|May 10, 2010|
Kirrin Resources Reports Continued Rare Earth Element And Uranium Portfolio Expansion In Q1 2010 Results
|Calgary, Canada: Kirrin Resources Inc. reported today its financial results and operational highlights for the first quarter of 2010. The period was marked by Kirrin's continued rare earth element (REE) and uranium portfolio expansion. Summary financial data is set out in tabular form below. |
Kirrin recorded a net profit for the period of $41,424 (2009: loss $225,028) of which a credit of $199,000 (2009: $nil) represented a future income tax reduction and an expense of $14,105 (2009: $54,716) the write-off of exploration and project development costs. Working capital at the period end was $280,409 against a comparative of $303,164 in 2009. General and administrative costs remained tightly controlled, cash costs reducing by 22% to $122,552 from $156,501 in 2009.
(1) All figures in Canadian dollars except for shares outstanding.
(2) 2009 has been revised to reflect the 1 for 10 share consolidation approved May 1, 2009.
Prospecting results from the Bottom Brook REE property, located near Stephenville, Newfoundland & Labrador, were announced in February. These exceeded expectations and there are now nine REE targets at Bottom Brook. Assay results at Bottom Brook Zone B of 1.69% and 6.80% TREO were obtained from two grab samples collected from angular boulders containing abundant magnetite and hematite mineralization. Assay results at Bottom Brook Zone C ranged from 1.50% TREO to 10.04% TREO obtained from five grab samples taken from magnetite-hematite bearing granite float. Both sets of samples have similar radioactivity and mineralogy to the Bottom Brook A Zone.
Kirrin added two further projects during the first quarter, the Grevet REE project in Quebec and the Key Lake SW uranium project in Saskatchewan. The identification of suitable uranium companies and assets for acquisition, merger, strategic partnership or joint venture remains an integral part of the Company's strategy. The Company also announced during the first quarter that it would not be proceeding with the Boxey Point or Otish Basin projects.
Reg A. Olson, Ph.D., P. Geol. is the designated Qualified Person for Kirrin on the Bottom Brook 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]
To receive company news releases via e-mail, please advise [email protected] and specify "Kirrin News" in the subject line.
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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