Northern Continental Resources Inc.
TSX VENTURE : NCR

Northern Continental Resources Inc.

January 03, 2008 15:15 ET

Northern Continental Remains Opposed to Hathor Bid

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 3, 2008) - In response to today's announcement by Hathor Exploration Ltd. extending its offer to acquire the outstanding shares of Northern Continental Resources Inc. (TSX VENTURE:NCR), NCR remains adamantly opposed to the offer, considering it inadequate and unfair to NCR shareholders. NCR believes the best way to enhance shareholder value before considering a takeover offer from any party is a detailed evaluation of the numerous drilling targets on the Russell Lake property. NCR owns a 60% controlling interest in the property.

Recently completed financings provided NCR with over $4.5 million for exploration of Russell Lake. Two drilling rigs have been secured, Aurora Geosciences has been engaged to provide geological services, and permitting is well advanced, with some permits received and others in final stages, for an extensive drilling program due to begin before the end of January.

21 diamond drill holes are planned for five target zones on the large (114,000 acre) Russell Lake property with an average target depth of 500 metres, totaling 10,500 metres. Drilling targets have been selected after a three-year, $3-million geophysical program which identified numerous zones with the potential to host uranium mineralization.

Northern Continental acquired the Russell Lake property in 1999 from PNC Corporation, a subsidiary of the Japanese government. As one of the first mining exploration companies to anticipate the current strong rise in uranium demand, NCR assessed numerous other properties in the Athabasca Basin and concluded that the Russell Lake was the best exploration project in the region. The Russell Lake property is surrounded by uranium mines and deposits - the McArthur River Mine (richest in the world) to the north, past-producing Key Lake to the south, and the Millennium and Moore Lake/Maverick deposits to the west and east respectively.

For further information on NCR and the Russell Lake project, please visit our website at www.northerncontinental.ca.

NORTHERN CONTINENTAL RESOURCES INC.

Charlie O'Sullivan, Chairman of the Board

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.
    Charlie O'Sullivan
    Chairman of the Board
    (604) 685-9255 or Toll Free: 1-800-449-4435
    Website: www.northerncontinental.ca