North Atlantic Resources Ltd.

North Atlantic Resources Ltd.

June 21, 2010 09:48 ET

North Atlantic Sell Its 20% Interest in Niger Resources Ltd. to Brighton Energy Limited, for CAD$1 Million

TORONTO, ONTARIO--(Marketwire - June 21, 2010) - North Atlantic Resources Ltd. (TSX VENTURE:NAC) ("North Atlantic") announces the signing of a Share Purchase Agreement with Brighton Energy Limited ("Brighton"), a subsidiary of Orezone Gold Corporation ("Orezone"), whereby Brighton will acquire North Atlantic's 20% interest in Niger Resources Ltd. for cash consideration of CAD$1,000,000. The transaction is expected to close on or before September 9, 2010. Although North Atlantic has no reason to believe that the transaction will not be completed, closing is contingent upon certain conditions that are outside of its control.

Scott Waldie, President and CEO of North Atlantic, said "This transaction, once completed, will conclude North Atlantic's involvement in uranium exploration in the Republic of Niger, West Africa." The transaction will also add a significant non dilutive financing that will enable us to focus our full attention on advancing our gold projects in the Republic of Mali."

North Atlantic is a Canadian gold exploration and development company with more than eight years experience in the Republic of Mali, West Africa ("Mali"), one of the world's fastest growing gold producing regions. The Company has made three important gold discoveries in Mali including the FT Gold Project ("FT") which is the Company's most advanced discovery. North Atlantic's current plans are to expand the resource base at FT while continuing to develop its other gold projects. Presently, North Atlantic is completing a 6,000m reverse circulation drill program is underway at FT.

This press release has been prepared by North Atlantic Resources Ltd. 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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