Kirrin Resources Inc.

Kirrin Resources Inc.

February 05, 2010 15:00 ET

Kirrin Resources Provides Update on Exploration at Boxey Point; Announces Exercise of Options and Option Grant at $0.14 Per Share

CALGARY, ALBERTA--(Marketwire - Feb. 5, 2010) - Kirrin Resources Inc. (TSX VENTURE:KYM) today announced the results of the nine-hole diamond drill program completed on the Boxey Point uranium property in western Newfoundland and the exercise and grant of options under the Company's approved Stock Option Plan.

1,323 m was drilled in nine holes at Boxey Point during November 2009. Low grade radioactive intercepts occurred in five holes and the best assay was 0.164% U3O8 across 0.5 m near the top of hole Boxey 03. The drill results of these five holes in detail are:

Hole # From (m) To (m) Width (m) U ppm % U3O8
Boxey 02 97.2 98.0 0.8 220 0.026
  105.0 108.0 3.0 157 0.019
Boxey 03 12.5 13.0 0.5 1,390 0.164
Boxey 07 136.5 137.5 1.0 199 0.023
Boxey 08 50.0 51.0 1.0 303 0.036
  77.0 78.0 1.0 153 0.018
Boxey 09 72.0 75.0 3.0 143 0.017

Commenting on the results, Kirrin CEO and President Derek Moran, said, "The 2009 exploratory drilling at the Boxey Point promontory is a technical success in that several radioactive intercepts were found eastward from the radioactive outcrops that occur along the west side of the Boxey Point promontory. Our consultants currently are evaluating the results in the context of Boxey's geology and prior geochemical, geophysical and prospecting survey results to assess what follow-up exploration should be done to further test the Boxey Point radioactive zones. It is possible that this review may conclude the latest drill results do not move the project sufficiently along Kirrin's project pipeline to compete for future capital."

Quality Control: Core samples from this drill program were split using a Longyear core splitter and half of the split core sent to Eastern Analytical Laboratories in Springdale, NL for preparation and to Activation Laboratories in Ancaster, ON for analysis. The uranium concentration in each core sample was analyzed by ICP/MS methods (Actlabs Ultratrace 1), following aqua regia extraction. Blank and duplicate samples were inserted into the sample batch periodically and standards were used at Activation Laboratories to ensure accuracy.

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

Kirrin also announced that five directors had exercised 120,000 options at $0.10 per share for consideration of $12,000. Further, Kirrin announced that its Board of Directors has granted options over 640,000 common shares at an exercise price of $0.14 per share to seven directors, employees and consultants (closing price on January 27, 2010 was $0.12 per share). The expiry date is January 25, 2015 and one quarter of the options will vest annually. Mr Moran commented, "The directors have expressed their confidence in Kirrin's future by granting options at a premium of 17% to the market. Kirrin now has 1,406,000 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 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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