| ||August 10, 2011|
North American Tungsten Announces Q3 Production of 74,629 MTU's
| ||VANCOUVER, BRITISH COLUMBIA: North American Tungsten Corporation Ltd. (the "Company" or "NTC"), is pleased to announce that production for the third quarter totaled 74,629 metric tonne units ("mtu's") of WO3, an increase of 71% over the previous quarters production of 43,727 mtu's. Consistent power, higher feed grade and mineral recoveries all added to the substantial production increase. |
Production mill feed for the quarter totaled 101,873 tons with an average grade of 1.03%. Mill availability was also a factor running at a rate of 97%.
The market remained strong during the quarter rising to US$461 per mtu of Ammonium Paratungstate ("APT) at June 30, 2011.
Stephen Leahy CEO stated "We have seen the impact of a lot of our new equipment and upgraded systems and are pleased with the results especially in the mill where recoveries reached 80.4% for the month of June. We still have some catching up to do in underground development but are hopeful that we can speed up the work in that area. We are extremely pleased with the third quarter production essentially meeting our targets. We will continue to work towards our corporate production goals in the quarters to come."
Production of Copper during the quarter totaled 181,960 lbs in the form of a 21% Cu concentrate an increase of 93,118 lbs over Q2 2011.
Stephen Leahy, CEO stated "That the previously announced Special Committee review has garnered significant interest from several industry leaders and that the process is moving forward."
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.
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.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: This press release may use the terms "Measured," "indicated" and "inferred" Resources. United States investors are advised that while such terms are recognized and required by Canadian regulators, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.
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