News Release: good news on progress on Cantung mine:
North American Tungsten CanTung production on schedule
North American Tungsten Corp Ltd NTC
Shares issued 27,332,364 Jan 4 close $0.75
Mon 7 Jan 2002 News Release
Mr. Udo von Doehren reports
PRODUCTION RESTART PROGRESS REPORT
Production at North American Tungsten Corp.'s CanTung mine, located in the
Northwest Territories, 310 kilometres northeast of Watson Lake, Yukon, is
on schedule for the first shipment of tungsten concentrates to leave the
mine this month, as reported in Stockwatch on Oct. 25, 2001.
The mine site infrastructure has stood the test of unusually heavy
snowfalls and temperatures down to -37 degrees, with no interruption to the
work in progress. Rehabilitation of the mine, mill and plant is complete.
In December, 2001, the power generating capacity was increased to meet full
production requirements. Work in progress consists of testing power, water,
compressed air and control systems. The mining equipment fleet is being
supplemented and prepared for production. This work was continued through
the Christmas season, albeit at a reduced pace. From the initial site visit
by contractors in mid-July, 2001, the mine was advanced to the production
stage over a six-month period.
In early December, the outside contractors completed their assigned work.
The company's own work force, consisting of 130 employees, 90 of whom are
on-site, was fully recruited and assumed all operating and maintenance
activities. All the necessary supply and service contracts, such as
transportation of concentrates, transport of personnel, back-haul of fuel,
catering and supply of high volume consumables, are in place.
As previously announced, all of the tungsten concentrate to be produced at
the CanTung mine has been presold to the company's strategic allies, with a
guaranteed floor price. The annual concentrate production is budgeted to
exceed 300,000 metric tonne units (mtu) (10 kilograms = one mtu). The
company's president and chief executive officer, Udo von Doehren, stated:
"We are extremely pleased that our CanTung mine will resume its position as
the western world's largest producer of high-grade, clean, tungsten
concentrates, and that our company has established a long-term, mutually
beneficial, strategic alliance with two of the world's leading producers of
tungsten products, cemented carbides and consumers of tungsten ore. With
our seasoned and enthusiastic management and operating team, we are
determined to operate the mine to its fullest potential for the benefit of
our shareholders. I would like to acknowledge the support and co-operation
we have received from our shareholders, strategic allies, contractors,
suppliers, First Nations neighbours and government officials, all of whom
have made it possible to restart tungsten production".
North American Tungsten Corp. owns 100 per cent of the CanTung mine and the
MacTung deposit. These assets represent the western world's largest
high-grade tungsten reserves and comprise some 15 per cent of the world's
resource base. |
