Kirrin Resources Inc.

Kirrin Resources Inc.

March 08, 2010 08:00 ET

Kirrin Resources Update on Otish Basin Plans and Grevet Property Fees; Announces Option Grant

CALGARY, ALBERTA--(Marketwire - March 8, 2010) - Kirrin Resources Inc. (TSX VENTURE:KYM) announced today that it has terminated plans to extend its exploration activities to the Otish Basin and details of a $10,000 finder's fee paid to a third party in respect of the recently announced acquisition of the Grevet rare earth elements ("REE") property.

On June 17, 2009, Kirrin announced that it had entered into an option agreement with Kodiak Exploration Ltd. ("Kodiak") allowing it to earn up to a 70% interest in Kodiak's Otish Basin uranium property portfolio located in Quebec, Canada. The transaction was subject to contract and to regulatory approval. Kirrin has since advised Kodiak that it will no longer pursue an interest in the portfolio. Kirrin will take a write-down at December 31, 2009 of approx. $30,000 in relation to due diligence costs on the project.

On February 16, 2010, Kirrin announced that it had entered into an option agreement allowing Kirrin to earn a 100% interest in the Grevet REE property, located in north-western Quebec, Canada. Kirrin announced today that, pursuant to an agreement with First Canadian Securities®, it has issued 76,923 common shares to Limited Market Dealer Inc. in satisfaction of a finder's fee for the introduction of the Grevet opportunity.

Kirrin also announced that its Board of Directors has granted options over 30,000 common shares at an exercise price of $0.14 per share to a consultant. Kirrin now has 1,436,000 options outstanding under its Option Plan, at an average exercise price of $0.12 per share.

Additional information relating to Kirrin is available on Kirrin's web site at and on SEDAR at

Kirrin is engaged in rare earth element and uranium exploration in Newfoundland & Labrador, Quebec and Saskatchewan 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.

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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.

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