North Atlantic Resources Ltd.

North Atlantic Resources Ltd.

February 28, 2005 09:46 ET

North Atlantic Resources Ltd.: New Gold Discovery at Foulalaba Gold Project, Southern Mali


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: NORTH ATLANTIC RESOURCES LTD.

TSX SYMBOL: NAC

FEBRUARY 28, 2005 - 09:46 ET

North Atlantic Resources Ltd.: New Gold Discovery at
Foulalaba Gold Project, Southern Mali

TORONTO, ONTARIO--(CCNMatthews - Feb. 28, 2005) - Dr. Jon North,
President and CEO of North Atlantic Resources Ltd. (TSX:NAC) ("North
Atlantic") reports:

Foulalaba Project

In late 2004, a property-wide geochemical sampling survey consisting of
2,866 samples at a density of 20 samples per square kilometer was
completed at the 185 square km Foulalaba project in southern Mali. The
purpose of the work was to provide detailed information on the nature
and continuity of gold in soil anomalies reported in the UNDP data.
Several strong geochemical anomalies were defined in the northern part
of the Foulalaba property. In particular Anomaly "M" (see attached map)
was a high amplitude gold anomaly with a strike length of 2.5 km and a
width of up to 800 meters.

A reconnaissance air core drilling program consisting of 3,068 meters of
drilling in 102 holes was completed at Anomaly "M" to determine the
nature and grade of gold in bedrock and saprolite below the soil
anomaly. The holes were 30 meters in length and drilled at azimuth 090
and inclination of -50. The holes were arranged in 5 fences 250 meters
apart which partially tested the 800 meter wide soil anomaly (see
attached map).

A summary of the best results obtained in this program is listed below
and the locations of the holes are illustrated on the attached map.



---------------------------------------------------------------------
Drill hole From (m) To (m) Width g/t Au
(m)
---------------------------------------------------------------------
05-FLAC-37 0 20 20 1.45
---------------------------------------------------------------------
including 4 14 10 2.57
---------------------------------------------------------------------

---------------------------------------------------------------------
05-TKAC-11 18 30 12 0.72
---------------------------------------------------------------------
including 26 30 4 1.64
---------------------------------------------------------------------

---------------------------------------------------------------------
05-TKAC-41 16 20 4 1.61
---------------------------------------------------------------------

---------------------------------------------------------------------
05-TKAC-42 6 14 8 1.14
---------------------------------------------------------------------

---------------------------------------------------------------------
05-TKAC-43 0 30 30 0.5
---------------------------------------------------------------------

---------------------------------------------------------------------
05-TKAC-44 0 30 30 0.78
---------------------------------------------------------------------

---------------------------------------------------------------------
05-TKAC-45 4 24 20 0.69
---------------------------------------------------------------------

---------------------------------------------------------------------
05-TKAC-46 0 30 30 0.83
---------------------------------------------------------------------
including 10 30 20 1.07
---------------------------------------------------------------------
including 24 30 6 1.81
---------------------------------------------------------------------


Eight drill holes in the anomaly intersected gold in saprolite at
concentrations greater than 0.5 g/t gold. The nominal strike length of
the mineralized zone is 1 km. Accordingly, this work is a suite 410, 55
Adelaide St. East, Toronto, Ontario, M5C 1K6, Canada ph.: 416-703-6348,
fax 416-703-6507, email: info@nac-tsx.com website www.nac-tsx.com new
discovery of a mineralized zone at Foulalaba. The Company has retained
the drill rig and has commissioned a follow up reverse circulation
drilling program which is currently ongoing. The work will consist of a
minimum of 30 drill holes with an average depth of 80 meters
(approximately 2,500 meters total). The reverse circulation holes will
test the grade and continuity of the mineralized zone below the
relatively shallow (30 meter) air core holes, which at TKAC-11, 43, 44,
and 46 ended in the mineralized zone. The reverse circulation holes will
also completely test the width of the southern part of the soil anomaly,
in particular, the area west of 05-FLAC-37 where the best results were
obtained.

In order to cover the northern extension of the new gold zone, the
Company has applied for an additional 178 square km permit north of
Foulalaba called the Tiekoumala permit. The contiguous
Foulalaba-Tiekoumala licenses cover a total area of 363 square km of
mineral rights, representing the Company's largest project in Mali.

Results from other projects

A drilling program consisting of 2,652 meters of reverse circulation
drilling in 102 holes was completed at the Diokeba project in western
Mali. No significant results were obtained in the drill holes. The next
phase of work will consist of soil sampling and pit excavation at gold
anomalies in the northern part of the property.

All of the drilling described herein was completed by the professional
staff of West African Drilling Services. Samples are collected every 2
meters of hole length and homogenized and split at the drill site.
Abilab SARL completed the gold analyses of the Foulalaba samples at
their Bamako facility by fire assay-AA on a 50 gram sample charge for
drilling samples and a 30 gram charge for soil samples. Analabs SARL
completed the analyses of the Diokeba drilling samples at their Kayes
facility by the same method. Five percent of the submitted samples are
internal standards and blanks inserted by the Company for laboratory
quality control.

The Company's current land holdings consist of 1,033 square km of
mineral rights (258,250 acres) in 7 gold projects.

The technical information contained in this release and the technical
work is being supervised by Jon North, Ph.D., P. Geo., who is a
Qualified Person as defined by National Instrument 43-101.

North Atlantic Resources Ltd. is engaged in the research, area
selection, acquisition, and exploration of gold deposits in the Republic
of Mali, west Africa. North Atlantic has 18,176,510 common shares issued
and outstanding (22,286,532 shares 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.

Please visit www.nac-tsx.com to view maps and more project details.

NOTE: There is a Map available on CCNMatthews' website at:
http://www2.ccnmatthews.com/database/fax/2000/RESUL228.PDF


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Contact Information

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