KYM Kirrin Resources Inc.

Kirrin Resources Inc. (TSX VENTURE:KYM) today reported its financial results and
corporate update for the third quarter of 2012. During the quarter, the Company
focused on reviewing alternative strategies to complete its 2012 exploration
plans, introduce new projects to the Company, and ensure continuing operations
by 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 $40,013 during the quarter, as against a net loss
in the comparable quarter in 2011 of $125,831, which included a tax credit of
$44,519. Mineral interests showed minimal change as only minimal exploration
work was undertaken during the quarter. The Company had a working capital
deficit of $557,464 at the quarter end as compared to a deficit of $425,815 at
the year end and a deficit of $21,692 at September 30, 2011. Summary financial
data is set out in tabular form below.




---------------------------------------------------------------------------
                                                   September      September
                                                        2012           2011
---------------------------------------------------------------------------
Mineral interests                                 $1,673,901     $2,537,946
---------------------------------------------------------------------------
Total assets                                       1,684,464      2,918,192
---------------------------------------------------------------------------
Working capital (deficit)                           (557,464)       (21,692)
---------------------------------------------------------------------------
Total long-term financial liabilities                190,000        200,000
---------------------------------------------------------------------------
Shareholders' equity                                 926,437      2,316,254
---------------------------------------------------------------------------
Net income (loss) for the quarter                    (40,013)      (125,831)
---------------------------------------------------------------------------
Earnings per share for the quarter                     (0.00)         (0.00)
---------------------------------------------------------------------------
Shares outstanding (1)                            46,559,930     46,484,930
---------------------------------------------------------------------------

(1) All figures in Canadian dollars except for shares outstanding.



Excluding exploration activities, expenses for the nine months ended September
30, 2012 amounted to $27,284, a decrease of 80% over 2011 largely resulting from
the necessity to reduce costs occasioned by tight cash resources. Expenses under
the headings Salaries and benefits, Financial administration, General office and
miscellaneous and Travel and marketing, in aggregate $90,388 for the nine months
ended September 30, 2012 (2011: $261,647) decreased consequent upon the lower
exploration program and voluntary reductions in contractual obligations. The
investor relations program has been discontinued and costs in this category,
$18,299 for the nine months ended September 30, 2012 (2011: $154,053) were
limited to those necessarily incurred to maintain Kirrin's listing status. Stock
based compensation reduced to $26,085 against $47,022 in 2011 as no options have
been issued since Q1 2011.


Kirrin does not generate positive cash flow, has limited financial resources and
must raise additional capital to implement its programs. The state of the
capital markets remains challenging and the interest of investors in micro
companies limited. Kirrin's working capital deficit is a significant factor
impacting the Company's strategic options. There can be no assurance that the
Company will be successful in raising additional capital to implement its
programs or to conclude alternative arrangements allowing it to continue
operations.


Additional information relating to Kirrin is available on Kirrin's web site at
www.kirrinresources.com and on SEDAR at www.sedar.com.


To receive company news releases via e-mail, please advise
info@kirrinresources.com and specify "Kirrin News" in the subject line.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Kirrin Resources Inc.
Derek J. Moran
President
27 82 440 3426
info@kirrinresources.com
www.kirrinresources.com

Kirrin Resources Inc. (TSXV:KYM)
Historical Stock Chart
From May 2024 to Jun 2024

Kirrin Resources Inc. (TSXV:KYM)
Historical Stock Chart
From Jun 2023 to Jun 2024