Northern Continental Resources Inc.
TSX VENTURE : NCR

Northern Continental Resources Inc.

November 09, 2007 14:00 ET

NCR Responds to Hostile Takeover Bid

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 9, 2007) - The Board of Directors of Northern Continental Resources Inc. (NCR) (TSX VENTURE:NCR) has reviewed the announcement by Hathor Exploration Ltd. of its intention to make an offer to acquire all the outstanding shares of NCR.

To enable NCR shareholders to make a fully informed decision about the announced offer, the Board of Directors of NCR has retained an independent professional valuator to assess the true value of NCR shares.

In relation to NCR's 60% control ownership of its Russell Lake Uranium property in the Athabasca Basin of Saskatchewan, the NCR Board of Directors considers the announced offer to completely underprice the real value of NCR shares.

NCR acquired its Russell Lake property in 1999. The property is flanked on all sides by proximate uranium mines and deposits. It is located equidistant (15 km) from the McArthur River Mine and Key Lake Mill facilities of Cameco Corporation and Areva Resources Canada Inc. Access is provided by an all-weather road along which uranium ores from the McArthur River Mine are trucked to the formerly producing Key Lake Mine for processing.

For further information, including an updated Corporate Presentation with details on newly selected targets for this year's winter drilling program, please visit our website at www.northerncontinental.ca.

Alan Crawford, President

Northern Continental Resources Inc.

The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of the contents of this news release.

Contact Information

  • Northern Continental Resources Inc.
    Alan Crawford
    President & CEO
    (604) 685-9255
    (604) 685-9676 (FAX)
    Website: www.northerncontinental.ca