December 17, 2009 10:50 ET
TORONTO, ONTARIO--(Marketwire - Dec. 17, 2009) - North Atlantic Resources Ltd. (TSX:NAC)("North Atlantic" or the "Company") announces that, further to its news release of December 1, 2009 the common shares of the Company will commence trading on the TSX Venture Exchange effective at the opening of trading on Friday, December 18, 2009. The Company is classified as a Tier 2 Mineral Exploration/Development Company on the TSX Venture Exchange.
The common shares of the Company will cease trading on the Toronto Stock Exchange at the close of trading on Thursday, December 17, 2009. The Company's trading symbol, "NAC", and its CUSIP number, 657330 10 6, will remain unchanged.
The Company is advancing its gold projects in the Republic of Mali ("Mali"), with termite mound and soil geochemical surveys planned for all of the Company's permits. Auger drilling will also carried out on the Company's FT Gold project commencing Q1 2010. The FT project is the Company's most advanced gold discovery with initial resource calculation of 241,000 indicated ounces at a grade of 0.95 grams per tonne and 353,000 inferred ounces at a grade of 1.05 grams gold per tonne. The auger drilling at FT is designed to test for in situ gold occurrences over previously identified soil geochemical surveys. The FT project is in the same rich geologic gold environment as the Morila and Syama gold mines in southern Mali, West Africa.
West Africa is still at an early stage of development for the discovery and mining of world class gold deposits. The business case histories in Mali are among the most successful anywhere in the world. The case histories include the successful development of companies such as IAMGOLD Corporation and Randgold Resources Limited which have grown directly from gold discoveries made and developed in the Republic of Mali. North Atlantic's FT Gold Project has ample potential for increased grade and tonnage from infill drilling. Numerous other gold anomalies on the property demonstrate the highly anomalous nature of the FT Gold Project and we look forward to potential new discoveries on the property.
North Atlantic Resources Ltd. maintains a policy of monetizing or establishing advantageous joint venture agreements for some of our exploration properties in the Republic of Mali and/or the Republic of Niger. North Atlantic announced on November 23, 2009, that North Atlantic and Orezone Gold Corporation (TSX:ORE) signed a definitive agreement whereby Orezone will acquire from North Atlantic three uranium exploration licenses in the Republic of Niger, West Africa. The transaction will create Brighton Energy Limited ("Brighton") a uranium focused explorer with title to 5,000 km2 of very well located and prospective ground that contains key geological structures and favorable rocks that are known to host or control the mineralization at producing uranium mines in the region. This small region currently ranks as the fourth largest uranium producing area in the world and will become the second largest by 2012. Pursuant to the terms of the agreement, North Atlantic will receive consideration of Cdn$250,000 and a 20% equity interest in Brighton. Orezone will manage Brighton and hold the remaining 80% equity interest until Brighton is further financed and publicly listed. The closing of this transaction is dependent upon, amongst other things, the receipt of all required Niger Government approvals, third party approvals or consents and compliance with applicable regulatory requirements. The reader is referred to the joint press release made between North Atlantic Resources Ltd. (TSX:NAC) and Orezone Gold Corporation (TSX:ORE) and dated November 23, 2009 for further details.
North Atlantic has 34,823,741 common shares issued and outstanding (47,865,741 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.
This press release has been prepared by North Atlantic Resources Ltd.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
North Atlantic Resources Ltd.Scott WaldiePresident and CEO(416) firstname.lastname@example.org
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