North American Tungsten Corporation Ltd.
TSX VENTURE : NTC

North American Tungsten Corporation Ltd.

December 21, 2006 08:00 ET

North American Tungsten Corporation Ltd.: Tundra JV Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 21, 2006) - North American Tungsten Corporation Ltd. ("NTC") (TSX VENTURE:NTC) is pleased to provide the following update on the Joint Venture ("JV") with Tundra Composites LLC ("Tundra"), including the Hoyt Lake commercial plant, as per the press release dated November 3, 2006.

The Joint Venture Partners have amended the commercial production decision to March 31, 2007. The previously announced US $14,000,000 in benefits from various State and Federal agencies in the form of grants and tax relief that would be available to the JV, once in commercial production, has also been extended to March 31, 2007 pending final approval by each agency.

Evaluation of the pilot processing facility including throughput capability as well as recovery rates and cost of operations continue.

There have been additional expressions of interest from third party entities in participation in the development of the full commercial operation.

At this time the Joint Venture continues to process concentrate from the Cantung Mine successfully and will announce the results of both the refinery circuit and final outcome of third party negotiations in due course.

The pilot plant production yields are meeting expected levels and the purity levels for APT are exceeding expectations for levels of trace impurities.

North American Tungsten Corporation Ltd. is a publicly listed resource Company engaged primarily in the acquisition, exploration, development, and operation of Tungsten and related mineral properties in the Northwest Territories and Yukon Territory. The Company is currently in production at the Cantung Mine and owns the Mactung deposit, which borders the Yukon Territory and Northwest Territories.

ON BEHALF OF THE BOARD OF DIRECTORS

Stephen M. Leahy, Chairman & CEO

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. This news release includes statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. North American Tungsten Corporation Ltd. cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what North American Tungsten Corporation Ltd. currently foresees. 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. 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Brisco Capital
    Gordon Aldcorn
    Investor contact
    (403) 262-9888
    (403) 263-1339 (FAX)