Subject: Stockwatch: North American Tungsten Corporation Ltd - News Release Date: Wed, 30 Jul 1997 14:24:23 -0700
Special warrant financing completed; purchase of tungsten properties completed
North American Tungsten Corporation Ltd NTC
Shares issued 9,342,975 Jul 29 close $0.40
Wed 30 Jul 97 News Release
Ms Christina Scott reports
The company has completed its previously announced special warrant financing of $3,500,000 which was placed by its agent Loewen Ondaatje McCutcheon.
The company has also signed the previously announced purchase agreement with Aur Resources of Toronto for the acquisition of its tungsten mining assets. The tungsten properties, formerly owned by Canada Tungsten,include the CanTung mine, formerly one of the world's largest producing tungsten mines, the MacTung property, one of the largest high grade drill proven tungsten ore bodies in the western world, the Hemerdon deposit in Southwestern England and a 50% joint venture interest in a tungsten processing plant in California.
These assets, which are estimated to contain 15% of the world's proven tungsten reserves, will place the company in a unique position to benefit from the anticipated continued upward growth movement of the tungsten commodity price. With tungsten production in decline and the demand showing steady yearly increases, management believes price increases in Tungsten ore and related commodities can be expected. Management believes the CanTung mine could be back into significant production in four to six
months and at a very low capital cost.
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