North Atlantic Resources Ltd. NAC-TSX 2010
President's Message
North Atlantic Resources Ltd. ("NAC") has been exploring in the Republic of Mali, West Africa ("Mali") since 2002 and presently has four gold exploration projects comprising 906 square kilometres. NAC has made four significant gold discoveries in Mali; the FT, Kantela, Kourouba, and Masala. The FT Gold Project is our most advanced discovery with a NI 43-101 compliant resource estimate of 600,000 ounces of gold. The Kantela, Dalakan, and Diokeba properties make up our current exploration permits. NAC also has a vast oil and gas exploration permit of 20,000 square kilometres for oil and gas exploration in Mali and interests in uranium exploration in the Republic of Niger, West Africa, through a 20% interest in Brighton Energy’s subsidiary, Niger Resources Inc.
DEVELOPMENT OF THE BUSINESS IN 2010 ///
Over the past 16 months of global credit crisis and subsequent recession, North Atlantic Resources Ltd. has focussed on a thorough review of its exploration properties to better understand their potential. During this period, when access to risk capital was absent from the market place, NAC collected and assayed 1,911 geochemical samples for gold on all of our properties and completed 1,826 metres of Auger drilling in 168 holes on our FT project. With an improving economic climate in 2010 we can look forward to easing capital markets and a more active year for exploration to advance our pipeline of gold projects.
At the time of writing this message the Company’s market capitalization is approximately $5 million. We strongly believe that our objectives, as set out below, will expose shareholders to exceptional opportunities and value creation which we anticipate will have a positive impact on our share price.
North Atlantic will provide its shareholders with up to date information through the timely dissemination of news releases and exploration updates. Downloadable brochures, power point presentations, and maps will be available through our comprehensive web site: www.nac-tsx.com.
OBJECTIVES AND GOALS FOR 2010
"North Atlantic Resources Ltd. plans to be at the forefront of gold exploration and discovery in Mali"
- Expansion of the gold resource of the FT Gold Project by:
- Additional modeling, understanding, and exploration
- Complete termite mound sampling and auger drilling
- Exploration drilling on a number of new targets
- Continue to expand our pipeline of gold exploration projects in West Africa
- Complete the North Atlantic/Orezone agreement to create Brighton Energy
- Establish strategic alliance for the long term exploration of the Macina Oil and Gas Project
In 2002, NAC began acquiring permits and exploring for gold in Mali and we have been privileged to explore in such a dynamic and progressive country ever since. The reasons that made sense for North Atlantic to begin exploring in Mali in 2002 are as sound today as they were then. In terms of mineral exploration, Mali is still an immature district, and NAC maintains the ability to procure properties of exceptional exploration potential there. The Republic of Mali is politically stable and has become Africa’s third largest producer of gold after just fourteen years of mining development. Just think of where the next fourteen years of exploration will lead! The growth of gold production in Mali is a strong indication of just how permissive the geology and how high the rate of success is for the discovery of economic gold deposits. IAMGOLD Corporation and Randgold Resources trace their beginnings to Mali in the 1990’s. Their business case histories are well known examples of the potential to explore, discover, and mine with great success.
I believe that of equal importance to all of NAC’s exploration properties is our professional and dedicated team. NAC geologists have over forty years of cumulative experience in gold exploration. NAC geologists were instrumental in the development of Mali’s original geochemical exploration data base and they have participated in the discovery and development of commercial gold deposits in Mali. They know what success means and what an economic deposit looks like. Their experience and knowledge of exploration techniques, and resource development is a key ingredient of our success.
On behalf of the management and Board of Directors of North Atlantic Resources Ltd., I thank you for your support of our exploration activities. I look forward to an exciting and challenging year of exploration and discovery!
Scott Waldie
President and CEO
Toronto, Canada
February 2010