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Orezone Gold and North Atlantic Resources consolidate Niger uranium licenses

Orezone Gold and North Atlantic Resources consolidate Niger uranium licenses

Orezone Gold Corp (TSX: ORE) and North Atlantic Resources Ltd  (TSX: NAC) signed a definitive agreement whereby Orezone will acquire three uranium exploration licenses in the Republic of Niger, West Africa, from North Atlantic to create Brighton Energy Ltd, and North Atlantic will receive a 20 percent stake in the new entity and C$250,000.

Brighton will be a uranium focused explorer with title to 5,000 square kilometres 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, Orezone said in a statement.

This small region currently ranks as the fourth largest uranium producing area in the world and will become the second largest by 2012, it added.

Orezone will manage Brighton and hold the 80 percent equity interest until the business until it 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," Scott Waldie, president and CEO of North Atlantic, was cited as saying.

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 Corp (TSX: IMG; NYSE: IAG) for US$350 million and continues to focus on developing the rest of its pipeline of advanced projects including Bombore, one of the largest deposits in Burkina Faso.

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

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