Northern Continental Resources Inc.

Northern Continental Resources Inc.

November 21, 2007 12:27 ET

NCR Advises Shareholders Not to Act on Hostile Takeover Bid

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 21, 2007) - Northern Continental Resources Inc. (TSX VENTURE:NCR) recommends that its shareholders not respond to the hostile and unsolicited takeover bid from Hathor Exploration Ltd. (TSX VENTURE:HAT).

Northern Continental considers the offer of only 0.4 of an HAT share for every 1 NCR share to be completely inadequate.

A Special Committee of Northern Continental's Board of Directors, in consultation with its financial and legal advisors, is preparing a Directors' Circular which will contain Northern Continental's formal response to the hostile HAT bid and Northern Continental's recommendation to its shareholders.

The Directors' Circular will explain to Northern Continental shareholders why the hostile bid grossly undervalues Northern Continental's Russell Lake uranium property in the Athabasca Basin, and why it is premature for Northern Continental shareholders to fairly evaluate any offer without knowing the assay results of the recent drilling program conducted by Hathor itself on the property.

Northern Continental recommends its shareholders take no action before reading the information in the Directors' Circular.

Northern Continental has engaged Stephen W. Semeniuk, CFA, as financial advisor, Gowling Lafleur Henderson LLP as legal counsel and Allen Nelson & Co. as communications advisor in relation to the hostile bid.

The Directors' Circular will be available shortly on the SEDAR website at and the NCR site


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.
    Alan Crawford
    (604) 685-9255 or Toll Free: 1-800-449-4435