North Atlantic Resources Files Year End Audited Financial Statements and MD&A: Financial News

North Atlantic Resources Files Year End Audited Financial Statements and MD&A
Monday March 31, 3:15 pm ET

TORONTO, ONTARIO--(MARKET WIRE)--Mar 31, 2008 -- North Atlantic Resources Ltd. ("the Company") (Toronto:NAC.TO - News) announced today that it has filed its Audited Consolidated Financial Statements and its Management's Discussion and Analysis for the year ended December 31, 2007 on SEDAR. To review these documents please see www.nac-tsx.com.

North Atlantic Resources has acquired nine gold projects comprising 1,378 square kilometers (340,387 acres) of mineral rights in the Republic of Mali, ("Mali") West Africa. Since 2002, the Company has made gold discoveries at the Kantela project (2004), FT project (2005), and Kourouba project (2007).

The FT GOLD PROJECT is the Company's most advanced gold discovery. The preliminary resource calculation includes 241,000 ounces of gold at a grade of 0.95 grams gold per tonne in the Indicated category, and 353,000 ounces of gold at a grade of 1.05 grams gold per tonne in the Inferred category. FT (523 sq km) lies 50 kilometres southwest of the Morila Gold Mine (Anglogold-Randgold) and 225 kilometres south of the capital city of Bamako and is in the same geologic environment as the Morila and Syama gold mines in southern Mali. Plans are underway for continued exploration of the deposit and on several untested targets at FT. The expansion of the gold resource at FT will include resource modeling, pitting, geological mapping and infill drilling.

On February 6th, 2008, North Atlantic Resources Ltd. and Orezone Resources Inc. announced the signing of a Memorandum of Understanding to form a new uranium exploration company, Brighton Energy Limited., which would have a combined land holding of 4,000 square kilometres in the heart of Niger's uranium producing region. Each company will hold a 50% interest in the new entity. Management of the Company believes this is an excellent opportunity to pursue the strategy of capitalizing on the uranium exploration potential in Niger.

North Atlantic's long term vision is to continue to identify and acquire new gold exploration prospects as we continue to explore and expand our existing projects in Mali.

North Atlantic has 22,190,408 common shares issued and outstanding (27,132,525 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.

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, 2007.

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.