Kirrin Resources, a new and dynamic participant in uranium and REE exploration, has a single goal -- the creation of shareholder wealth. Kirrin entered the uranium sector in late 2007 when special conditions prevailed. Firstly, the uranium product price had risen from US$10 to US$136 per lb in less than four years. Secondly, the stock market price of uranium companies, especially juniors, had surged in tandem with the product price. The board and management at Kirrin Resources, though confident in the long term fundamentals for uranium, considered that neither of these conditions could be sustained and that this offered particular opportunities to Kirrin's directors with their extensive natural resources and corporate development experience.

Kirrin's first REE project, Bottom Brook in western Newfoundland, joined the portfolio in September 2008, well before the recent upsurge of interest in REE. Rare earths are rare in commercial concentration and possess attributes that are increasingly essential in high technology products, whether computers, medical MRI equipment, or lightweight permanent magnets used in hybrid automobiles, generators and wind turbines. Two intriguing features combine to make Kirrin's participation in this exploration sector very attractive. Firstly, over 95% global rare earths production comes from the Bayan Obo mine in China. Secondly, China's Ministry of Land and Resources has stated that production quotas for rare earths will be reduced and new exploration licences halted until 30 June 2010.

Kirrin Resources was started with the dual objectives of assembling an exploration property portfolio and acting as a catalyst in consolidating assets within the junior sector in Canada. Kirrin now operates three uranium exploration projects, in Newfoundland, Labrador and Saskatchewan, and two REE projects, in Newfoundland and Quebec, and has an ongoing program of research to expand its portfolio through joint ventures and corporate acquisitions.

Strategy

• Employ a strong technical team to select projects, design exploration programs and assess results

• Apply technical and corporate expertise to the ongoing high-grading of the property portfolio, and creating shareholder value through the sale of developed exploration assets

• Maintain a minimum level of support operations in order to maximise the proportion of funding spent on exploration and take advantage of Canada's flow-through tax facilities

Kirrin Resources adopts a dynamic approach to rapid growth, combining corporate activity with portfolio development. Its professional management employs realism when assessing project potential and implements competition for capital to ensure portfolio quality.

Management
The members of the executive team have a diverse range of skills, including leadership, negotiation, accounting, finance, legal and planning, which they bring to the professional management of Kirrin Resources. This is complemented by arrangements with leading technical consultants combining in excess of 100 years' uranium and REE exploration experience. The technical team has been carefully assembled to include project generation and selection capabilities, exploration and logistics skills, and results appraisal and assessment experience.

Corporate Skills
Kirrin's Board of Directors has extensive entrepreneurial experience across a range of commodities. It represents a mature blend of corporate finance and development knowledge, legal expertise and investment banking skills which focus on the expansion of the Company through corporate activities.