North Atlantic Purchases Two More Uranium Permits In The Republic Of Niger
North Atlantic Resources Ltd. (“the Company”) (TSX: NAC) reports:
The Company has been granted two additional uranium exploration permits in the Republic of Niger. The permits comprise two contiguous blocks each approximately 500 square kilometers in area for a total of 1,000 square kilometers. The blocks are approximately 80 kilometers southeast of the Company’s 2,000 square kilometer Abelajouad permit which was granted in 2006. The Company’s land holdings now consist of approximately 3,000 square kilometers of mineral rights.
The Republic of Niger is a entering its first cycle of uranium exploration lead by innovative junior exploration companies. Niger is a French-speaking, landlocked, peaceful, democratic country. It is the world’s 4th largest uranium producer with annual production of approximately 35,000 tonnes of U3O8. The Company’s uranium exploration permits are in the Arlit region in northeast Niger and are accessible by charter flights and by paved road, approximately 800 km northeast of Niamey, the capital city. The Company has opened an office in Niamey and the Company anticipates that it will begin exploration work on its uranium exploration projects in Niger in April of 2007. The initial work will consist of a high resolution, airborne, magnetometer, radiometric, and electromagnetic survey.
In addition to the uranium exploration permits in Niger, the Company has 8 gold projects comprising 1,361 square kilometers of mineral rights in Mali. Since 2002, the Company has made gold discoveries at the Kantela project (2004), FT project (2005), and Massala project (2006). The FT gold project is the Company’s most advanced project where delineation is ongoing and where an updated gold resource estimation is currently being carried out by independent consultants.
In addition, the Company’s wholly-owned subsidiary, Selier Energy Ltd., has acquired the 20,000 square kilometer Macina oil and gas exploration permit in central Mali and, is preparing an appropriate plan for the financing and exploration of the project.
The technical information contained in this release was compiled by Jon North, Ph.D., P. Geo., who is a Qualified Person as defined by National Instrument 43-101.
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