North American Tungsten Corporation Ltd.
TSX VENTURE : NTC

North American Tungsten Corporation Ltd.

October 01, 2009 18:42 ET

North American Tungsten Corporation Ltd. Files the Updated Technical Report on the Cantung Mine-NWT, Canada on SEDAR

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 1, 2009) - North American Tungsten Corporation Ltd. (the "Company" or "NATCL") (TSX VENTURE:NTC) is pleased to announce that the National Instrument 43-101 Compliant TECHNICAL REPORT ON THE CANTUNG MINE, NORTHWEST TERRITORIES, CANADA" dated August 18, 2009 ("Technical Report"), has been filed for public access on SEDAR (see press release dated August 18, 2009).

The Mine

The Cantung Mine is a primary producer of tungsten concentrate from underground mining operations.

The updated Mineral Reserves are summarized in Table 1-1.



TABLE 1-1 CANTUNG PROBABLE MINERAL RESERVES

Zone Tons Grade (WO3 %) STU'S
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West Extension 95,666 1.08 103,271
West Extension Below 3700 elv. 271,451 1.07 291,340
West Extension Below 3570 elv. 148,187 1.11 164,146
E-Zone 23,967 1.09 26,023
Main Zone Pillars 376,554 1.06 400,460
Central Flats 22,750 0.87 19,775
South Flats 45,287 1.33 60,444
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PUG 30,390 1.17 35,536
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Stockpile 6,447 0.73 4,706
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TOTAL Probable Reserves 1,020,699 1.08 1,105,602

Notes:

1. Mineral Reserves conform to CIM and NI43-101 requirements.
2. All Mineral Reserves are classified as Probable.
3. Mineral Reserves are estimated at a cutoff grade of 0.80% WO3.
4. A minimum mining width of 15 feet was used.


NATCL notes that some mining zone nomenclature may cause confusion for those unfamiliar with the Cantung deposits. The E-Zone refers both to the entire underground orebody, and also to the few remaining stopes that do not fit into a subzone category such as Main, South Flats, or West Extension.

The reserve estimate is based on NATCL's forecast of a long-term base case G1 price scenario of US$205/MTU; an operating cost of $152.22 per ton milled and a cut off grade of 0.80% WO3 for the life of mine. The Mine has operated successfully in the past, however, it should be noted that it is a relatively high cost producer, and has experienced previous shutdowns during periods of low tungsten prices. In NATCL's opinion, the key risk to mine profitability lies in tungsten price sustainability and mined grades over the remaining mine life.

The Cantung Mine produces ore at a rate of 1,100 stpd. Mineral Reserves support a mine life of 2.5 years. When production is taken into account, Mineral Reserves have increased significantly since the previous reserve estimate in 2008.

MINERAL RESOURCE ESTIMATES

Mineral Resources for the Cantung Mine, as of July 1, 2009, are listed below in Table 1-2.



TABLE 1-2 CANTUNG INDICATED MINERAL RESOURCES

Zone Tons Grade (WO3 %) STU'S
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West Extension 132,597 1.20 158,537
West Extension Below 3700 elv. 379,763 1.38 524,473
E-Zone 24,183 1.97 47,738
Main Zone Pillars 414,090 1.26 520,691
Central Flats 29,023 1.07 31,183
South Flats 40,255 1.64 66,154
---------------------------------------------------------------------------

PUG 479,118 1.17 562,857
---------------------------------------------------------------------------

Stockpile 6,447 0.73 4,706
---------------------------------------------------------------------------

TOTAL Indicated Resources 1,505,476 1.27 1,916,339

Notes:
1. Mineral Resources conform to CIM and NI43-101 requirements.
2. Mineral Resources are estimated at a cutoff grade of 0.8% WO3 for
underground as well as Pit and Pug
3. All Mineral Resources are listed as INDICATED


Mineral Resources are inclusive of Mineral Reserves; excess resources may at some time in the future become reserves, however, at present they cannot be included in the estimate of Mineral Reserves. The Mineral Reserves include material for which there is a mining plan, and at least a conceptual design. Mineral Reserves for the Cantung Mine, as of July 1, 2009, are summarized in Table 1-1 above.

QUALIFIED PERSON

Robert D. Baldwin, P. Eng., the Company's Senior Mining Engineer and Finley J. Bakker, P. Geo., the Company's Chief Geologist both qualified persons as defined by NI 43-101 have prepared the resource and reserve estimates disclosed herein and approved the contents contained in the news release.

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

Cautionary Note: The Company relies upon litigation protection for "forward-looking" statements.

Cautionary Note

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.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

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