North Atlantic Resources Ltd.
TSX : NAC

North Atlantic Resources Ltd.

May 12, 2008 17:51 ET

North Atlantic Issues Financial Statements and MDA for the First Quarter

TORONTO, ONTARIO--(Marketwire - May 12, 2008) - 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, 2008 on SEDAR at www.sedar.com. The documents are also available on the Company's website at www.nac-tsx.com.

During the three-month period ended March 31, 2008, North Atlantic incurred deferred exploration costs of $271,000. These expenses were incurred primarily on the Company's Mali gold projects, including geological and geochemical surveys on the Company's new Kourouba gold discovery and at the FT gold project.

Cash and short-term investments at March 31, 2008 totalled $721,000 compared to $1,488,000 at December 31, 2007. In 2008, operating activities used $202,000 in cash and mineral properties and exploration used $564,000 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 explore and expand our existing projects. We also intend to pursue our strategy of capitalizing on the Company's energy interests in the Republic of 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."

North Atlantic has 22,190,408 common shares issued and outstanding (26,738,775 shares on a fully diluted basis).

Please visit the Company's website www.nac-tsx.com to view project details and planned exploration programs going forth.

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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 www.sedar.com) 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.

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

  • North Atlantic Resources Ltd.
    Scott Waldie
    President and CEO
    (416) 703-6348
    Email: swaldie@nac-tsx.com
    or
    North Atlantic Resources Ltd.
    Nathalie Roy and Lisa Hampton
    Shareholder Communications
    (416) 703-6348
    (416) 703-6507 (FAX)
    Email: info@nac-tsx.com
    Website: www.nac-tsx.com