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Kirrin Resources Inc. (TSXV:KYM) reported its financial results and corporate update for the first quarter of 2012: in Q1, the Company focused on reviewing alternative financing strategies to complete its 2012 exploration plans as well as negotiations with third parties on introducing new projects to the Company. Negotiations included potentially expanding Kirrin’s activities beyond REE and uranium exploration and beyond Canada, and no financings were agreed during the quarter and no agreements have been reached arising from the aforementioned negotiations.
As quoted in the press release:
Kirrin recorded a net loss of $92,729 during the quarter, as against a net loss in the comparable quarter in 2011 of $139,684 which included a tax credit of $45,934. Mineral interests showed minimal change since the year end as no exploration work was undertaken during the quarter. The Company had a working capital deficit of $483,145 at the quarter end as compared to a deficit of $425,815 at the year end and positive working capital of $675,544 at March 31, 2011. General and administration expenses, excluding share based payments and amortization, decreased 50% to $77,794 (2011: $155,446) as a result of the necessity to reduce costs occasioned by tight cash resources.
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