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Message: Feb 6 News Release -- Orezone and North Atlantic Form Uranium Exploration Compan

Feb 6 News Release -- Orezone and North Atlantic Form Uranium Exploration Compan

posted on Feb 06, 2008 10:08AM

Orezone and North Atlantic Form Uranium Exploration Company


February 6, 2008 - Orezone Resources Inc. (OZN:TSX, AMEX) and North Atlantic Resources Ltd. (NAC: TSX) are pleased to announce the formation of a new uranium exploration company that has a combined land holding of 4,000 km2 in the heart of Niger's uranium production area in West Africa. Orezone and North Atlantic Resources Ltd. ("North Atlantic") will each hold a 50% interest in the new entity to be named Brighton Energy Limited.


Under the terms of the amalgamation, Orezone will transfer to Brighton its wholly-owned subsidiary Niger Resources Inc. which holds two permits (Zeline 1 and Zeline 4) located adjacent to Areva's exploration permits and within 40 km of its SOMAÏR and COMINAK uranium mines which have been in production since the early seventies. North Atlantic will transfer to Brighton its wholly-owned subsidiary Selier Energy Niger SARL which holds three permits (Abelajouad and Assaouas 1 and Assaouas 2) located adjacent to and south of the Areva mining and exploration permits and proximal to the Arlit fault, which is the dominant control structure for uranium deposition. All permits host key geological structures and favourable rocks that are known to host or control the mineralization of the producing uranium mines. See image at: www.orezone.com/site/properties/Brighton Energy Uranium Claim.pdf


"Brighton Energy will hold one of the most attractive land packages at the center of the world's fourth largest uranium producing regions", said Pascal Marquis, President of Brighton Energy and Orezone. "We are very pleased to work with North Atlantic in order to build Brighton into a significant player in the uranium sector and add unrealized value to our respective parent companies."


"North Atlantic recognizes that the formation of Brighton Energy will create a dedicated uranium explorer with a significant footprint in the Tim Mersoi Basin of the Republic of Niger. We have been fortunate to work with Orezone and to help create this vision that adds depth to the exploration teams and to streamline operations. North Atlantic lead the first wave of junior uranium exploration in Niger with the acquisition of the Abeladjouad permit in March of 2006 followed with the Assaouas permits in April 2007. The formation of Brighton Energy is an excellent opportunity to continue this strategy of capitalizing on the exploration potential in Niger," said Scott Waldie, President and CEO of North Atlantic.


Orezone is an explorer and emerging gold producer whose main asset is Essakane, the largest gold deposit in Burkina Faso, West Africa. Essakane contains 4.0 Moz of indicated resources and 1.3 Moz of inferred resources at a 0.5 g/t cut-off. Reserves contained within a US$500 gold price mine plan are 2.65 Moz. The deposit remains open and untested below 300m from surface and is surrounded by several satellite deposits. Orezone has a pipeline of developing projects, all located in politically stable areas of West Africa, one of the world's fastest growing gold producing regions. Orezone's mission is to create wealth by discovering and developing the earth's resources in an efficient and responsible manner.

 

North Atlantic is a Canadian mineral exploration company which has developed a significant portfolio of gold exploration properties in the Republic of Mali, West Africa. Since 2002, the Company has made several gold discoveries including the FT Gold Project ( "FT") which is the Company's most advanced gold project, At FT geological mapping, geophysical surveying (IP), trenching and pitting are underway to assist in identifying new drill targets and to optimize infill drilling plans on this 523 km2 property. The present resource calculation at FT includes 241,000 oz. of gold at a grade of 0.95 g/t Au in the indicated category, and 353,000 oz. of gold at a grade of 1.05 g/t Au in the inferred category. North Atlantic's long term vision in Mali is to continue to identify and acquire new gold prospects as we explore and expand our existing projects.)


For further information please contact Orezone at:
Telephone: (613) 241-3699 Toll Free: (888) 673-0663

 

Ron Little
Chief Executive Officer
rlittle@orezone.com


Pascal Marquis
President
pmarquis@orezone.com


Niel Marotta
VP Corp
nmarotta@orezone.com


Janet Eastman
Manager IR
jeastman@orezone.com

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