North American Tungsten Corporation Ltd.

North American Tungsten Corporation Ltd.

December 18, 2006 09:00 ET

Retransmission; North American Tungsten Corporation Ltd.: Updated and Expanded Mineral Resource Estimate for Cantung Mine

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 18, 2006) - North American Tungsten Corporation Ltd. (the "Company" or "NATC") (TSX VENTURE:NTC) is pleased to announce the completion of an updated technical report in compliance with National Instrument 43-101 ("NI 43-101") which includes the Open Pit and Pit Underground (PUG) Resource with regard to the Cantung Mine previously discussed in NATC news release dated October 31, 2006. Scott Wilson Roscoe Postle Associates ("Scott Wilson RPA") report is now available on SEDAR.

Scott Wilson RPA audited Mineral Resources and Mineral Reserves for the E Zone (underground) deposit, and estimated Mineral Resources for the Open Pit deposit. The drill hole database consists of 1,391 holes, drilled from surface and from underground. Drill hole information was supplemented with chip and muck sample information from underground operations. E Zone resources were estimated using manual polygonal methods, based on cross-section and plan views. Open Pit/PUG Zone resources were estimated using block modelling (Inverse Distance Squared weighting). Mineral Resources, as of September 1, 2006, are summarized in the following table:

North American Tungsten Corporation Ltd. - Cantung Mine

Zone Tons Grade (WO3 %) STU'S
West Extension 321,000 2.03 652,000
E-Zone 231,000 1.71 395,000
Shop Zone 75,000 1.22 92,000
Main Zone Pillars 457,000 1.63 745,000
South Flats 190,000 1.86 353,000
Subtotal Underground 1,274,000 1.76 2,236,000
Open Pit / PUG Zone 1,660,000 0.80 1,328,000
TOTAL Indicated Resources 2,934,000 1.21 3,564,000

Open Pit / PUG Zone 734,000 0.74 543,000

1. Mineral Resources conform to CIM and NI43-101 requirements.
2. Mineral Resources are estimated at a cutoff grade of 0.75% WO3
for underground and 0.50% WO3 for open pit.

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 September 1, 2006, are summarized below:

North American Tungsten Corporation Ltd. - Cantung Mine

Zone Tons Grade (WO3 %) STU'S
West Extension 233,000 1.21 282,000
E-Zone 72,000 1.45 113,000
Shop Zone 60,000 0.98 59,000
Main Zone Pillars 422,000 1.12 468,000
South Flats 219,000 1.20 263,000
Stockpile 25,000 1.05 26,000
TOTAL Probable Reserves 1,031,000 1.17 1,211,000

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 0.75% WO3.
4. Mineral Reserves are estimated using a tungsten price of
US$205 per MTU, and a US$:C$ exchange rate of US$1.00 equals
5. A minimum mining width of 15 feet was used.
6. Bulk density is 10 ft3/ton.
7. Dilution is included in the Probable Reserves
8. Estimated mining recovery has been applied

Qualified Persons for Scott Wilson RPA's report include Mr. Graham G. Clow, P.Eng., Director of Scott Wilson Mining Group, Mr. Jason J. Cox, P.Eng., Senior Mining Engineer, and Mr. David W. Rennie, P.Geo, Consulting Geologist.

The Life of Mine Plan ("LOMP") contained in the report is based on underground Mineral Reserves, and does not include Mineral Resources from the Open Pit/PUG Zone. Successful conversion of resources to reserves has the potential to extend the mine life.

Scott Wilson RPA's conclusions include:

When production is taken into account, Mineral Reserves have increased since previous estimates. Increases are due to exploration of new zones, inclusion of lower-grade areas rendered economic by higher prices, and planned pillar recovery in previously mined areas through the use of longhole mining methods. Overall, replacement of Mineral Reserves has exceeded production over the period of 2002 to 2006.

There are Mineral Resources in the Open Pit/PUG Zone that could potentially be mined. Past open pit and PUG designs proposed production in the order of more than one year of mill feed.

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

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.

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)