Northern Continental Resources Inc.
TSX VENTURE : NCR

Northern Continental Resources Inc.

February 20, 2008 10:05 ET

Hathor's Hostile Bid for Northern Continental Expires

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 20, 2008) - Northern Continental Resources Inc. (TSX VENTURE:NCR) announces today that a hostile takeover bid made by Hathor Exploration Ltd. on November 16, 2007 has expired.

Hathor offered NCR shareholders 0.4 HAT shares for each NCR share tendered to the bid. NCR Directors, after reviewing independent analysis, firmly rejected the Hathor offer. Yesterday, NCR's stock price closed at $0.31; Hathor's stock price was $0.47.

After Hathor made its unsolicited takeover bid, Northern Continental raised $4.5 million, of which $4 million will be devoted to an extensive 2008 drilling program at the Russell Lake uranium property in the Athabasca Basin of Saskatchewan.

Northern Continental assumed management of the Russell Lake exploration and drilling program at the end of October 2007. In the summer of 2007, Hathor completed six holes of a proposed fourteen-hole, first-year drilling program.

"We are optimistic our much more comprehensive 2008 Russell Lake drilling program will yield tangible results based upon a $3 million geophysical program that has identified numerous zones with the potential to host uranium mineralization," said Alan Crawford, President and CEO.

Northern Continental owns a 60% controlling interest in the Russell Lake uranium property. The remaining 40% is joint ventured to Hathor.

NORTHERN CONTINENTAL RESOURCES INC.

Alan Crawford, President

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.
    Douglas Hickey
    VP Corporate Communications
    (604) 685-9255 or Toll Free: 1-800-449-4435
    Website: www.northerncontinental.ca