Yes you have some good thoughts there, explorationguy and others. I don't see any big advantage for KXL. Can't help but wonder if there's a backroom deal that's below the water line - who gets how many shares for cheap now or when Kirrin does a share issue, or what advantage accrues to whom? So far it makes not a great deal of sense at all. As you point out, KXL would have had no problem on its own holding on to the Otish claims considering the $2.5m already put in, if that's the right number.

I am struggling to come up with a scenario. I suppose if I try to put the most positive spin on it I can, suppose KXL wants Otish to move forward, but not consume any KXL cash nor require KXL to go to the market for more cash (it would be a poor reason for KXL to go to the market). Spin it off to a tiny company composed of maybe some buddies, that have a very small float of shares indeed, and have them go to the market for $4.3m++ as required by the JV agreement, without affecting KXL.

That kind of business might be more about stock market wheeling and dealing and getting a whack or two of super cheap shares than it is about exploration. I know people make scads of money from that kind of thing, but it's not a business I understand, sigh. I tend to be about real stuff and having my feet on the ground. Ergo I kept my KXL shares and did very little trading.

I suppose the "most positive" scenario does hold together somewhat, but there is no denying that it would make a much better impression if the JV partner had an impressive track record, some corporate muscle and some financial resources.

Kirrin last traded at 12 cents, but had justed consolidated its shares, named Monroe Minerals, at the end of May at 10:1, meaning that the recent shares were 1 cent at consolidation and now are valued at 1.2 cents each. News release: click here

Here is a Kirrin overview / statement as of May 28, 2009 - their annual expenses were reduced to $157k/year, but their cash on hand is only $115k - meaning that they don't have the cash to support their expenditure rate, even to keep running this year: click here

Before being Monroe Minerals and even earlier, before November 2001, the essence of Kirrin was another company, Blue Ice Minerals, an alluvial diamond explorer in Africa, acquired via a reverse takeover: click here

Stock price history: as Blue Ice in 2000/2001 it was a 50-cent-range stock, in terms of Monroe Minerals shares (there may be another share consolidation in the Blue Ice reverse takeover to find out about). As Monroe it hit about $3.40 in about Feb 2003 (approx figures from Google Finance). Kirrin's new symbol KYM has nearly no history, but under Kirrin=MMX you get the full story: click here

After the approx $3.40 point in 2003, Kirrin decayed steadily all the way to the recent 1 cent (12 cents now after share consolidation). Kirrin in their home-page corporate statement claims that they have "a single goal - the creation of shareholder wealth", but 130 million shares from $3.40 down to 1 penny each isn't the kind of shareholder wealth-creation I prefer. Yes, prefer a different kind, personally.

From the 1 cent point, the share consolidation of 10:1 made 1/10th the number of 10-cent shares at consolidation - now 12 cents each as of yesterday. 13 million of those shares gives a market cap of $1.57 million. Teeny tiny.

As a company resumé, I can't say it gives me a warm and fuzzy feeling. How's that for diplomatic?

Kirrin/Monroe/BlueIce will have to go to the markets this year, or sell itself to someone (who, and at what price??) just to keep the hydro bill paid and the office supplied in pencils. If there is another way, I'd like to know about it.

Thankfully KXL is not just Otish - Hercules and West Millenium still mean something. Nice little Kirrin mystery though. Any more real info would be much appreciated. Someone needs to find out about the principals a bit more, what else these people have been doing, who holds how many insider shares, the usual stuff. I've kicked the can a bit down the road here.

Maybe I'm being too harsh and there's a silver (uranium) lining to the story.

Coach, are you around? Have any wisdom for us?

best to all