|November 29, 2010|
Kirrin Resources Q3 2010 Report: Advances Uranium And Rare Earth Element Project Exploration
|Calgary, Canada: Kirrin Resources Inc. today reported its financial results and operational highlights for the third quarter of 2010. The quarter was marked by exciting exploration results 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: "2010 is proving to be a good year for Kirrin. Progress during the second quarter has been followed by solid exploration results across our uranium and rare earth elements portfolio in the third quarter".
Kirrin is in the exploration and development stage of its operations and recorded a net loss for the quarter of $97,000 (Q3 2009: net loss $132,000). Cash and equivalents at the quarter end amounted to $35,000 (Q3 2009: $41,000). Working capital deficit was $154,000 (Q3 2009 deficit: $210,000). General and administrative costs remained tightly controlled, cash costs of $88,000 for the quarter comparing to $86,000 in 2009.
Note 1: All figures in Canadian dollars except for shares outstanding.
In July, Kirrin completed a 1,076 line-kilometre magnetic-electromagnetic (EM) airborne survey of the Key Lake SW uranium property, near the southeastern margin of the Athabasca Basin in northern Saskatchewan, and announced the results of its interpretation and evaluation in September. This identified 7 first priority, 5 second priority and 7 third priority targets that warrant follow-up assessment. In addition, the Company noted that its review of the technical disclosures regarding the Phoenix Discovery on Wheeler River, 60 km north-east of Key Lake SW, revealed many geological similarities between Phoenix and Key Lake SW.
In September, the Company announced geochemical assay results from the first round of rock channel, chip and grab sampling at its Grevet REE property in northwestern Quebec. Preliminary results show 14.22% total rare earth oxides (TREO) in a grab sample from a narrow carbonatite dyke and 1.61% lower rare earth oxides (LREO) across 2.2m from a wider carbonatite dyke. The results confirmed the potential of the Grevet REE property to host REE-bearing carbonatite deposits with LREO grades of definite interest.
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.
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
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 including, without limitation, future plans and objectives of the Company 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 and undue reliance should not be placed on it. The risk factors that could cause actual results to vary from results expressed or implied by the forward-looking statements contained in this press release are primarily events beyond Kirrin's control and may preclude Kirrin from satisfying all applicable pre-conditions. These forward-looking statements are made as of the date hereof and 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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