Welcome!

Agile Computing Authors: Liz McMillan, Pat Romanski, Elizabeth White, Dana Gardner, Andy Thurai

News Feed Item

Kirrin Resources Reports Q3 2012 Results

CALGARY, ALBERTA -- (Marketwire) -- 11/23/12 -- 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 [email protected] and specify "Kirrin News" in the subject line.

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.

Contacts:
Kirrin Resources Inc.
Derek J. Moran
President
27 82 440 3426
[email protected]
www.kirrinresources.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

IoT & Smart Cities Stories
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.
Digital Transformation and Disruption, Amazon Style - What You Can Learn. Chris Kocher is a co-founder of Grey Heron, a management and strategic marketing consulting firm. He has 25+ years in both strategic and hands-on operating experience helping executives and investors build revenues and shareholder value. He has consulted with over 130 companies on innovating with new business models, product strategies and monetization. Chris has held management positions at HP and Symantec in addition to ...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
As IoT continues to increase momentum, so does the associated risk. Secure Device Lifecycle Management (DLM) is ranked as one of the most important technology areas of IoT. Driving this trend is the realization that secure support for IoT devices provides companies the ability to deliver high-quality, reliable, secure offerings faster, create new revenue streams, and reduce support costs, all while building a competitive advantage in their markets. In this session, we will use customer use cases...