|August 09, 2010|
Kirrin Resources Reports Continued Progress in Uranium and Rare Earth Element Exploration in its Q2 2010 Results and Operating Highlights
|Calgary, Canada: Kirrin Resources Inc. today reported its financial results and operational highlights for the second quarter of 2010. The quarter was marked by busy exploration programs and progress at the Key Lake SW uranium project and the Grevet REE project. Summary financial data is set out below. |
Commenting on the period, Kirrin President and CEO Derek Moran said: "We are pleased with the progress during the second quarter. While the corporate environment is increasingly challenging, the potential of Kirrin's uranium and REE portfolio continues to excite and we look forward to releasing further news during the next month as we complete the evaluation of recent results".
Kirrin is in the exploration and development stage of its operations and recorded a net loss for the quarter of $131,000 (Q2 2009: net income $218,000). Cash and equivalents at the quarter end amounted to $228,000 (Q2 2009: $35,000). Working capital was $4,000 (Q2 2009 deficit: $93,000). General and administrative costs remained tightly controlled, cash costs reducing by 18% to $119,000 from $146,000 in 2009.
Kirrin completed a 1,076 line-km magnetic-electromagnetic airborne survey of the Key Lake SW uranium property located on the southeastern margin of the Athabasca Basin in Saskatchewan. In addition, a review of the technical disclosures following the January 10, 2010 announcement by Denison Mines Corp. of the expansion of its Phoenix Discovery, just 60 km from Key Lake SW, has revealed many geological similarities between Phoenix and Key Lake SW.
The Company completed the first two phases of a three phase exploration program at the Grevet REE property in north-western Quebec. Encouraging results included the confirmation of historic samplings and the discovery of 29 potentially REE related occurrences. The Company has applied to expand the property by 56%, to 1,035 hectares. The program has both confirmed and indicated positive results from other potential REE-bearing carbonatites at Grevet and Kirrin is planning a Phase 3 follow-up field work program at Grevet during the latter part of 2010.
Reg A. Olson, Ph.D., P. Geol. is the designated Qualified Person for Kirrin on the Key Lake SW and the Grevet REE projects.
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 uranium and rare earth element 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
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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