Northern Continental Resources Inc.
TSX VENTURE : NCR

Northern Continental Resources Inc.

December 12, 2007 16:40 ET

Northern Continental Has Paid Hathor Bill

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 12, 2007) - Northern Continental Resources Inc. (TSX VENTURE:NCR) announces that it has today fully paid a demand notice from Hathor Exploration Ltd. for $368,281 relating to past expenditures on the Russell Lake joint venture summer drilling program, for which Hathor was operator.

Given that the program was planned and budgeted for 14 drill holes (see press release 07-08, June 19, 2007) of which only six were completed, Northern Continental has been examining the billings from the summer program to determine why there were such dramatic cost over-runs that less than half of the planned drilling was completed whilst the entire budget was spent.

Northern Continental received initial invoices with insufficient back-up documentation and immediately instructed Hathor to provide proper billing information. Some of the billings and documentation were received by Northern Continental as late as December 10, 2007 and are still being assessed.

Northern Continental first received the demand notice from Hathor this morning, December 12 2007, and Hathor issued a press release on the matter shortly afterwards. Northern Continental management is surprised and disappointed by the actions of its minority joint venture partner, and views this as further evidence that the current takeover effort by Hathor is hostile to all NCR shareholders.

For further information on NCR and the Russell Lake project, please visit our website at www.northerncontinental.ca.

NORTHERN CONTINENTAL RESOURCES INC.

Alan Crawford, President

The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of the contents of this news release.

Contact Information

  • Northern Continental Resources Inc.
    Alan Crawford
    President
    (604) 685-9255 or Toll Free: 1-800-449-4435
    Website: www.northerncontinental.ca