| July 08, 2010 Kirrin Resources Update On Grevet Ree Project In Quebec; Increased Focus On Neodymium Potential | |
| Calgary, Canada: Kirrin Resources Inc. today provided an update on its exploration program at the Grevet rare earth elements ('REE') property in north-western Quebec, Canada. Encouraging results included the confirmation of historic samplings and the discovery of 29 potentially REE related occurrences. Kirrin has applied to expand the property by 56%, to 1,035 hectares. The recent program also confirmed that the 1988 REE discovery, which sparked interest in REE in the area, lies within Kirrin's property. A total of 160 rock samples were collected for analysis; 156 of the samples will be analyzed for REE, which includes 15 samples that also will be analyzed for gold; the other 4 samples will be analyzed only for gold. The receipt of the results of analysis is expected by August. Kirrin has conducted two field programs at Grevet since its acquisition in February 2010. The first, in April, was led by Dr. Reg Olson and Dr. David Lentz. Dr. Lentz, Professor of Economic Geology at the University of New Brunswick, is a consultant to Kirrin 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 Mongolia, China. Bayan Obo is the world's largest REE deposit, containing about 70% of the world's known REE reserves. Work during the Phase 1 April visit included an examination of selected important REE showings within the Grevet property, an evaluation of the Grevet block geology, including geology in adjacent open areas that might be prospective for staking, and obtaining sufficient GPS (global positioning system) points to enable the Grevet physical grid to be geo-referenced in GIS. The Phase 2 field program commenced in mid May and was completed on June 20. It was led by Michel Proulx, Kirrin's project consultant on the Grevet property. This program included physical grid refreshment (originally cut in 2001 and 2002); line cutting of about 31 line-km to expand the existing physical grid; prospecting; the collection of 160 rock channel, chip or grab samples from carbonatites, magnetite/siderite stockwork occurrences believed prospective for REE, and a few selected other sulphide occurrences believed prospective for gold; and the staking of a further 19 claims. Samples have been sent to ALS Chemex at Val d'Or, Quebec for analysis. Prior to Kirrin acquiring the Grevet property, sampling had revealed anomalous REE element levels, with cerium, lanthanum and neodymium being particularly anomalous. During the Phase 1 site visit, Kirrin re-sampled two of the more anomalous REE prospect locales, and achieved similar results to the historic sampling for REEs. Kirrin also noted the high analytical result accorded to neodymium, 10,000 ppm Nd or 1.17% Nd2O3, in one sample, and thus will increase its focus on the presence of this REE at Grevet. Kirrin is planning further, Phase 3 follow-up, field work at Grevet during 2010, including one or more of a ground magnetic survey, geochemical soil sampling, overburden trenching at selected REE occurrences, and detailed geological mapping of selected portions of the Grevet property. Reg A. Olson, Ph.D., P. Geol. is the designated Qualified Person for Kirrin on the Grevet REE project. Additional information relating to Kirrin is available on Kirrin's web site at www.kirrinresources.com and on SEDAR at www.sedar.com. ABOUT KIRRIN RESOURCES Kirrin is engaged in REE 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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