Kirrin Resources Q3 2011 Report

Kirrin Resources Inc. (TSXV:KYM) reported its financial results and operational highlights for the third quarter of 2011.

As quoted in the press release:

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.

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.”

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