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Northern Continental Resources Inc.: Northern Continental Receives Superior Proposal from Hathor Exploration

^{Published on 2009-07-16 09:32:46, Last Modified on 2009-07-16 09:32:52 - Market Wire}
 

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 16, 2009) - Northern Continental Resources Inc. (TSX VENTURE:NCR) announced today that its board of directors has determined in consultation with its advisors that the offer it received from Hathor Exploration Ltd. on July 15, 2009, offering Northern Continental shareholders 0.1389 of a Hathor common share for each Northern Continental common share, is a superior proposal to the offer by Denison Mines Corp. in the Arrangement Agreement between Northern Continental and Denison dated June 5, 2009.

Northern Continental has given notice to Denison of the determination and Denison now has until July 20, 2009 at 5:00 P.M. (Pacific Time) to exercise its right to match the Hathor offer.

Details regarding Denison and the Arrangement Agreement are contained in Northern Continental's Information Circular of June 9, 2009.

Details regarding the Hathor offer are contained in Hathor's press release of July, 15, 2009.

ON BEHALF OF THE BOARD

Warren Stanyer, President and CEO

This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding: the Arrangement with Denison and the Hathor Offer. These forward-looking statements are made as of the date of this document and Northern Continental does not intend, and does not assume any obligation, to update these forward-looking statements. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for uranium or other minerals that may be produced generally, recent market volatility, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's most recent annual and interim Management's Discussion and Analysis for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through the Company's page on SEDAR at [ www.sedar.com ]. Although Northern Continental has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this release.