October 29, 2008 North American Tungsten Corporation Ltd. Signs Strategic Supply Agreement With Global Tungsten & Powders Corp.
NORTH AMERICAN TUNGSTEN CORPORATION LTD. ("NTC" or the "Company") is pleased to announce that it has entered into a Strategic Supply Agreement with Global Tungsten and Powders Corp. ("GTP") for the contractual sale of a significant volume of the Company's Tungsten concentrate production.
The Agreement, which will run for a period of 12 months effective immediately, is for 125,000 metric tonne units (mtu's) (93 containers) of WO3 concentrate deliverable in equal monthly installments and involves volumes of both G1 high grade material and mid grade flot concentrate.
The arrangement also calls for GTP to process (toll) material to Blue Tungsten Oxide (BTO) on behalf of the Company. Thus, creating a significant value added opportunity in the intermediate product sector to be utilized internally by the Company's U.S. Subsidiary.
As for the contract pricing, the Company's Chairman & CEO, Stephen Leahy stated "while the actual product price remains confidential, I can say that both parties are very pleased with the resulting figures."
The Company is pleased to have Global Tungsten & Powders Corp. (GTP) as a strategic customer and value added processor.
ABOUT GLOBAL TUNGSTEN & POWDERS CORP.
Global Tungsten & Powders Corp. (GTP), formerly OSRAM Sylvania's Tungsten and Powders division, is headquartered in Towanda, Pennsylvania. Global Tungsten & Powders Corp. is a leading, world class producer of tungsten (W), molybdenum (Mo), other refractory materials and phosphors produced in the form of ammonium paratungstate ('APT'), powders, rod, wire and other fabricated products.
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
Chairman & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Vancouver Office: +1.604.684.5300 Fax: +1.604.684.2992
Toronto Office: +1.416.602.2665
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