Kirrin Resources Inc.

Kirrin Resources Inc.

August 24, 2009 08:30 ET

Kirrin Resources Banks Further $360,000 Profit on 2008 Asset Sale; Awards Consultant's Option

CALGARY, ALBERTA--(Marketwire - Aug. 24, 2009) - Kirrin Resources Inc. (TSX VENTURE:KYM) today announced that it has received $360,000 additional consideration on the sale of its diamond interests in 2008 (news release July 3, 2008). This receipt follows agreement on the settlement of various contractual issues, including the disposition of escrow funds, arising from the sale contract. The settlement agreement was concluded on June 29, 2009 and Kirrin will record the additional profit in its second quarter 2009 financial statements.

Kirrin also announced that it has granted options over 75,000 common shares at an exercise price of $0.10 per share to a consultant (closing price on August 20, 2009 was $0.07 per share). The expiry date is August 31, 2014 and one quarter of the options will vest annually. Kirrin has 886,000 options outstanding under its Option Plan at an average exercise price of $0.10 per share.

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

Kirrin is engaged in uranium exploration in Newfoundland & Labrador 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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