PRESS RELEASE
North Atlantic Resources Files Year
End Audited Financial Statements and MD&A
March
31st, 2008 - TORONTO, ONTARIO,
CANADA
North
Atlantic Resources Ltd. ("the Company") (TSX: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, 2007 on
SEDAR. To review these documents please see www.nac-tsx.com.
North Atlantic Resources has acquired nine gold projects comprising 1,378
square kilometers (340,387 acres) of mineral rights in the Republic of Mali,
("Mali") West Africa. Since 2002, the Company has made gold
discoveries at the Kantela project (2004), FT project (2005), and Kourouba
project (2007).
The FT GOLD PROJECT is the Company's most advanced
gold discovery. The preliminary resource calculation includes 241,000
ounces of gold at a grade of 0.95 grams gold per tonne in the Indicated
category, and 353,000 ounces of gold at a grade of 1.05 grams gold per tonne in
the Inferred category. FT (523 sq
km) lies 50 kilometres southwest of the Morila Gold Mine (Anglogold-Randgold)
and 225 kilometres south of the capital city of Bamako and is in the same
geologic environment as the Morila and Syama gold mines in southern Mali. Plans
are underway for continued exploration of the deposit and on several untested
targets at FT. The expansion
of the gold resource at FT will include resource modeling, pitting, geological
mapping and infill drilling.
On February 6th, 2008, North Atlantic
Resources Ltd. and Orezone Resources Inc. announced the signing of a Memorandum
of Understanding to form a new uranium exploration company, Brighton Energy
Limited., which would have a combined land holding of 4,000 square kilometres
in the heart of Niger's uranium producing region. Each company will hold a 50%
interest in the new entity. Management of the Company believes this is an
excellent opportunity to pursue the strategy of capitalizing on the uranium
exploration potential in Niger.
North
Atlantic's long term vision is to continue to identify and acquire new gold
exploration prospects as we continue to explore and expand our existing
projects in Mali.
North
Atlantic has 22,190,408 common shares issued and outstanding (27,132,525 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:
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North Atlantic Resources Ltd. and no regulatory authority has approved or
disapproved the information contained herein.
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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, 2007.
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.