North Atlantic Resources Ltd.

North Atlantic Resources Ltd.

March 30, 2005 17:19 ET

North Atlantic Resources Ltd. (NAC-TSX)-2004 Financial Statements and Management Discussion


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: NORTH ATLANTIC RESOURCES LTD.

TSX SYMBOL: NAC

MARCH 30, 2005 - 17:19 ET

North Atlantic Resources Ltd. (NAC-TSX)-2004 Financial
Statements and Management Discussion

TORONTO, ONTARIO--(CCNMatthews - March 30, 2005) - North Atlantic
Resources Ltd. (TSX:NAC): The Financial Statements and Management
Discussion and Analysis for the year ended December 31, 2004 have been
filed and can be downloaded from SEDAR www.sedar.com or the Company
website at www.nac-tsx.com. The documents along with the Annual Report
and annual shareholders' meeting material will be mailed to shareholders
later in April 2005.

The Company reported that for the year ended December 31, 2004,
increased drilling and other exploration activities had been incurred in
Mali on its five gold properties and that two new gold properties had
been acquired late in the year. Exploration expenditures and option
payments totaled $2,134,000 on the Mali projects in 2004 compared to
$1,020,000 in 2003. For the year 2005, the Company is forecasting to
spend $2.0 to $2.5 million on its Mali projects.

Cash and short-term investments at December 31, 2004 totaled
$10,787,000, compared to $12,567,000 at December 31, 2003. For the year
ended December 31, 2004, the Company incurred a net loss of $905,000 or
$0.05 per share compared to $1,379,000 or $0.11 per share for the year
ended December 31, 2003. Revenue for 2004, which consisted of interest
income from cash balances, was $226,000, compared to $73,000 for 2003.

North Atlantic Resources Ltd. is engaged in the research, area
selection, acquisition, and exploration of gold deposits in the Republic
of Mali, west Africa. It presently has rights to seven exploration
properties totalling 1,033 square kilometers in area. North Atlantic has
18,176,510 common shares issued and outstanding (22,286,532 on a fully
diluted basis).

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


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    North Atlantic Resources Ltd.
    Jon North
    President and CEO
    (416) 703-6348
    (416) 703-6507 (FAX)
    or
    North Atlantic Resources Ltd.
    Nathalie Roy
    Corporate Affairs
    (416) 703-6348
    (416) 703-6507 (FAX)
    info@nac-tsx.com
    www.nac-tsx.com