North Atlantic Resources Ltd.
TSX : NAC

North Atlantic Resources Ltd.

November 14, 2006 17:02 ET

North Atlantic Resources Ltd.: Third Quarterly Report 2006

Report to Shareholders For the Quarter Ended September 30, 2006

TORONTO, ONTARIO--(CCNMatthews - Nov. 14, 2006) - North Atlantic Resources Ltd. (TSX:NAC) - We are pleased to present the interim report and financial statements for the quarter ended September 30, 2006. The Company currently has seven gold exploration projects in Mali with a total combined area of approximately 1,500 square kilometers (375,000 acres) and a uranium exploration project in the Republic of Niger comprising 2,000 square kilometers (494,000 acres). The Company was extremely active this quarter. In this quarter the Company announced the results of initial reconnaissance drilling from the newly acquired Sitakili and Massala gold projects, delineation drilling results from the FT project, and the preliminary resource estimate of the FT deposit. Subsequent to the end of the quarter, the Company announced further delineation drilling results from the FT project.

FT Gold Project

A preliminary resource estimate of the FT gold deposit was announced in September and includes 123,300 ounces of gold in the indicated mineral resource category and an additional 180,100 ounces of gold in the inferred mineral resource category (see press release dated September 18, 2006). The estimate was based on the results of 73 diamond drill holes and 150 reverse circulation holes which intersected the deposit at an average maximum depth of 150 meters. Subsequent to the end of the quarter, the Company announced the results of an additional 25 diamond drill holes (6,156 meters), and 3 reverse circulation holes (482 meters) in the deposit. Those drilling results have not yet been incorporated into an updated resource statement for the FT deposit. A structural study of the deposit will be undertaken in November 2006. Upon completion of the structural study, the results of the structural study and the results of the aforementioned 6,638 meters of additional drilling will be incorporated into an updated resource estimate of the deposit. It is expected that drilling will resume at the FT project in early 2007.

Massala Gold Project

In July 2006, the Company announced that it had made a new gold discovery at the Massala project, 50 kilometers northeast of the FT project and 50 kilometers south of the Morila Mine (AngloGold-Randgold). A reverse circulation drill hole intersected 12 meters grading 3.26 grams gold per tonne while completing a routine test of a geochemical anomaly.

Sitakili Gold Project

In July 2006, the Company announced that it had acquired the Sitakili project in western Mali. Soil samples containing up to 34 grams per tonne gold were collected and reconnaissance air core drilling intersected 10 meters grading 1.23 grams per tonne gold.

Abelajouad Uranium Project

At the Abelajouad project in northern Niger, no work was done during the quarter on this new 2,000 square kilometre project but planning is underway for an airborne survey and follow up ground work in the 4th quarter of 2006.

Conclusion

The priorities for the Company are to expand the gold resource at the FT project, to continue to explore the Massala and Sitakili projects, and to initiate uranium exploration in Niger.

On behalf of the Board of Directors,

Jon North, President and CEO
Toronto, Canada
November 8, 2006

To view the Complete Financial Report, please click on the following link, http://www.ccnmatthews.com/docs/nacQ3results.pdf

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