North American Tungsten on Track to Acheiving Record Quarterly Production & Wardrop Engineering Inc. Commences Updated Economic Assesssment of Mactung
Monday June 11, 8:00 am ET
biz.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 11, 2007) - North American Tungsten Corporation Ltd. (TSX VENTURE:NTC - News) -
HIGHLIGHTS:
- MAY PRODUCTION KEEPS CANTUNG ON TRACK TO PRODUCE RECORD QUARTERLY PRODUCTION AND IMPROVED CASH FLOW
- WARDROP ENGINEERING ENGAGED TO COMPLETE UPDATED ECONOMIC ASSESSMENT OF THE MACTUNG DEVELEOPMENT PROJECT BASED ON HISTORICAL FEASIBITLY STUDIES
CANTUNG MINE
North American Tungsten Corporation Ltd. (the "Company" or "NATC") is pleased to announce that during the month of May, 2007, the Company's Cantung Mine produced 26,554 metric tonne units (MTU's) of tungsten concentrate (WO3); above average for the last 4 months of production (Table 1). The average grade for the month of May was 1.17% WO3 with an average recovery of 77.5%.
The number of tons milled was comparable to the last month's figures, and the Company is on track to achieve record quarterly production. Monthly production at the Cantung Mine has increased more than 50% since the beginning of the fiscal year (October, 2006).
The Cantung Mine has a NI43-101 probable reserve of 1 M tons at 1.17% WO3 (1.1 M MTU'S; indicated resource of approximately 3 M tons at 1.21% WO3 (3.2 M MTU'S); and an inferred resource of 734,000 tons at 0.74% WO3 (493,000 MTU's). These reserves were calculated as of September, 2006.
The average European Free Market price for Ammonium Paratungstate during May was US$252.78 per MTU.
2007 Monthly Production Figures
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Tons Grade Recovery % Increase In Production
Month Milled MTUs WO3 % % from Dec 06
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Jan-07 33,173 19,988 0.98 68% 1%
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Feb-07 23,712 24,472 1.54 74% 23%
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Mar-07 25,674 25,998 1.50 75% 31%
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Apr-07 32,352 30,600 1.35 78% 54%
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May-07 32,182 26,554 1.17 78% 34%
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MACTUNG PROJECT
The Company is pleased to report that Wardrop Engineering Inc. has been engaged to review historical feasibility studies to produce an undated economic assessment on the Company's 100% owned Mactung Project, located on the border of the Yukon Territory and the Northwest Territories. Immediately after the Mactung economic assessment is completed, a feasibility study will commence on the project.
Mactung is a strategic asset due to its size, grade and location. It is one of the largest known undeveloped high grade tungsten-skarn deposits in the World. The Mactung Project is NI43-101 compliant; with indicated resources of 33 M tons grading at 0.88% WO3 and inferred mineral resource estimate of 11.3 M tons grading at 0.78% WO3.
About North American Tungsten Corporation Ltd.
North American Tungsten Corporation Ltd. is a publicly listed Tier 1 junior resource company engaged primarily in the acquisition, exploration, development, and operation of Tungsten and other related mineral properties in the Northwest Territories and Yukon Territory. The Company is currently in production at the Cantung Mine and owns 100% of the Mactung project, which borders the Yukon and Northwest Territories, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephen M. Leahy, Chairman & CEO
Cautionary Note: The Company relies upon litigation protection for "forward-looking" statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Toni Williamson
North American Tungsten Corporation Ltd.
Investor Relations, Corporate/Business Development
(604) 684-5300
(604) 684-2992 (FAX)
Email: ir@natungsten.com
Website: www.natungsten.com
Source: North American Tungsten Corporation Ltd. |
