Kirrin Resources Q3 2011 Report
25 Novembre 2011 - 5:00PM
Marketwired
Kirrin Resources Inc. (TSX VENTURE:KYM) today reported its
financial results and operational highlights for the third quarter
of 2011. Exploration activity peaked during the quarter with
encouraging progress made at the Alexis River and Key Lake SW
uranium projects and the Grevet REE project. Summary financial data
is set out below.
Commenting on the period, Kirrin President and CEO, Derek Moran,
said: "Kirrin continued to advance its exploration portfolio during
Q3. We are particularly pleased with the interpretation of the
results from radium analyses at Alexis River. Our projects are
reaching a critical stage in their evaluation and we are already
planning what may be decisive programs in 2012. The capital markets
are increasingly challenging though and they will determine what
level of programs can actually be achieved."
Kirrin is in the exploration and development stage of its
operations and recorded a net loss for the quarter of $126,000 (Q3
2010: net loss $90,000). Cash and equivalents at the quarter end
amounted to $309,000 (Q3 2010: $35,000). Working capital deficit
was $22,000 (Q3 2010 deficit: $154,000). General and administrative
costs increased by 53% or $46,000 in the third quarter, and 35% or
$114,383 during the comparative first three quarters, largely as a
result of an expansion in the investor relations program, increased
travel costs reflecting a more active exploration program and due
diligence on prospective projects, and higher professional fees due
to the implementation of IFRS.
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September September
2011 2010
$ $
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Mineral interests 2,537,946 1,867,522
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Total assets 2,918,192 1,930,993
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Working capital (deficit) (21,692) (154,146)
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Total long-term financial liabilities 200,000 200,000
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Shareholders' equity 2,316,254 1,513,376
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Net income (loss) for the quarter (125,831) (90,150)
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Earnings per share for the quarter (0.00) (0.01)
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Shares outstanding (1) 46,484,930 22,793,263
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Note 1: All figures in Canadian dollars except for shares outstanding.
Operational Highlights
-- Data from the 1,531 line-km. helicopter-borne survey flown in February
2011 at Key Lake Southwest ('Key Lake SW') on the southeastern edge of
the Athabasca Basin and from the 1,076 line-km. airborne survey flown in
2010 was integrated and interpreted. A GIS compilation of exploration
data from publicly available sources for Key Lake SW and the interpreted
geophysical data was also completed.
-- Radium analyses at the Alexis River uranium property located in
southeastern Labrador were completed. Interpretation of the analyses
points to two narrow radium anomalies, correlating well with uranium
values, as drill targets within the confines of Anomaly Lake on the
property.
-- In September 2011, the Company announced that it has staked an
additional 4,185 hectare adjacent to its Key Lake SW uranium property
located on the southeastern margin of the Athabasca basin in
Saskatchewan.
-- Kirrin reached an agreement with Ucore Rare Metals Inc. ('Ucore') on
revised terms for its acquisition of an interest in the Bottom Brook
rare earth element property in Western Newfoundland. Kirrin may earn a
50% interest in the Bottom Brook property by spending $2,045,000,
revised from $2,600,000, on exploration by December 31, 2014, revised
from 2012, and making share payments to Ucore of 300,000 Kirrin shares.
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
aman@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 news release contains forward-looking statements
concerning the Company's future exploration program. 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 constituents of the
planned programs assume 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 news 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 3426www.kirrinresources.com CHF Investor Relations Robin Cook
Account Manager (416) 868-1079robin@chfir.com
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