PENINSULA MERCHANT SYNDICATIONS CORP. ACQUIRES POSITION IN NORTH ATLANTIC
RESOURCES LTD.

VANCOUVER, Sept. 9 /CNW/ - Peninsula Merchant Syndications Corp. ("Peninsula") is issuing this press release pursuant to the early warning requirements of applicable securities laws in Canada with respect to North Atlantic Resources Ltd. (the "Issuer" or "NAC").

Pursuant to a private placement, Peninsula has acquired 3,000,000 units of the Issuer ("Units"), each Unit consisting of one common share of the Issuer (the "Shares") and one common share purchase warrant of the Issuer (the "Warrants"), with each Warrant exercisable at a price of $0.40 per Share for a period of 12 months following the closing date of the private placement. The Units were priced at $0.28 per Unit for a total aggregate purchase price of $840,000.

In addition, Peninsula has also acquired 198,000 Warrants, with each Warrant exercisable at a price of $.033 per Share for a period of 12 months following the closing date of the private placement.

Following the private placement, the Shares owned by Peninsula represented 5.44% of the current issued and outstanding Shares of the Issuer. Assuming the exercise of all of the Warrants, Peninsula will own 6,198,000 Shares of the Issuer representing 10.62% of the issued and outstanding Shares of the Issuer.

Peninsula acquired these securities for investment purposes. Peninsula may, depending on market and other conditions, acquire additional securities of the Issuer or dispose of all or any of its securities of the Issuer, through market transactions, private agreements or otherwise.

Peninsula Merchant Syndications Corp. is a private merchant bank controlled by Sam Magid.

A copy of the early warning report to be filed by Peninsula with the applicable securities regulators regarding the transaction will be available on SEDAR (www.sedar.com).

For further information: or for a copy of the early warning report filed in respect of the above transaction, please contact: Rahim Rajwani, Executive Vice-President, Peninsula Merchant Syndications Corp., Suite 1068, 550 Burrard Street, Vancouver, BC, V6C 2B5, Tel: [phone]