Kirrin Resources Announces 2011 Financial Results

Kirrin Resources Inc.(TSXV:KYM) announced its final 2011 financial results and corporate updates. The Company announced all developments since postponing a private placement in December.

As quoted in the press release:

Kirrin recorded a net loss for the year of $1,716,986 (2010: loss $960,791) of which $912,833 (2010: $431,347) arose from the write-down of mineral interests and $398,600 from project development and current exploration expense (2010: $34,625). The balance sheet was weakened by the postponement of the private placement in December 2011 resulting in a failure to replenish treasury and leading to the year ending with a working capital deficit of $425,815 (2010: positive working capital $1,335,347).

Kirrin, President and CEO, Derek Moran, said:

Market sentiment has changed markedly over the past year and Kirrin must respond by utilising its assets, physical and human, more imaginatively. Investors’ appetite for early stage exploration has diminished and Kirrin needs to provide a lower risk profile to attract funding.” Mr Moran continued that while supply and demand fundamentals for uranium and REE remained robust, short term concerns are currently driving investor sentiment.

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