PRESS RELEASE
November
14, 2008 - TORONTO, ONTARIO, CANADA
Symbol:
"NAC" Toronto Stock Exchange
North Atlantic Issues Financial Statements and MD&A for the Third
Quarter of 2008
North Atlantic Resources Ltd. ("North
Atlantic" or the "Company") has filed its Interim Financial
Statements and Management's Discussion and Analysis, and Report to
Shareholders, for the three-month and nine-month periods ended September 30,
2008 on SEDAR at www.sedar.com.
The documents are also available on the Company's website at www.nac-tsx.com.
During the nine-month period ended
September 30, 2008, North Atlantic incurred deferred exploration costs of
$858,000. These expenses were incurred primarily on the Company's Mali Gold
Projects - FT, Kourouba and Massala. For the balance of 2008 the Company
plans Auger drilling and pitting campaigns, at these sites, where they will
continue to be supported by geological mapping and geochemical surveying.
Cash and short-term investments at
September 30, 2008 totalled $821,000 compared to $1,488,000 at December 31,
2007. In 2008, operating activities used $510,000 in cash and mineral
properties and exploration used $1,207,000 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 "During the past 14 months, and, in particular during
September and October of 2008 the global economic circumstances for junior
explorers and the commodities for which they explore has changed dramatically. Commodity
prices are lower and capital for mineral exploration is difficult to obtain. During
this period of challenge your Company will seek to encourage others to
participate in the exploration of our properties through earn-in joint venture
arrangements or other advantageous option arrangements. Through this effort we
seek to pass on the exploration costs to interested parties in return for an
interest in those properties."
"North Atlantic Resources
Ltd. continues to pursue a policy of attempting to monetize our oil and gas
permit in the Republic of Mali and our uranium exploration permits in the
Republic of Niger. Management recognizes the inherent long term value that
these permits can represent and are confident that other potential partners
will share our view."
North Atlantic has 25,723,741 common shares issued and
outstanding (30,712,791 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.
.