North Atlantic Resources Ltd. NAC-TSX 2010
New Developments
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November 2009 ///
Management believes that shareholder value for the diversified exploration projects of uranium and oil & gas properties is best achieved by financing the projects through sole purpose subsidiary corporations or joint venture arrangements. North Atlantic announced on November 23, 2009, that North Atlantic and Orezone Gold Corporation (ORE:TSX) signed a definitive agreement whereby Orezone will acquire from North Atlantic three uranium exploration licenses in the Republic of Niger, West Africa. The transaction will create Brighton Energy Limited ("Brighton") a uranium focused explorer with title to 5,000 kmē of very well located and prospective ground that contains key geological structures and favourable rocks that are known to host or control the mineralization at producing uranium mines in the region. This small region currently ranks as the fourth largest uranium producing area in the world and will become the second largest by 2012. Pursuant to the terms of the agreement, North Atlantic will receive consideration of Cdn$250,000 and a 20% equity interest in Brighton. Orezone will manage Brighton and hold the remaining 80% equity interest until Brighton is further financed and publicly listed. The closing of this transaction is dependent upon, amongst other things, the receipt of all required Niger Government approvals, third party approvals or consents and compliance with applicable regulatory requirements. The reader is referred to the joint press release made between North Atlantic Resources Ltd. (NAC:TSX) and Orezone Gold Corporation (ORE:TSX) and dated November 23, 2009 for further details.
North Atlantic will continue developing its gold strategy in Mali while concentrating on monetizing its ownership in the energy projects.