PRESS RELEASE
Symbol: "NAC" Toronto Venture Exchange
North Atlantic Resources Files Year End Audited Financial
Statements and MD&A and Announces 2010 Exploration Plans
April
7, 2010 - Toronto, Canada
North Atlantic Resources Ltd. ("the
Company") (TSX VENTURE:NAC) announced today that it has filed its Audited
Consolidated Financial Statements and its Management's Discussion and Analysis
for the year ended December 31, 2009 on SEDAR at www.SEDAR.com. These documents
may also be viewed on the Company's website at www.nac-tsx.com.
On February 24, 2010, and subsequent to the year ended
December 31, 2009, the Company closed a private placement financing for gross
proceeds of $1,349,950. These funds will permit the Company to continue its
exploration plans in the Republic of Mali ("Mali"), West Africa.
North Atlantic Resources holds three gold projects
comprising 619 square kilometers (152,959 acres) of mineral rights in Mali. The
Company has made significant gold discoveries on two of these projects, the
Kantela project located in Western Mali, and at the FT project located in
Southern Mali.
The FT project is
the Company's most advanced gold discovery with an initial NI 43-101 compliant
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. North Atlantic plans to
continue
with
property-wide exploration at the project and to expand the existing gold resource at
FT. Currently, the Company is
planning to undertake a 6,000 metre reverse circulation drill program to test
the near surface oxide potential at FT. Reverse circulation drilling and
ongoing termite mound geochemical surveys and auger drilling are also planned
to test for possible parallel zones of gold mineralization in the vicinity of
the FT resource.
The Company has recently completed termite mound
geochemical surveys and an auger drilling program at FT. This work as been
undertaken over the previous twelve months and represents the completion of a
first phase of gold-in-termite mound sampling and auger drilling over some of
the most anomalous areas on the FT property. The purpose of the program has
been to expand our knowledge of the gold trends on this 510 square kilometre
project, and to identify targets for future reverse circulation drilling. Final
results from this program will be available during the second quarter of 2010.
The Company will also continue to explore its
remaining properties at Kantela and Diokeba, and continue to review
additional property acquisitions. The Company is pursuing funding options to
meet its anticipated future exploration and corporate expenditure requirements.
On February 17,
2010, the Company announced the completion of the sale of its uranium assets to
Niger Resources. Ltd. ("Niger Resources"), a subsidiary of Orezone
Gold Corporation ("Orezone"), which also holds uranium property
interests in Niger. The Company received net cash proceeds of $120,000 and a
20% equity interest in the Orezone subsidiary. Niger Resources plans to become
self financed and conduct exploration in Niger on its uranium properties.
North Atlantic has 45,275,407 common shares issued and
outstanding (67,970,011 shares on a fully diluted basis). Please visit the
Company's website www.nac-tsx.com to view project details and planned exploration
programs.
FOR FURTHER
INFORMATION PLEASE CONTACT:
|
North
Atlantic Resources Ltd.
Scott Waldie, President and CEO
(416) 703-6348
info@nac-tsx.com
|
|
This press release has been prepared by North Atlantic Resources Ltd. and no
regulatory authority has approved or disapproved the information contained
herein.
Statements relating to the estimated or expected future production and
operating results and costs and financial condition of North Atlantic Resources
Ltd., planned work at the Company's projects and the expected results of such
work are forward-looking statements. Forward-looking statements are statements
that are not historical facts and are generally, but not always, identified by
words such as the following: expects, plans, anticipates, believes, intends,
estimates, projects, assumes, potential and similar expressions. Forward-looking
statements also include reference to events or conditions that will, would,
may, could or should occur. Information concerning exploration results and
mineral reserve and resource estimates may also be deemed to be forward-looking
statements, as it constitutes a prediction of what might be found to be present
when and if a project is actually developed. These forward-looking statements
are necessarily based upon a number of estimates and assumptions that, while
considered reasonable at the time they are made, are inherently subject to a
variety of risks and uncertainties which could cause actual events or results
to differ materially from those reflected in the forward-looking statements,
including, without limitation: uncertainties related to raising sufficient
financing to fund the planned work in a timely manner and on acceptable terms;
changes in planned work resulting from logistical, technical or other factors;
the possibility that results of work will not fulfill projections/expectations
and realize the perceived potential of the Company's projects; uncertainties
involved in the interpretation of drilling results and other tests and the
estimation of gold reserves and resources; risk of accidents, equipment
breakdowns and labour disputes or other unanticipated difficulties or
interruptions; the possibility of environmental issues at the Company's
projects; the possibility of cost overruns or unanticipated expenses in work
programs; the need to obtain permits and comply with environmental laws and
regulations and other government requirements; fluctuations in the price of
gold and other risks and uncertainties.
Forward-looking statements are based on the beliefs, estimates and opinions of
the Company's management or its independent professional consultants on the
date the statements are made.
.