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Kirrin Resources Inc. has entered into an option agreement with Kodiak Exploration Ltd. allowing it to earn up to a 70% interest in Kodiak’s Otish Basin uranium property portfolio located in Québec, Canada. Kodiak has an extensive land package covering 428.7 square kilometres of the Otish Basin that includes a wide range of geological settings, target types, showings and geochemical anomalies. Much of the ground formerly belonged to Uranerz, a large European uranium company that explored here in the 1970s, but allowed its claims to lapse after uranium prices collapsed in the early 1980s. Kirrin may earn an initial 51% interest in the Otish Basin portfolio by spending $2.8 million on exploration by December 31, 2012, and may earn a further 19% interest by spending a further $1.5 million by December 31, 2015, making an aggregate commitment for a 70% interest of $4.3 million. Kirrin will be the operator of the project.

Kodiak’s consultants have recommended a program of airborne radiometric, gradiometer magnetic and EM surveys, followed by ground geophysics, prospecting, mapping and drilling to test the economic potential of these prospects. Exploration in the Otish Basin during the 1970s by Uranerz, SOQUEM, Phelps Dodge, PanContinental-Cominco, Atlantic Richfield, Shell, Cogema and others resulted in the discovery of uranium deposits, numerous showings and large areas of anomalous geochemistry that were never followed up as exploration in the area ceased after uranium prices collapsed in the early 1980s.