the town of Lebel-sur-Quévillon and approximately 200 km northeast of Val d'Or in north-western Quebec. There is excellent access via provincial road 113 as well as logging roads. A CN railway line bisects the property. The closest airport is at Lebel-sur-Quévillon.

Interest in the REE potential of the Grevet area began in 1988 when the Ministry of Energy and Resources of Quebec identified carbonatite occurrences. Subsequently, SOQUEM obtained rock samples in trenches that assayed up to 4.0% lanthanum (La) plus cerium (Ce), which occurs in magnetite veinlets with associated haematitic alteration. Further work and sampling by Michel Proulx ('MP') led to the identification of anomalous REE in haematitic magnetite veinlets and carbonate veins with or without magnetite, in syenite and carbonatite dykes. A rock grab sample revealed the attractive REE chemistry, with results ranging from 0.30% up to 5.89% LREO. As well, results from a mobile metal ion geochemical soil survey identified niobium (Nb), yttrium (Y), cobalt (Co), nickel (Ni) and rubidium (Rb) anomalies.

The whole Grevet property comprises a group of 86 contiguous mineral claims with a combined total of 2,024 ha (5,001 acres) located in Grevet Canton.

Purchase Agreement
Kirrin has an option agreement with Michel Proulx allowing Kirrin to earn a 100% interest in the Grevet REE property. Kirrin is required to spend $1,850,000 on exploration, including a minimum first year commitment of $200,000, and make payments to MP of $20,000, over four years. In addition, Kirrin will pay $150,000 to MP on the receipt of a positive Feasibility Study and MP will retain a 1.0% Net Smelter Returns ('NSR') royalty on all minerals produced from the property, Kirrin having the right to acquire half of this NSR royalty for payment of $500,000.

Kirrin may earn a 100% interest in the Grevet Extension property by spending $250,000 on exploration, including a minimum commitment of $50,000 by June 30, 2013, and making payments of $25,000 over four years. In addition, Kirrin will pay $75,000 on the receipt of a positive Feasibility Study and the vendors will retain a 0.5% Net Smelter Returns royalty on all minerals produced from the property.

The region about the Grevet property is primarily underlain by volcanic, sedimentary and igneous granitoid rocks of the Superior Geological Province. These are locally intruded by Proterozoic diabase dykes. The Archean rocks regionally have been affected by four regional deformation events, although within the Grevet property only two are readily evident. The Grevet property is mainly underlain by Archean basaltic and andesitic volcanic rocks that are cut, in places, by small northwesterly trending Archean gabbros and by carbonatite intrusions which are of uncertain, but probably Archean, age. The Archean rocks are cut north of the property by the southeast-trending Cameron Deformation Zone, which is a regional structural discontinuity, and to the south by the northeast-trending Wedding-Opawica brittle fault.

The carbonatite (see Photo) is particularly important because in places there are closely spaced magnetite veinlets and carbonatite dykelets, several of which carry highly anomalous concentrations of LREO up to at least 5.9%. A consultant to Kirrin Resources has looked at the existing geological and geochemical data for Grevet and has suggested that, because of the ferroan carbonatite association with magnetite, the Grevet REE property may have some geological similarities to the large Bayan Obo REE-bearing carbonatitic body in inner Mongolia. Bayan Obo is the world's largest REE deposit, containing about 70% of the world's known REE reserves.

Exploration Program
Kirrin commenced exploration in April 2010. Historic samplings were confirmed and 29 potential REE related occurrences discovered. 156 rock samples were collected for REE analysis, results confirming the potential of the Grevet REE property to host REE-bearing carbonatite deposits with LREO grades of definite interest. Results included 14.08% LREO and 1.61% LREO over 2.2 metres. The main Grevet carbonatite showing can be traced through several other carbonatite showings along strike for a strike extent that may exceed 2 km.

Kirrin completed a geophysical interpretation program at Grevet in late 2010 that confirmed the relationship between magnetic signatures and the carbonatite and carbonatite-magnetite showings. Importantly, this identified 15 key targets that were followed-up during the 2011 Grevet exploration program.

In October 2011, Kirrin announced that the summer's sampling results surpassed those from 2010. 92 rock samples were collected during the summer program and results include 20.35% LREO, an additional four samples from other showings within the Grevet property that assayed >10% LREO and 14 samples that ran between 1.0% and 10% LREO.

Kirrin completed an intense prospecting program between May and July, 2011. Twenty-three new carbonatite showings were discovered during the program and at least 103 carbonatite showings which were identified during the 2010 program were re-visited to gather additional information. Ninety-two rock samples, comprising 56 diamond saw-cut channel samples, 30 chip samples and 6 grab samples, were collected.

Soil sampling comprised 85 sites that were sampled for both Ah soil horizon and MMI samples along 5 selected lines across the inferred carbonatite body. As well, magnetometer surveying was completed over two areas, totalling 11 line-km, one of which corresponds to the area of the inferred carbonatite. Finally, Kirrin also completed a 3.2 line-km reconnaissance gravity survey with stations spaced at 25 m intervals on 3 lines across the area of the inferred carbonatite.

The results from the 2011 program are being interpreted and the conclusions drawn will be published when available. Kirrin will integrate all new exploration and other geological data, including the geophysical interpretation of the ground magnetic and gravity data, with the overall intent being to refine target selection and define a specific follow-up program of work, including preliminary drill testing, in 2012. Kirrin anticipates its consultants will recommend drilling within the Grevet REE property, focusing especially on larger, but blind or recessive, REE-bearing carbonatites.

To 12/2010:   $241,000
2011 budget:   $300,000
2012 budget:   $700,000

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