North Atlantic Resources Ltd.
TSX : NAC

North Atlantic Resources Ltd.

August 14, 2007 12:18 ET

North Atlantic Files Financial Statements, MDA and Report to Shareholders for Second Quarter 2007

TORONTO, ONTARIO--(Marketwire - Aug. 14, 2007) - North Atlantic Resources (TSX:NAC) announced today that it has filed its Second Quarter 2007 Financial Statements, Management's Discussion and Analysis and Report to Shareholders for the quarter ended June 30, 2007 on SEDAR at www.sedar.com. The documents are also available on the Company's website at www.nac-tsx.com.

North Atlantic Resources has eight gold projects comprising 1,361 square kilometers (336,310 acres) of mineral rights in Mali. Since 2002, the Company has made gold discoveries at the Kantela project (2004), FT project (2005), and Massala project (2006).

In June 2007, the Company announced an updated resource estimate for the FT gold deposit in southern Mali. The new resource estimate incorporated the results of an additional 4,700 meters in 19 diamond drill holes. The updated resource includes 241,000 ounces of gold at a grade of 0.95 grams gold per tonne in the Indicated category, and 353,000 ounces of gold at a grade of 1.05 grams gold per tonne in the Inferred category. This new resource figure is a substantial improvement over the previous estimate. The Company is now considering options for further exploration and expansion of the deposit.

In March and April 2007, forty-two reverse circulation drill holes (2,888 meters) were drilled at the Kourouba gold project in southern Mali. The Kourouba project was acquired in February 2007. The drill holes intersected a mixture of granitic intrusive rocks and fine-grained sedimentary rocks. Drill hole 07 KRRC-27 intersected 42 meters grading 1.22 grams gold per tonne drill holes 07 KRRC-30, 07 KRRC-31, and 07 KRRC-33, which are 500 meters to the south of 07 KRRC-27, intersected 14 meters grading 1.76 grams gold per tonne, 6 meters grading 1.39 grams gold per tonne, and 14 meters grading 1.16 grams gold per tonne respectively. The Company views these results as an important new gold discovery. Follow up work consisting of an induced polarization geophysical survey and an additional five cross sections of reverse circulation drilling are planned in the vicinity of the relatively high grade drilling intersections.

In April 2007, the Company announced that it had been granted two additional uranium exploration permits in the Republic of Niger. The permits comprise two contiguous blocks each approximately 500 square kilometers in area for a total of 1,000 square kilometers. The blocks are approximately 80 kilometers southeast of the Company's 2,000 square kilometer Abelajouad permit which was granted in 2006. The Company's land holdings now consist of approximately 3,000 square kilometers of mineral rights. An airborne magnetometer and radiometric survey of the permits commenced in May 2007 and the Company anticipates that the results of that work will be available in the fourth quarter of 2007.

In February 2007, the Company was granted the 20,000 square kilometre oil and gas exploration permit (Macina) in the Republic of Mali and is preparing an appropriate plan for the financing and exploration of the project. The Company anticipates that the initial round of airborne surveying of the permit will commence in the third quarter of 2007.

The Company has never been as active or diversified as it was in the last quarter, and is optimistic that there will continue to be positive results from its gold projects in Mali and positive initial results from the projects in the energy sector.

This message is being sent to you from North Atlantic Resources Ltd. via Marketwire to avoid spam and protect your privacy. To delete your name from our private distribution list, please send an e-mail to info@nac-tsx.com.

The statements in this press release that are not historical facts contain forward looking information. These statements address future events involving known and unknown risks and uncertainties that could cause actual results to vary materially from projected results. These risks and uncertainties include those described in the Company's Annual Information Form and MD&A.

Please note: The REPORT TO SHAREHOLDERS and FINANCIAL STATEMENTS are available on the Marketwire website at the following link: http://www.ccnmatthews.com/docs/nac0814.pdf

This press release has been prepared by North Atlantic Resources Ltd. and no regulatory authority has approved or disapproved the information contained herein.

Contact Information