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Orezone and North Atlantic Consolidate Niger Uranium Licenses

  //business-finance.news-articles.net/content/200 .. atlantic-consolidate-niger-uranium-licenses.html
  Published in Business and Finance on Monday, November 23rd 2009 at 5:49 GMT by Market Wire
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OTTAWA, ONTARIO--(Marketwire - Nov. 23, 2009) - Orezone Gold Corporation (TSX:ORE) and North Atlantic Resources Ltd. (TSX:NAC) are pleased to announce the signing of 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 km2 of very well located and prospective ground that contains key geological structures and favorable rocks that are known to host or control the mineralization at producing uranium mines in the region (Location Map: [ http://www.orezone.com/?page_id=42 ]). 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 publically 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 any applicable regulatory requirements.

"North Atlantic recognizes that the creation of Brighton with a larger strategically located land package in the Tim Mersoi Basin will unlock shareholder value for both companies. We have been fortunate to work with Orezone who have strong presence in Niger along with the infrastructure and ability to build a focused uranium explorer. Creating Brighton will enable both companies to capitalize on their exploration potential in Niger without diluting their core business of gold exploration," said Scott Waldie, President and CEO of North Atlantic.

Orezone is a gold exploration and development company with more than 15 years experience in West Africa, one of the world's fastest growing gold producing regions. Orezone delineated, developed, financed and sold Burkina Faso's largest deposit (Essakane) to IAMGOLD for $350M and continues to focus on developing the rest of its pipeline of advanced projects including Bombore, one of the largest deposits in Burkina Faso. Orezone's mission is to create wealth by discovering and developing gold resources in an efficient and responsible manner for the benefit of its shareholders and other stakeholders.

North Atlantic is a Canadian gold exploration company which is developing a portfolio of gold projects in the Republic of Mali, West Africa ("Mali"). Since 2002, the Company has made three important gold discoveries in Mali including the FT Gold Project ("FT") which is the Company's most advanced discovery. North Atlantic's current plans are to expand the resource base at FT while continuing to develop its other gold projects.

FORWARD-LOOKING STATEMENTS AND FORWARD-LOOKING INFORMATION: This news release contains certain "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements and forward-looking information are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur.

FORWARD-LOOKING STATEMENTS are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.