Kirrin Resources Confirms 2011 Exploration Plans; Continued Focus on Rare Earth Elements, Uranium and Acquisitions
03 Fevereiro 2011 - 11:00AM
Marketwired
Kirrin Resources Inc. (TSX VENTURE: KYM) today announced plans for
its 2011 exploration program. Kirrin, which in December announced
the completion of two private placements raising gross proceeds of
$2.2 million, will continue its focus on rare earth elements (REE)
and uranium. The budget for its 2011 outline program amounts to
$2.0 million. Kirrin will also pursue corporate development
opportunities as well as the acquisition of additional exploration
projects.
Kirrin evaluates its exploration projects in a streamlined
fashion, using its cash resources efficiently. The current
financial environment and government land assessment cost burden
mean that available funds must be used in a focused manner, with
objectives set, programs professionally managed and results
assessed expeditiously. The Key Lake Southwest ('Key Lake SW')
uranium property located on the southeastern margin of the
Athabasca Basin in Saskatchewan will attract an estimated budget of
$0.7 million. Later this month, Kirrin will commence a 1,400 line
km. helicopter-borne time domain electromagnetic geophysical
survey. Following the interpretation of results, Kirrin is planning
a program of summer fieldwork with the objective of finalizing the
selection of drill sites.
The Bottom Brook REE project, located near Stephenville,
Newfoundland & Labrador, where drilling results point to high
grade REE mineralization - 4.47% TREO over 5.64 m core length,
4.32% TREO over 2.0 m core length, and 1.16% TREO over 15.3 m core
length - has nine targets that Kirrin plans to evaluate with a
program of ground magnetics and detailed litho-geochemical
follow-up. It is expected that this will be followed by trenching
and/or drilling on the discrete magnetic targets. Additional
prospecting on other targeted areas is included in the plans. The
Lost Pond uranium project, which shares essentially the same land
area as Bottom Brook, awaits interpretation of assay results from
December's 1,400 m drill program.
Following the satisfactory results from December's geophysical
interpretation program at the Grevet REE project in northwestern
Quebec, Kirrin is planning a three phase exploration season
commencing in late April. 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 will commence in July. The
third phase, commencing 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.
Kirrin's senior technical advisors, Dr. Reg Olson and Dr. Dave
Lentz, together with senior management, pursue the identification
of suitable uranium and REE companies and assets for acquisition,
merger, strategic partnership or joint venture in Canada and
elsewhere that offer potential to add shareholder value. Kirrin's
modus operandi emphasises quality of project selection and
effective program development and implementation alongside
efficiency of expenditure and growth in portfolio value. Many
junior companies recognise the need and value of consolidation,
particularly where overhead costs have expanded beyond what can be
sustained. While the focus remains on Canada, Kirrin's directors,
management and technical advisors have broad international
experience and selected opportunities outside of Canada are
considered.
Reg A. Olson, Ph.D., P. Geol. is the designated Qualified Person
for Kirrin who has reviewed the contents of 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 is engaged in uranium and rare earth element exploration
in Newfoundland & Labrador, Quebec and Saskatchewan and in the
expansion of its portfolio through acquisition, merger, strategic
partnership and joint venture. 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
nadine@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 the 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.
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
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