North American Tungsten Corporation Ltd.

North American Tungsten Corporation Ltd.

November 03, 2006 08:00 ET

North American Tungsten Corporation Ltd. Update on the Joint Venture With Tundra Composites LLC

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 3, 2006) - North American Tungsten Corp. Ltd. ("NTC") (TSX VENTURE:NTC) is pleased to provide the following update on the Joint Venture with Tundra Composites LLC ("Tundra") pursuant to the press release of September 21, 2006.

NTC and Tundra announce that they have entered into discussions with several non-related Corporations interested in participating in the financing of the proposed commercial plant to be located in Hoyt Lakes, Minnesota. The current projected capital cost estimate of the commercial plant facility is US$10 million. The decision to consider these discussions was mutually agreed upon by both joint venture parties, and should have no impact on the construction or operations of the proposed plant.

In the interest of exploring these financing options, the Joint Venture partners have amended the commercial production decision from October 31, 2006 to on or before December 15, 2006. An announcement regarding these developments along with an update on the pilot plant will be made at the earliest possible opportunity.

"This participation interest is significant both in the potential financing of the commercial plant, as well as potentially adding a strong partner to the downstream marketing end of the project," said Stephen Leahy, Chairman, and CEO of NTC.

The current pilot plant, located in White Bear, Minnesota, is operating and producing both Sodium Tungstate and Ammonium Paratungstate ("APT"). To date NTC has shipped over 40,000 pounds of Tungsten concentrate for testing and processing. The anticipated production volumes in Phase I of the pilot plant are 700,000 pounds of Tungsten products and in Phase II, 1,300,000 pounds of Tungsten products.

About North American Tungsten

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 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.


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)