Kirrin Resources Inc. (TSX VENTURE: KYM) today reported its 2010
financial results, fourth quarter highlights and operational
highlights for 2010. Summary financial data is set out in tabular
form below.
Kirrin recorded a reduced net loss for the year of $809,543
(2009: loss $924,908) of which $431,347 (2009: $552,833) was the
write-down of mineral interests. The balance sheet was
strengthened, 2010 ending with positive working capital of
$1,335,347 (2009: $303,164), including cash of $1,894,646 (2009:
$717,161). General and administrative costs were reduced by 7% to
$499,651 from $537,052 in 2009.
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2010 2009 2008
$ $ $
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Working capital (deficit) 1,335,347 303,164 (57,808)
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Mineral interests 1,643,711 1,428,943 1,696,373
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Total assets 3,673,022 2,312,870 2,492,998
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Total long term financial
liabilities 110,000 110,000 110,000
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Shareholders' equity 2,869,058 1,622,107 1,528,565
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Net income (loss) for the year (809,543) (924,908) 190,500
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Loss per share 0.03 0.07 0.00
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Shares outstanding (1)(2) 46,268,263 20,599,673 12,347,002
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(1) All figures in Canadian dollars except for shares outstanding.
(2) 2008 has been revised to reflect the 1 for 10 share consolidation
approved May 1, 2009.
Highlights during the fourth quarter of 2010 include:
Kirrin completed two private placements, the first of 8,425,000
units at a purchase price of $0.08 per unit for proceeds of
$674,000, the second of 15,000,000 flow-through units at a purchase
price of $0.10 per flow-through unit for proceeds of
$1,500,000.
The Company initiated a 1,500 m drill program at its Lost Pond
uranium project in western Newfoundland. Drilling tested the
continuation of the uranium bearing Cataclastic Zone at depth and
down plunge targeting an increase in grade below the existing
holes. The program was completed during December 2010 and consisted
of 1,358.3 m in four holes of BQ-TK sized core, with each hole
ranging between 253 and 390 m in length.
A new geophysical interpretation at the Grevet REE project in
northwestern Quebec was undertaken. This was followed by a
synthesis of all 2010 and historic results. The results,
conclusions and recommendations from these two reports are being
evaluated and the recommendations therefrom will form the
foundation for the planned 2011 exploration program at Grevet.
2010 highlights include:
Kirrin's exploration activities during 2010 met with
considerable success. The two projects added at the start of the
year, the Grevet REE property in Quebec and the Key Lake SW uranium
project in Saskatchewan, returned encouraging results. Sampling
grades at Grevet included 14.08% light rare earth oxides (LREO) in
a grab sample from a narrow carbonatite dyke and 1.61% LREO across
2.2 m from a wider carbonatite dyke. These confirm the potential of
the Grevet REE property to host REE-bearing carbonatite deposits
with LREO grades of definite interest. The interpretation of the
airborne electro-magnetic survey at Key Lake SW identified nineteen
priority targets that warrant follow-up assessment. Some of these
anomalies correlate with geological, geophysical or geochemical
anomalies identified from prior exploration whereas others are
newly identified. All are prospective for ingress style (that is,
basement hosted) uranium deposits along the geologically favourable
Wollaston Group basement trend. Drilling at the Lost Pond uranium
project in western Newfoundland was less encouraging. Three of the
four holes intersected anomalous uranium values, however, the
intensity of mineralization varied considerably and the grade did
not improve with depth. The uranium program at Lost Pond has
accordingly been suspended and its carrying costs in the amount of
$431,347 written off.
Reg A. Olson, Ph.D., P. Geol. is the designated Qualified Person
for Kirrin on the Bottom Brook, Grevet, KLSW and Lost Pond
projects.
Annual General and Special Meeting
Kirrin also announced that its annual general and special
meeting of shareholders will be held on Monday, May 2, 2011 in
Calgary. Business will comprise the consideration of the audited
financial statements for the year ended December 31, 2010 and the
report of the auditors thereon; fixing the board of directors at
five members and electing the board of directors; appointing KPMG
LLP as auditors and authorizing the board of directors to fix the
auditors' remuneration; and ratifying and, approving Kirrin's stock
option plan.
The Annual Report, Proxy and Information Circular are being
mailed to shareholders on or about April 6, 2011. The complete
Annual Report, including financial statements and Management's
Discussion and Analysis, will be available on
www.kirrinresources.com. These documents will also be available at
www.sedar.com.
Additional information relating to Kirrin is available on
Kirrin's web site at www.kirrinresources.com and on SEDAR at
www.sedar.com.
Kirrin 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 through options and
corporate development activity. 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.
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. Prevailing risk
factors 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.
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
Kirrin Resources Inc. (TSXV:KYM)
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