Kirrin Progresses Uranium and Rare Earth Elements Exploration and Files Q2 2011 Results and Operating Highlights
25 Agosto 2011 - 3:30PM
Marketwired
Kirrin Resources Inc. (TSX VENTURE: KYM) today reported its
financial results and operational highlights for the second quarter
of 2011. 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.
The second quarter 2011 financial results are prepared in
accordance with International Financial Reporting Standards
('IFRS') and, in compiling the comparative information for the
three months ended June 30, 2010, the financial statements for the
year ended December 31, 2010 and the opening IFRS consolidated
statement of financial position, Kirrin has adjusted amounts
previously reported in its financial statements prepared in
accordance with CAGAAP. The transition from CAGAAP to IFRS has had
no material affect on the Company's financial position although the
application of IFRS has produced significant changes to some
individual reporting lines. Readers are referred to Kirrin's second
quarter Condensed Consolidated Interim Financial Statements filed
on its web site and on SEDAR.
Kirrin recorded a net loss of $176,007 (2010: loss $115,459)
during the period. Working capital at the period end was $349,084
(2010: $4,150). Mineral interests advanced by 21% to $2,176,428; no
exploration costs of significance were expensed during the period
in either 2011 or 2010 although project development costs expensed
amounted to $22,373 (2010: $763). As foreshadowed in the 2010
MD&A, general and administration expenses increased 30% to
$154,214 (2010: $119,076). Summary financial data is set out in
tabular form below.
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June 2011 June 2010
$ $
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Working capital 349,084 4,150
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Mineral interests 2,176,428 1,796,012
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Total assets 3,080,427 2,053,325
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Total long-term financial liabilities 110,000 200,000
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Shareholders' equity 2,415,512 1,600,162
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Net loss for the quarter 176,007 115,459
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Earnings (loss) per share for the quarter (0.01) 0.00
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Shares outstanding (1) 46,434,930 22,743,263
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Note 1: All figures in Canadian dollars except for shares outstanding.
Operational Highlights
Kirrin completed a number of milestones at its Key Lake
Southwest ('KLSW') uranium property located on the southeastern
margin of the Athabasca Basin in Saskatchewan. Two features of note
from the interpretation report by Savaria Geophysics Inc. of its
integration of 2011 and 2010 airborne geophysical survey data are
(a) the identification of 35 airborne electromagnetic targets, over
50% of which are rated as High to Moderate priority for exploration
follow-up for basement-hosted unconformity-type uranium deposits
and (b) evidence that the Wollaston Domain may underlie the eastern
portion of the KLSW property. Ground follow-up fieldwork is planned
by Kirrin to start in August 2011.
The first phase of a three phase program at Kirrin's Grevet REE
(rare earth elements) project in northwestern Quebec commenced in
early May with prospecting and further geological examinations,
plus systematic rock sampling, on priority target areas. This work
was followed in late June by the collection of 90 geochemical soil
samples and in early July by the commencement of a gravity survey
comprising about 3.4 line kilometres with readings at 25-metre
station intervals. The geochemical soil sampling and gravity survey
covered selected parts of the Grevet project area that are
postulated to be underlain by a large carbonatite body. Prior
sampling results of carbonatite dykes and dykelets have
demonstrated the presence of encouraging amounts of rare earth
elements and include 14.19% TREO (total rare earth oxide) in a grab
sample from a narrow carbonatite dykelet and 1.61% LREO across 2.2
metres from a wider carbonatite dyke. Results from 2011 rock
sampling have recently been received, and are now being compiled
and interpreted, as are the results from the geochemical soil
sampling and gravity survey over the inferred carbonatite.
Reg A. Olson, Ph.D., P. Geol. is the designated Qualified Person
for Kirrin who has reviewed the technical information in this news
release.
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 a Canadian green energy company that explores for rare
earth elements and uranium. In addition to its exploration
activities, Kirrin seeks to enhance its capitalization and the
quality of its portfolio by utilising its management's broad
industry and international experience in the identification of
suitable rare earth elements and uranium companies and green energy
assets for 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.
To receive company news releases via e-mail, please advise
lauren@chfir.com and specify "Kirrin News" in the subject line.
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.
Specifically, this press release contains forward-looking
statements concerning the timing and constituents of expected
exploration programs. 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 anticipated 2011 time frame for the planned
exploration programs assumes that the Company will continue to
allocate sufficient priority to this work relative to its finite
cash resources for its overall exploration activity. In each case
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. 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.
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.
Contacts: Kirrin Resources Inc. Derek J Moran President 27 82
440 3426 www.kirrinresources.com CHF Investor Relations Robin Cook
Account Manager (416) 868-1079 robin@chfir.com
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