Wednesday, August 26, 2009

North American Tungsten reports a net loss of $0.8 million for the third quarter 2009

HIGHLIGHTS:
  • CanTung Mine production up 13% to 83,430 metric tonne units (mtu's) over Q3 2008 (73,893 mtu's).
  • Updated Cantung Probable Mineral Reserve as of July 1, 2009 is estimated at 1.02 million tons grading 1.08% WO3.
  • Gross operating margin of $0.91 million in Q3 2009 compared to $0.96 million in Q3 2008.
  • Net loss (after gain on disposal of mineral property interest) of $0.8 million in Q3 2009 compared to a net loss of $1.3 million in Q3 2008.
VANCOUVER, BRITISH COLUMBIA: North American Tungsten Corporation Ltd. (or "the Company") (NTC: TSX-V) today announced its results for the three and nine months ended June 30, 2009, (the "Third Quarter" or "Q3" -- refer to the three month period ended June 30, 2009) including the results of operations at its Cantung tungsten mine in the Northwest Territories.

For the Third Quarter, the Company reports a net loss of $0.8 million after a gain on disposal of a mineral property interest of $1.0 million; by way of comparison, in Q3 of Fiscal 2008, the Company registered a net loss of $1.3 million. Sales revenues in Q3 were $15.0 million from 64,623 mtu's of concentrates and 9,026 mtu's of tungsten blue oxide ("TBO") and ammonium paratungstate ("APT") compared to $15.4 million in Q3 of Fiscal 2008 from sales of 65,140 mtu's of concentrates and 7,330 mtu's of TBO and APT. The gross operating margin remained stable at $0.91 million in Q3 2009 compared to $0.96 million in Q3 2008.

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