| ||June 02, 2008|
North American Tungsten Corporation Ltd. Releases Second Quarter Financial Results For March 31, 2008
| ||North American Tungsten Corporation Ltd. (TSXV:NTC) ("NTC" or "the Company") The Company announces the release of its second quarter financial statements for the period ending March 31, 2008. Net production was 57,660 mtu's with an average grade of 0.95% WO3.|
Near record low winter temperatures combined with rising costs in fuel, contractors and labour elevated site operation expenses to $14,340,000 from $13,815,000 the previous quarter. Overall revenue increased to $12,495,482 from $11,878,914 in the previous quarter.
Mined grade significantly improved during March and the Company anticipates elevated production to approximately 75,000 mtu's for the quarter ending June 30, 2008.
The Company is extremely encouraged by the underground drilling results at the CanTung Mine and will finalize a production planning decision to access this area in the very near future. Additional drilling results for the 3600 level are forthcoming.
The MacTung project continues to gather momentum as the Feasibility Study by Wardrop Engineering enters its final phase. The permitting process will be initiated upon successful completion of the MacTung Feasibility Study.
The Tungsten Commodity price remained relatively stable in the range of US$252.50 per mtu for Ammonium Paratungstate (APT). The Company believes rising demand and limited new supply will continue to place upwards pressure on the Tungsten price.
The Company has scheduled a webcast for Tuesday, June 3, 2008 2:00 pm PT / 5:00pm ET
To access the live teleconference call by phone:
1-866-400-3310 - North America
1-416-850-9144 All other countries (please consult your local operator if you have difficulties)
Internet: To access the live webcast on the Company's website -- audio only, go to http://www.natungsten.com and register, you will then be taken to a page to listen to the call.
ABOUT NORTH AMERICAN TUNGSTEN CORPORATION LTD.
The Company is a publicly listed Tier 1 Junior Resource Company engaged primarily in the operation, development, and acquisition of tungsten and other related mineral properties in Canada. The Company's 100% owned Cantung mine and Mactung development project make it one of the few tungsten producers with both a producing mine and strategic development asset in the western world. Mactung is one of the world's largest known undeveloped high grade tungsten-skarn deposits.
ON BEHALF OF THE BOARD OF DIRECTORS
"Stephen M. Leahy"
Stephen M. Leahy
Chairman & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Safe Harbour Statement under the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation: Except for the statements of historical fact contained herein, the information presented contains "Forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and similar Canadian legislation. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," "believes," or variation of such words and phrases that refer to certain actions, events or results to be taken, and other factors which may cause the actual results, performance or achievements of North American Tungsten Corporation Ltd. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual results of reclamation activities, the estimation or realization of mineral reserves and resources, the timing and amount of estimated future production, costs of production, capital expenditures, future prices of commodities, possible variations in ore grade or recovery rates, efficacy and efficiency of milling process, failure of plant, equipments or processes to operate as anticipated, accidents, labour disputes and other risks in the mining industry. Although North American Tungsten Corporation Ltd. has attempted to identify important factors that could cause 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 such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained herein and in North American Tungsten Corporation Ltd.'s other filing incorporated by reference.
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