CALGARY, ALBERTA--(Marketwire - May 29, 2012) - Kirrin Resources Inc. (TSX VENTURE:KYM) today reported its financial results and corporate update for the first quarter of 2012. During the quarter, the Company focused on reviewing alternative financing strategies to complete its 2012 exploration plans as well as negotiations with third parties on introducing new projects to the Company. Negotiations included potentially expanding Kirrin's activities beyond REE and uranium exploration and beyond Canada. No financings were agreed during the quarter and no agreements have been reached arising from the aforementioned negotiations.
Kirrin recorded a net loss of $92,729 during the quarter, as against a net loss in the comparable quarter in 2011 of $139,684 which included a tax credit of $45,934. Mineral interests showed minimal change since the year end as no exploration work was undertaken during the quarter. The Company had a working capital deficit of $483,145 at the quarter end as compared to a deficit of $425,815 at the year end and positive working capital of $675,544 at March 31, 2011. General and administration expenses, excluding share based payments and amortization, decreased 50% to $77,794 (2011: $155,446) as a result of the necessity to reduce costs occasioned by tight cash resources. Summary financial data is set out in tabular form below.
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2012 2011
$ $
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Working capital (deficit) (483,145) 675,544
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Mineral interests 1,672,590 1,998,035
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Total assets 1,747,090 3,289,035
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Total long-term financial liabilities 200,000 110,000
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Shareholders' equity 989,445 2,563,579
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Net loss for the quarter 92,729 139,684
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Earnings per share 0.00 0.00
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Shares outstanding (1) 46,559,930 46,268,263
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(1) All figures in Canadian dollars except for shares outstanding.
Additional information relating to Kirrin is available on Kirrin's web site at
www.kirrinresources.com and on SEDAR at
www.sedar.com.
Kirrin explores for rare earth elements and uranium. In addition to its exploration activities, Kirrin seeks to enhance its capitalization and the quality of its portfolio through options and corporate development activity. 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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