North Atlantic Resources Ltd.

North Atlantic Resources Ltd.

November 14, 2007 15:43 ET

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

TORONTO, CANADA--(Marketwire - Nov. 14, 2007) - North Atlantic Resources Ltd. ("North Atlantic" or the "Company") (TSX:NAC) has filed its Interim Financial Statements, Management's Discussion and Analysis, and Report to Shareholders for the three and nine months periods ended September 30, 2007 on SEDAR at The documents are also available on the Company's website at

During the nine-month period ended September 30, 2007, North Atlantic incurred deferred exploration costs of $1,985,000. These expenses were incurred primarily on the Company's Mali gold projects, including exploration drilling at the Company's new Kourouba gold project and the Massala gold project, and the resource review at the FT project. The exploration costs also relate to the commencement of the airborne geophysics programs on North Atlantic's uranium projects in Niger and on the Macina oil project in Mali.

Cash and short-term investments at September 30, 2007 totalled $1,996,000, compared to $1,427,000 at December 31, 2006. In 2007, the Company completed a private placement of 3,048,100 units for net proceeds of $3,703,000. In 2007, operating activities used $800,000 in cash and mineral properties and exploration used $2,336,000 in cash. The Company is reviewing various funding options to meet its anticipated future exploration and corporate expenditure requirements.

Scott Waldie, President of North Atlantic, said "North Atlantic's long term vision in Mali is to continue to identify and acquire new gold prospects as we continue to explore and expand our existing projects. We also intend to pursue our strategy of capitalizing on the Company's energy interests in Mali and the Republic of Niger. We believe that our portfolio of existing exploration projects in west Africa, combined with our team of mineral exploration professionals, put North Atlantic in an excellent position to achieve this goal."

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Statements relating to the estimated or expected future production and operating results and costs and financial condition of North Atlantic Resources Ltd. , planned work at the Company's projects and the expected results of such work are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur. Information concerning exploration results and mineral reserve and resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and realize the perceived potential of the Company's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Company's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties, including those described in the Company's Annual Information Form filed with SEDAR in Canada (available at for the year ended December 31, 2006.

Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management or its independent professional consultants on the date the statements are made.

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