Kirrin Resources Reports Q1 2011 Results

Kirrin Resources Inc. (TSX VENTURE:KYM) today reported its financial results and
operational highlights for the first quarter of 2011. The latter included
detailed planning of summer field programs at Kirrin's Grevet and Bottom Brook
REE properties and the completion of a 1,531 line-km helicopter-borne
time-domain electromagnetic geophysical survey at the Key Lake SW uranium
property in the SE Athabasca Basin.


The first quarter 2011 financial results are Kirrin's first prepared in
accordance with International Financial Reporting Standards ('IFRS') and, in
compiling the comparative information for the three months ended March 31, 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 first quarter Condensed Consolidated Interim Financial Statements filed
on its web site and on SEDAR.


Kirrin recorded a net loss of $139,684 (2010: loss $140,767) during the period
which included an increased tax credit of $45,934 against $6,822 in 2010.
Working capital at the period end was $675,544 (2010: $233,324). Mineral
interests advanced by 32% to $1,998,035; no exploration costs were expensed
during the period (2010: $12,948). As foreshadowed in the 2010 MD&A, general and
administration expenses increased 27% to $155,446 (2010: $122,468) although
aggregate cash expenses increased by a lesser 14% to $155,285 (2010: $136,573).
Summary financial data is set out in tabular form below.




----------------------------------------------------------------------
                                                   2011           2010
                                                      $              $
----------------------------------------------------------------------
Working capital                                 675,544        233,324
----------------------------------------------------------------------
Mineral interests                             1,998,035      1,509,701
----------------------------------------------------------------------
Total assets                                  3,289,035      2,066,044
----------------------------------------------------------------------
Total long-term financial liabilities           110,000        110,000
----------------------------------------------------------------------
Shareholders' equity                          2,563,579      1,633,025
----------------------------------------------------------------------
Net loss for the quarter                        139,684        140,767
----------------------------------------------------------------------
Earnings per share                                 0.00           0.00
----------------------------------------------------------------------
Shares outstanding (1)                       46,268,263     22,393,263
----------------------------------------------------------------------
(1) All figures in Canadian dollars except for shares outstanding.



Operational Highlights

Kirrin completed detailed planning for its Grevet REE project in northwestern
Quebec where a grab sample from a approx.2.5 cm wide carbonatite dyke assayed
14.08% LREO and also had elevated HREO of 0.14%. A three phase 2011 exploration
season commenced in early May. The first phase will complete prospecting on
priority areas, including the collection of samples and assessment of
exploration potential. The second phase will primarily identify drill targets
and is scheduled to commence in July. The third phase, scheduled to commence in
September-October, will be determined by the compilation and interpretation of
the results obtained from the earlier 2011 phases and will likely comprise a
1,500 to 2,500 m drill program in 15 to 25 holes.


Detailed planning was also underway for Kirrin's Bottom Brook REE project in
western Newfoundland & Labrador where drilling results point to high grade REE
mineralization - 15.04% total REO over 0.3 m core length, 4.47% total REO over
5.64 m core length, 4.32% total REO over 2.0 m core length, and 1.16% total REO
over 15.3 m core length. Kirrin has nine targets to evaluate at Bottom Brook
with a program of ground magnetics and detailed litho-geochemical follow-up,
followed by trenching and/or drilling on the discrete magnetic targets.


In February 2011, Kirrin flew a 1,531 line-km helicopter-borne time-domain
electromagnetic geophysical survey over many of the priority targets identified
in the Fugro 2010 survey. The survey was flown using Geotech Ltd's Versatile
Time-Domain Electromagnetic (VTEM Plus) geophysical system.
Geophysical-geological interpretation of the survey results in the context of
all prior exploration data is underway and should assist identification of
selected targets for ground follow-up work during 2011. It is anticipated the
follow-up 2011 program will include one or more of physical gridding, ground
geophysical surveys, prospecting, local geochemical surveys and detailed
geological mapping. Finally, it is anticipated this work will result in the
selection of drill targets for a multi-site drill program at the Key Lake SW
property during 2011 or 2012.


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 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. 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.
Kirrin Resources Inc. (TSXV:KYM)
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