PRESS RELEASE
August 14,
2008 - TORONTO, ONTARIO, CANADA
Symbol:
"NAC" Toronto
Stock Exchange
North Atlantic Issues Financial Statements and MDA for the Second
Quarter
North Atlantic Resources Ltd.
("North Atlantic" or the
"Company") has filed its Interim Financial Statements and
Management's Discussion and Analysis for the three month-period ended March 31,
2008 on SEDAR at www.sedar.com. The
documents are also available on the Company's website at www.nac-tsx.com.
During the six-month period ended
June 30, 2008, North Atlantic incurred deferred exploration costs of $751,000
These expenses were incurred primarily on the Company's Mali gold projects,
including geological and geochemical surveys on the Company's Massala gold discovery and at the FT gold project.
Cash and short-term investments at
June 30, 2008 totalled $1,241,000 compared to $1,488,000 at December 31, 2007. In 2008, operating
activities used $318,000 in cash and mineral properties and exploration used
$979,000 in cash. The Company is reviewing various funding options to meet its
anticipated future exploration and corporate expenditure requirements.
Scott Waldie, President of
North Atlantic, said "We are anticipating a steady flow of news later in
the year from our gold exploration projects. We are also building upon
the discovery at the FT gold project and will announce our field exploration
plans once drilling is set to begin in October. We are also looking
forward to the possibility of announcing a strategic new gold exploration
acquisition. North Atlantic has been
able to acquire exciting new gold properties and announce a new gold discovery
every year since 2003. We will do our best to maintain that record
for 2008. Despite generally unsympathetic markets we are continuing to move
forward with monetizing our uranium and oil and gas exploration interests as
separate corporate entities. We believe that this approach will provide
an important element for achieving long term exploration success with
diversified mineral prospects.
North
Atlantic has 25,723,741 common shares issued and
outstanding (30,072,108 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
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, including those described in the Company's Annual Information
Form filed with SEDAR in Canada (available at www.sedar.com)
for the year ended December 31, 2006.
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.
ph.:
416-703-6348, fax 416-703-6507, email: info@nac-tsx.com website www.nac-tsx.com
.