August 23, 2007 – ATAC Resources Ltd. (TSX-V:ATC) announces that it has entered into a revised option agreement (subject to regulatory acceptance) with Northern Freegold Resources Ltd., which will allow Northern Freegold to earn a 100% interest in the Golden Revenue (includes Nucleus Zone), Nitro and Sey properties, subject to a 1% net smelter return royalty.
Under terms of the agreement, Northern Freegold has the right to earn a 100% interest in all three properties by making cash payments totalling $150,000 and share issuances totalling 1,900,000 common shares on or before May 1, 2009.
The Golden Revenue, Nitro and Sey properties are key targets of the 166 sq km Freegold Mountain Project that Northern Freegold has aggressively compiled. Work done in 2006 and 2007 at the Nucleus Zone produced encouraging results and are summarized in Northern Freegold’s August 23, 2007 news release. Northern Freegold is presently conducting a 15,000 m diamond drilling program with two rigs on the Freegold Mountain Project.
“We are very pleased with the work Northern Freegold has done on these properties. The revised option agreement allows ATAC to benefit from all of Northern Freegold’s activities through the large share interest, while still retaining a significant stake in any future profits from the optioned properties.” stated Graham Downs, CEO of the ATAC. “We also understand that the consolidation of this gold camp is important to the successful advancement of our properties and are confident that Northern Freegold will continue its excellent exploration work.”
For further information concerning ATAC Resources Ltd. or its various exploration projects please visit ATAC’s website at www.atacresources.com or contact:
Graham Downs, CEO
ATAC Resources Ltd.
ATAC RESOURCES LTD.
Per: Robert C. Carne, President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OF THIS NEWS RELEASE.View News Release in PDF