Kirrin Resources Inc.
TSX VENTURE : KYM

Kirrin Resources Inc.

September 24, 2009 11:48 ET

Kirrin Resources Announces 2009 Exploration Plans for Lost Pond REE and Uranium Project

CALGARY, ALBERTA--(Marketwire - Sept. 24, 2009) - Kirrin Resources Inc. (TSX VENTURE:KYM) today announced its 2009 exploration plans for the Lost Pond rare earth element (REE) and uranium project located in Newfoundland and Labrador. The budget for the 2009 program is $400,000, which may be increased dependent upon results and the availability of equipment. The Lost Pond project is located close to the west coast of Newfoundland and enjoys ease of access for transport and services. It is unaffected by the moratorium on uranium mining and milling on Inuit Labrador land.

The program follows-up the results of the drilling program completed in Q4 2008. To date, the Lost Pond U3 target (Bottom Brook A Zone) has returned REE intersections up to 4.47% Total Rare Earth Oxides ("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. With respect to 2008 uranium results, hole LP08-21 targeted the down-plunge extent of the U2 uranium zone and hit mineralization at 235.4 m, resulting in an intersection of 0.038% U3O8 over 20.1 m, including 0.061% U3O8 over 3.0 m. The U2 zone is open down-plunge.

Kirrin's uranium and REE exploration expenditure plans in Canada during 2009 and 2010 are forecast at $2.1 million. This is in addition to expenditures that will arise consequent upon transactions resulting from Kirrin's current review of property acquisitions and strategic alliances with uranium partners in Canada.

The Lost Pond program is scheduled to commence in October and will focus on both the REE potential of the property and the down-plunge potential of the U2 Uranium Zone:

- The Lost Pond REE mineralization offers an attractive exploration target which has shown extremely high grade assays, good widths and zones that are in a discrete geology. Ease of access and a hospitable political climate are further positive features that have encouraged Kirrin to expand its REE program. Previous work has concentrated on the Bottom Brook A Zone which was found during follow-up of a coincident magnetic high and radiometric anomaly. There are a number of similar anomalies in the area and limited prospecting during 2008 of one of the magnetic high targets resulted in bedrock samples with assays up to 2.68% TREO. Before another drill program is undertaken, Kirrin intends to reprocess existing airborne survey data, concentrating on coincident magnetic high/thorium anomalies, re-evaluate all prior REE sample results, and complete follow-up prospecting of several targets heretofore identified at Lost Pond that have potential to be REE prospects. Assuming the results of this REE exploration are positive, another drill program will be planned shortly thereafter.

- The uranium drilling program is planned to total some 1,500 m in five holes up to 400 m in depth to test the down-plunge potential of the U2 zone. As well, two follow-up drill holes up to 600 m in length are planned, contingent upon the results of the first series of five holes. Kirrin's goal will be to generate sufficient information to model the U2 zone geometry, determine whether the grade or width or both is increasing to depth, and try to get a clearer understanding as to the possible genetic model for the U2 zone. The overall intent of the 2009 follow-up drilling will be to work towards preparation of a NI 43-101 compliant uranium resource estimate for the U2 zone if the drill results continue to be positive.

Kirrin is fortunate in having retained the same exploration team for 2009 that gained familiarity with the Lost Pond project during the 2008 program.

Reg A. Olson, Ph.D., P. Geol. is the designated Qualified Person for Kirrin on the Lost Pond project.

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 exploration in Newfoundland & Labrador and Quebec and in the expansion of its portfolio through acquisition, merger, strategic partnership or 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 catarina@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, without limitation, regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. 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. Risks include delays in obtaining or failure to obtain regulatory approval. 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.

Contact Information