North Atlantic Resources Ltd.

North Atlantic Resources Ltd.

November 10, 2009 17:01 ET

North Atlantic Issues Financial Statements and MDA for the Third Quarter of 2009

TORONTO, ONTARIO--(Marketwire - Nov. 10, 2009) - North Atlantic Resources Ltd. ("North Atlantic" or the "Company") (TSX:NAC) has filed its Interim Financial Statements and Management's Discussion and Analysis, for the nine-month period ended September 30, 2009 on SEDAR at The documents are also available on the Company's website at

For the three months ended September 30, 2009, the Company recorded a loss from operations of $154,000 compared to a loss of $125,000 for the same period of 2008. Included in the current period loss was the expensing of deferred exploration costs in the amount of $72,000 compared to nil in the same period of 2008. After the significant write-down related to the mineral properties in the second quarter of 2009, the Company expensed all exploration expenditures incurred in the third quarter as there was no change in the status of the projects.

Cash and cash equivalents at September 30, 2009, totalled $340,000, compared to $561,000 at December 31, 2008.

At present, the Company is actively seeking additional private placement equity financing to maintain its exploration operations and administrative costs. In addition, it is also seeking to joint venture, sell or option certain of its exploration properties. No assurances can be given that any of these financing activities will be successful.

During the nine-month period ending September 30, 2009 the Company has continued to advance its gold projects in the Republic of Mali ("Mali"), with termite mound and soil geochemical surveys being completed over portions of all the Company's permits. During the period, auger drilling was also completed on the Company's FT Gold project. The auger drilling is designed to delineate possible strike extensions of the existing resource for future drilling and to test for in situ gold occurrences over previously identified soil geochemical surveys. Auger drilling is ongoing and results will be released when the drilling is completed.

Scott Waldie, President of North Atlantic, said "we remain committed to gold exploration in the Republic of Mali, West Africa. West Africa is still at an early stage of development for the discovery and mining of world class gold deposits. The business case histories in Mali are among the most successful anywhere in the world. The case histories include the successful development of companies such as Iamgold Corporation and Randgold Resources Limited which have grown directly from gold discoveries made and developed in the Republic of Mali. North Atlantic's FT Gold Project has ample potential for increased grade and tonnage from infill drilling. Numerous other gold anomalies on the property demonstrate the highly anomalous nature of the FT Gold Project and we look forward to potential new discoveries on the property as well."

"The capital markets for junior explorers are improving with the recent increase in the price of gold and an increased availability of risk capital. North Atlantic continues to plan for the financing and future exploration and assessment of the economic potential of our gold resource at FT. Your Company continues to encourage others to participate in the exploration of our properties through earn-in joint venture arrangements or other advantageous option arrangements. We consider that our gold and uranium properties posses considerable economic and exploration potential."

"North Atlantic Resources Ltd. continues to pursue a policy of attempting to monetize our oil and gas permit in the Republic of Mali and our uranium exploration permits in the Republic of Niger. Management of North Atlantic take recognizes the inherent long term value that these permits represent. Management is confident that other potential investors will share our view."

North Atlantic has 34,823,741 common shares issued and outstanding (47,865,741 shares on a fully diluted basis).

Please visit the Company's website to view project details and planned exploration programs going forth.

This press release has been prepared by North Atlantic Resources Ltd. and no regulatory authority has approved or disapproved the information contained herein.

Statements relating to the estimated or expected future production and operating results and costs and financial condition of North Atlantic Resources Ltd., planned work at the Company's projects and the expected results of such work are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur. Information concerning exploration results and mineral reserve and resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and realize the perceived potential of the Company's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Company's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties, including those described in the Company's Annual Information Form filed with SEDAR in Canada (available at for the year ended December 31, 2008.

Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management or its independent professional consultants on the date the statements are made.

Contact Information