North Atlantic Resources Ltd.

North Atlantic Resources Ltd.

May 07, 2009 17:00 ET

North Atlantic Issues Financial Statements and MDA for the First Quarter of 2009

TORONTO, ONTARIO--(Marketwire - May 7, 2009) - North Atlantic Resources Ltd. ("North Atlantic" or the "Company") (TSX:NAC) has filed its Interim Financial Statements and Management's Discussion and Analysis, for the three-month period ended March 31, 2009 on SEDAR at The documents are also available on the Company's website at

During the three-month period ended March 31, 2009, North Atlantic incurred mineral property and deferred exploration expenses of $112,000 compared to $490,000 in the same period of 2008. These expenses were incurred primarily on the Company's Mali gold projects. The loss from operations during the period was $161,000 or $0.01 per share compared to $441,000 or $0.02 per share for the same period of 2008. The Company's working capital position at March 31, 2009 was $256,000 compared to $518,000 at December 31, 2008.

Mali gold exploration this quarter will include auger drilling at the FT project and termite mound sampling at the Kantela and Diokeba projects.

Scott Waldie, President of North Atlantic, said "The past twelve months it has been very difficult for junior exploration companies to raise capital and it is uncertain how long the capital markets for junior explorers will remain weak. During this period of challenge, your Company continues to encourage others to participate in the exploration of our projects through option or joint venture arrangements."

North Atlantic has 25,723,741 common shares issued and outstanding (29,288,741 shares on a fully diluted basis).

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

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, 2008.

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.

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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