| March 31, 2010 Kirrin Resources Starts Exploration Program at Key Lake SW Uranium Project in Athabasca Basin | |
| Calgary, Canada: Kirrin Resources Inc. announced today that it has appointed Fugro Airborne Surveys Corp. of Ottawa, Ontario ('Fugro') to complete a 1,076 line-kilometre magnetic-electromagnetic (EM) airborne survey of its recently acquired Key Lake Southwest ("Key Lake SW") uranium property. The Key Lake SW property is located on the southeastern margin of the Athabasca Basin, about 40 km south-west of Cameco's Key Lake uranium mill, in northern Saskatchewan, Canada. The airborne survey will utilise Fugro's fixed-wing Tempest(r) Digital Time Domain Electromagnetic (DTDEM) system which provides maximum quantitative discrimination of relatively near surface (upper 200 to 300 m) conductivity variations. Airborne magnetic surveys map the variation in magnetic susceptibility, which predominantly results from changes in the percentage of magnetite and some other magnetic minerals in the bedrock. The magnetic variations thus allow the mapping of differing lithologies, faults, potential alteration zones, etc. DTDEM surveys map the three-dimensional variation in conductivity that is caused by one or more of mineralogy (e.g., conductive minerals such as graphite or sulphides), intensity of alteration, water content or changes in salinity. The correlation of the magnetic responses with the EM conductive trends enables the indirect geological mapping of bedrock under overburden and possible Athabasca Basin sandstone outliers. As well, the airborne geophysical data can identify anomalies and potential geological targets that may be spatially associated with uranium deposits or alteration zones near such deposits. Fugro will commence the survey forthwith and Kirrin anticipates receiving data within four weeks and a full analysis and interpretation about another four weeks thereafter. The eastern margin of the Athabasca Basin is home to the most productive uranium mines in the world with roughly 25% of the world's uranium production coming from this area. Kirrin's target at Key Lake SW is basement-hosted unconformity-type uranium deposits, similar to Cameco's basement-hosted Millennium Deposit, located 65 km to the northeast. Reg A. Olson, Ph.D., P. Geol. is the designated Qualified Person for Kirrin on the Key Lake SW project. Additional information relating to Kirrin is available on Kirrin's web site at www.kirrinresources.com and on SEDAR at www.sedar.com. Kirrin is engaged in rare earth element and uranium exploration in Newfoundland & Labrador, Quebec and Saskatchewan and in the expansion of its portfolio through acquisition, merger, strategic partnership or joint venture. Its strategy is well defined: enhancing shareholder value by combining technical expertise, corporate development skills and professional management. Kirrin's shares trade on the TSX Venture Exchange under the symbol KYM. FOR FURTHER INFORMATION PLEASE CONTACT: Derek J Moran, President, Kirrin Resources Inc. 27 82 440 3426 Robin Cook, Account Manager, CHF Investor Relations (416) 868-1079 [email protected] 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. Forward-looking information: Except for statements of historical fact, all statements in this news release, without limitation, regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those expressed or implied by such forward-looking information. Risks include delays in obtaining or failure to obtain regulatory approval. Except as required by applicable securities legislation, the Company undertakes no obligation to publically update or revise forward-looking information, whether as a result of new information, future events or otherwise. | |
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