Kirrin Resources Inc.
TSX VENTURE : KYM

Kirrin Resources Inc.

February 08, 2010 09:30 ET

Kirrin Resources Announces Results Up to 10.04% TREO From Its Recently Completed Prospecting Program on the Lost Pond REE Project

CALGARY, ALBERTA--(Marketwire - Feb. 8, 2010) - Kirrin Resources Inc. (TSX VENTURE:KYM) is pleased to announce that it has received assay results from its prospecting and sampling program carried out in October-November, 2009 on its Lost Pond rare earth element (REE) property, located near Stephenville, Newfoundland & Labrador.

Commenting on the results, Kirrin CEO and President Derek Moran said, "The program results exceeded expectations in that we now have nine Rare Earth targets at Lost Pond and the best result from the latest assays shows 10.04% TREO".

The 2009 review of prior REE exploration data identified four potential REE targets based on airborne magnetics and radiometric patterns as well as previous assay results obtained between 2006 and 2008. This previous work included trenching and drilling on the Bottom Brook A Zone (U3 Target) resulting in drill intersections up to 4.47% Total Rare Earth Oxides (TREO) over 5.64 m.

The latest exploration program focused on five additional Rare Earth targets, two of which resulted in the identification of two new areas of Rare Earth mineralization:

  • Bottom Brook B Zone - Assay results of 1.69% and 6.80% TREO were obtained from two grab samples collected from angular boulders containing abundant magnetite and hematite mineralization. The highest grade sample (6.80% TREO) includes individual assays of 2.87% Ce2O3, 1.48% La2O3 and 1.21% Nd2O3. This mineralization is proximal to a discrete isolated magnetic high anomaly, which is located approximately 1 km northeast of the Bottom Brook A Zone
  • Bottom Brook C Zone - This area was also isolated for follow-up because of the presence of a discrete isolated magnetic high. A total of five samples were taken from magnetite-hematite bearing granite float proximal to the target, all with similar radioactivity and mineralogy to the Bottom Brook A Zone. Sampling results ranged from 1.50% to 10.04% TREO. The highest grade sample (10.04% TREO) includes individual assays of 4.13% Ce2O3, 2.22% La2O3 and 1.88% Nd2O3.

The 2009 prospecting program was curtailed in November due to the onset of winter conditions. A follow-up program of ground magnetics and geochemistry is planned, to be followed by trenching and/or drilling on the discrete magnetic targets. Additional prospecting will also be done on the other targeted areas.

Quality Control: The sampling was carried out by Kirrin personnel and all samples were delivered to Accurassay in Gambo South, NL for initial sample preparation. The samples were analyzed at Activation Laboratories in Ancaster, ON, utilizing inductively coupled plasma mass spectrometer. The digestion technique was total digestion that employs a lithium metaborate/tetraborate fusion. TREO represents the Total Rare Earth Oxides and includes Y2O3. The style of Rare Earth mineralization believed represented at Lost Pond generally has 90% Light Rare Earths and 10% Heavy Rare Earths on average.

The Lost Pond property is subject to a farm-in agreement with Ucore Uranium Inc., whereby Kirrin can earn up to a 70% interest in the property by completing a schedule of annual exploration expenditures and share payments to Ucore.

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 REE and 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.

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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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