North Atlantic Resources Ltd.

North Atlantic Resources Ltd.

April 07, 2010 08:00 ET

North Atlantic Resources Files Year End Audited Financial Statements and MD&A and Announces 2010 Exploration Plans

TORONTO, ONTARIO--(Marketwire - April 7, 2010) - North Atlantic Resources Ltd. ("the Company") (TSX VENTURE:NAC) announced today that it has filed its Audited Consolidated Financial Statements and its Management's Discussion and Analysis for the year ended December 31, 2009 on SEDAR at These documents may also be viewed on the Company's website at

On February 24, 2010, and subsequent to the year ended December 31, 2009, the Company closed a private placement financing for gross proceeds of $1,349,950. These funds will permit the Company to continue its exploration plans in the Republic of Mali ("Mali"), West Africa.

North Atlantic Resources holds three gold projects comprising 619 square kilometers (152,959 acres) of mineral rights in Mali. The Company has made significant gold discoveries on two of these projects, the Kantela project located in Western Mali, and at the FT project located in Southern Mali.

The FT project is the Company's most advanced gold discovery with an initial NI 43-101 compliant resource calculation of 241,000 indicated ounces at a grade of 0.95 grams per tonne and 353,000 inferred ounces at a grade of 1.05 grams gold per tonne. North Atlantic plans to continue with property-wide exploration at the project and to expand the existing gold resource at FT. Currently, the Company is planning to undertake a 6,000 metre reverse circulation drill program to test the near surface oxide potential at FT. Reverse circulation drilling and ongoing termite mound geochemical surveys and auger drilling are also planned to test for possible parallel zones of gold mineralization in the vicinity of the FT resource.

The Company has recently completed termite mound geochemical surveys and an auger drilling program at FT. This work as been undertaken over the previous twelve months and represents the completion of a first phase of gold-in-termite mound sampling and auger drilling over some of the most anomalous areas on the FT property. The purpose of the program has been to expand our knowledge of the gold trends on this 510 square kilometre project, and to identify targets for future reverse circulation drilling. Final results from this program will be available during the second quarter of 2010.

The Company will also continue to explore its remaining properties at Kantela and Diokeba, and continue to review additional property acquisitions. The Company is pursuing funding options to meet its anticipated future exploration and corporate expenditure requirements.

On February 17, 2010, the Company announced the completion of the sale of its uranium assets to Niger Resources. Ltd. ("Niger Resources"), a subsidiary of Orezone Gold Corporation ("Orezone"), which also holds uranium property interests in Niger. The Company received net cash proceeds of $120,000 and a 20% equity interest in the Orezone subsidiary. Niger Resources plans to become self financed and conduct exploration in Niger on its uranium properties.

North Atlantic has 45,275,407 common shares issued and outstanding (67,970,011 shares on a fully diluted basis). Please visit the Company's website to view project details and planned exploration programs.

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.

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

  • North Atlantic Resources Ltd.
    Scott Waldie
    President and CEO
    (416) 703-6348