The warrants expiring in Nov and have an exercise price > $1 ... http://www.kirrinresources.com/s/Cap... . ... I suppose that's one of the dangers of share consolidation (the exercise price would have been between 10 and 15 cents prior to cons). in conclusion, the f/d number of shares is a bit of a misnomer.

I see a big deal has been made of something that really isn't that IMO. KXL has a property that will require a huge investment over a number of year and they might create an economic deposit but more than likely not. Otish is more likely to be passed over to several different companies over the next 50 years .... and so on and on than it is to become the next cigar lake.

they have other properties that given their current resources are much more likely to get a better return on investment and a better value for shareholders. But, rather than letting Otish languish in the back forty like grandps's old '44 ford pickup they optioned it off to a company that at this juncture has no cash.

Kirrin, like EVERY other junior, has to raise cash through share offerings and private placements. I am guessing that they didn't just consolidate their shares and reinvent themselves for the fun of it. they wanted to clean up the company and search for some decent properties. I also think it is more likely that a "bunch of bean counters and finance people" are more likely to be able to raise cash than a bunch of geos as well ... there are many exceptions.

So Kirrin has to do 4.5 million of work by 2015, by that time, there should be a good indication of whether it's worthwhile holding the remaining 30% or letting it go.

If you think Otish is such a wonderful property you'll likely see better value out of it by owning kirrin shares and holding it within KXL anyway ... a 12.8 mill share float that is tightly held will jump like a coiled spring if anything yellow turns up in northern quebec.

Just some more food for thought, this is not a big deal ... properties get optioned all the time and to lesser companies than Kirrin.