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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge -- Ignore unavailable to you. Want to Upgrade?

To: Al Collard who wrote (1220)	3/19/2001 12:07:22 PM
From: Iknownothing2	Read Replies (1) \| Respond to of 11802

First news release, 2nd to follow North American Tungsten acquires Bolivian interests North American Tungsten Corporation Ltd NTC Shares issued 28,322,365 Feb 28 close $0.71 Thu 1 Mar 2001 News Release Mr. Udo von Doehren reports The company has entered into a letter of intent with Empresa Minera Himalaya Ltda, a Bolivian company, pursuant to which North American Tungsten is to be granted the option to acquire up to a 70-per-cent interest in Himalaya and in Himalaya's tungsten/tin deposit located in Coheni and Panquaya counties of Murillo and Sadyumyai provinces, Bolivia. In order to earn an interest in Himalaya and the property, NTC must undertake a work commitment and incur expenditures on the property in three-phase program over a three-year period as follows. Phase I -- NTC to undertake a diamond drill program consisting of approximately 4,000 metres of drilling on the property; phase II -- NTC to undertake a further program of infill drilling of approximately 4,000 metres on the property and preparation of a prefeasibility study; Phase III - NTC to complete a bankable feasibility study of the property and pay to Himalaya $4-million (U.S.) The agreement is an option only and completion of any phase of the work program does not obligate NTC to continue; however, if NTC completes the work and expenditure obligations for Phase II, it shall be deemed to have earned a 25-per-cent interest in Himalaya and the property. On completion of the exercise of the option, NTC will have earned a 70-per-cent interest and be responsible for committing the necessary capital to bring the property into commercial production at an estimated rate of up to 1,200 tonnes per day. The Himalaya project comprises a stockwork vein-type tungsten-tin deposit. Over the past 17 years, the Himalaya project has been explored continuously by Himalaya. In excess of 6,000 metres of underground drifts, crosscuts and raises have been driven, together with systematic assay sampling and test mining and milling, at a total cost of approximately $2.9-million (U.S.). Approximately a dozen principal veins have been recognized to date. Himalaya commenced exploration in the mid 1980s, and in the process, a 500 metre-wide swarm of subparallel, vertical quartz-wolframite veinlets was encountered and subsequently intersected on five other levels over a total vertical interval of 300 metres. Within the zone, numerous, closely-spaced quartz-wolframite veins comprise between 10 and 30 per cent of the rock. As presently defined, the sheeted vein zone extends over a width of 500 metres, a strike length of 500 metres, and a minimum vertical distance of 300 metres. The zone is open both above zero level, with 450 metres of back between this level and surface outcrops, and below the lowest level. Himalaya has recently completed a program of systematic and continuous channel sampling of the sheeted vein zone on several of the underground levels. Approximately 800 samples have been collected, representing 2,400 linear metres of workings. Samples are being assayed for tungsten and tin by neutron activation at the Becquerel laboratory in Mississauga, Ont., and for other associated metals at Bondar Clegg, Vancouver. Full assay results for this work are expected by the end of April, at which time a resource calculation will be made. Based on assay results received to date, and on mapping of the vein system, the deposit is estimated to contain a global potential resource in excess of 50 million tonnes of tungsten mineralization with accessory values in tin, copper, zinc and silver. A separate cluster of quartz-wolframite veins located 1.5 km northeast of the Himalaya deposit (also within the mineral claims of Himalaya) may indicate the presence of a second sheeted vein zone. The project is well-located with respect to access, power, water and skilled mine labour. Previous batch mining and milling have demonstrated that the ore is amenable to the production of high grade tungsten and tin concentrates. The company plans to move forward to a formal agreement subject to the respective corporate board approvals and the approval of the Canadian Venture Exchange. The company has agreed to pay a finder's fee within the guidelines of the CDNX, to Andean Engineering of White Rock, B.C. The company, which owns the CanTung mine and the MacTung deposit, continues to advance startup plans for the CanTung mine and believes that the addition of the Himalaya project represents and intermediate step in the company's strategic plan. (c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com