North Atlantic Resources Ltd.

North Atlantic Resources Ltd.

November 14, 2008 13:34 ET

North Atlantic Issues Financial Statements and MD&A for the Third Quarter of 2008

TORONTO, ONTARIO--(Marketwire - Nov. 14, 2008) - North Atlantic Resources Ltd. ("North Atlantic" or the "Company") (TSX:NAC) has filed its Interim Financial Statements and Management's Discussion and Analysis, and Report to Shareholders, for the three-month and nine-month periods ended September 30, 2008 on SEDAR at The documents are also available on the Company's website at

During the nine-month period ended September 30, 2008, North Atlantic incurred deferred exploration costs of $858,000. These expenses were incurred primarily on the Company's Mali Gold Projects - FT, Kourouba and Massala. For the balance of 2008 the Company plans Auger drilling and pitting campaigns, at these sites, where they will continue to be supported by geological mapping and geochemical surveying.

Cash and short-term investments at September 30, 2008 totalled $821,000 compared to $1,488,000 at December 31, 2007. In 2008, operating activities used $510,000 in cash and mineral properties and exploration used $1,207,000 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 "During the past 14 months, and, in particular during September and October of 2008 the global economic circumstances for junior explorers and the commodities for which they explore has changed dramatically. Commodity prices are lower and capital for mineral exploration is difficult to obtain. During this period of challenge your Company will seek to encourage others to participate in the exploration of our properties through earn-in joint venture arrangements or other advantageous option arrangements. Through this effort we seek to pass on the exploration costs to interested parties in return for an interest in those properties."

"North Atlantic Resources Ltd. continues to pursue a policy of attempting to monetize our oil and gas permit in the Republic of Mali and our uranium exploration permits in the Republic of Niger. Management recognizes the inherent long term value that these permits can represent and are confident that other potential partners will share our view."

North Atlantic has 25,723,741 common shares issued and outstanding (30,712,791 shares on a fully diluted basis).

Please visit the Company's website to view project details and planned exploration programs going forth.

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

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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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