PRESS RELEASE
Symbol:
"NAC" Toronto
Stock Exchange
North
Atlantic and Orezone Form Uranium Exploration Company
February 6, 2008 - North Atlantic Resources Ltd. (NAC: TSX) and Orezone Resources Inc. (OZN: TSX, AMEX) are pleased to
announce the formation of a new uranium exploration company that has a combined
land holding of 4,000 km2 in the heart of Niger's uranium production
area in West Africa. North Atlantic Resources Ltd. ("North
Atlantic") and Orezone will each hold a 50% interest in the
new entity to be named Brighton Energy Limited.
Under the terms of the amalgamation, North Atlantic
will transfer to Brighton its wholly-owned
subsidiary Selier Energy Niger SARL which holds three permits (Abelajouad and
Assaouas 1 and Assaouas 2) located adjacent to and south of the Areva mining
and exploration permits and proximal to the Arlit fault, which is the dominant
control structure for uranium deposition. Orezone will transfer to Brighton its wholly-owned subsidiary Niger Resources Inc.
which holds two permits (Zeline 1 and Zeline 4) located adjacent to Areva's
exploration permits and within 40
km of its SOMA-R and COMINAK uranium mines which have
been in production since the early seventies. All permits host key geological
structures and favourable rocks that are known to host or control the
mineralization of the producing uranium mines. See image at: www.orezone.com/site/properties/Brighton%20Energy%20Uranium%20Claim.pdf
"Brighton Energy will hold one of the most
attractive land packages at the center of the world's fourth largest uranium
producing regions", said Pascal Marquis, President of Brighton Energy and
Orezone. "We are very pleased to work with North Atlantic in order to
build Brighton into a significant player in
the uranium sector and add unrealized value to our respective parent
companies."
"North Atlantic recognizes that the formation of
Brighton Energy will create a dedicated uranium explorer with a significant
footprint in the Tim Mersoi Basin
of the Republic
of Niger. We have been
fortunate to work with Orezone and to help create this vision that adds depth
to the exploration teams and to streamline operations. North Atlantic lead the
first wave of junior uranium exploration in Niger with the acquisition of the
Abelajouad permit in March of 2006 followed with the Assaouas permits in April
2007. The formation of Brighton Energy is an excellent opportunity to continue
this strategy of capitalizing on the exploration potential in Niger." said
Scott Waldie, President and CEO of North Atlantic.
Orezone is an explorer and
emerging gold producer whose main asset is Essakane, the largest gold deposit
in Burkina Faso, West Africa. Essakane contains 4.0 Moz of indicated
resources and 1.3 Moz of inferred resources at a 0.5 g/t cut-off. Reserves
contained within a US$500 gold price mine plan are 2.65 Moz. The
deposit remains open and untested below 300m from surface and is surrounded by
several satellite deposits. Orezone has a pipeline of developing projects, all
located in politically stable areas of West Africa,
one of the world's fastest growing gold producing regions. Orezone's mission is
to create wealth by discovering and developing the earth's resources in an
efficient and responsible manner.
North Atlantic is a Canadian
mineral exploration company which has developed a significant portfolio of gold
exploration properties in the Republic
of Mali, West
Africa. Since 2002, the Company has made several gold discoveries
including the FT Gold Project ( "FT") which is the Company's most
advanced gold project, At FT geological mapping, geophysical surveying (IP),
trenching and pitting are underway to assist in identifying new drill targets
and to optimize infill drilling plans on this 523 km2 property. The
present resource calculation at FT includes 241,000 oz. of gold at a
grade of 0.95 g/t Au in the indicated category, and 353,000 oz. of gold at a
grade of 1.05 g/t Au in the inferred category. North Atlantic's long term
vision in Mali
is to continue to identify and acquire new gold prospects as we explore and
expand our existing projects.)
For further information please contact Orezone at (613) 241-3699 or Toll
Free: (888) 673-0663
Ron Little, CEO, rlittle@orezone.com
Pascal Marquis, President, pmarquis@orezone.com
Niel Marotta, VP Corp, nmarotta@orezone.com
Janet Eastman, Manager IR, jeastman@orezone.com
FORWARD-LOOKING STATEMENTS: This news release contains certain
"forward-looking statements" within the meaning of Section 21E of the
United States
Securities Exchange Act of 1934, as amended. Except for statements of
historical fact relating to the company, certain information contained herein
constitutes forward-looking statements. Forward-looking statements are
frequently characterized by words such as "plan," "expect,"
"project," "intend," "believe,"
"anticipate", "estimate" and other similar words, or
statements that certain events or conditions "may" or "will"
occur. Forward-looking statements are based on the opinions and estimates of
management at the date the statements are made, and are subject to a variety of
risks and uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the forward-looking
statements. These factors include the inherent risks involved in the
exploration and development of mineral properties, the uncertainties involved
in interpreting drilling results and other geological data, fluctuating metal
prices, the possibility of project cost overruns or unanticipated costs and
expenses, uncertainties relating to the availability and costs of financing
needed in the future and other factors. The Company undertakes no obligation to
update forward-looking statements if circumstances or management's estimates or
opinions should change. The reader is cautioned not to place undue reliance on
forward-looking statements.
ph.: 416-703-6348, fax 416-703-6507, email: info@nac-tsx.com website www.nac-tsx.com
