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Message: Files the Feasibility Study Technical Report on the Mactung Property

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Files the Feasibility Study Technical Report on the Mactung Property

posted on Apr 13, 09 07:55AM

April 13, 2009

North American Tungsten Corporation Ltd. Files the Feasibility Study Technical Report on the Mactung Property-Yukon, Canada on SEDAR

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 13, 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 Mactung Property - Yukon, Canada prepared for the Company by Wardrop, A Tetra Tech Company ("Wardrop"), dated April 3, 2009 ("Technical Report"), has been filed for public access on SEDAR (see press release dated Feb 23, 2009).

HIGHLIGHTS

- Mactung economics are positive with a 23.5% Internal Rate of Return and a pre-tax Net Present Value discounted at 8% of CDN$277 million.

- The Technical Report is based on an initial 2,000 tpd underground mine with an 11 year Life of Mine (LOM).

- There is potential to expand the initial LOM with exploitation of the open pit resource.

- Mactung is forecast to produce an average of 749,000 Metric Tonne Units (MTU's) of WO3 over the first five years of operation.

- The average operating cost for the first five years of operation is estimated to be CDN$104/MTU.

- The estimated capital cost is CDN$356.5 million plus a CDN$45.6 million contingency.

- Capital payback is expected to be in 2.9 years.

The Mactung Project is forecast to run at 2,000 tonnes per day from an underground operation using conventional long hole plus cut and fill mining methods. An underground primary crusher and conveyor will supply ore to the surface facility where the ore will be processed into both a premium gravity concentrate (67% WO3) and a flotation concentrate (55% WO3). Recovery of WO3 is expected to average 81.7% and the mine will average 749,000 MTU's of WO3 in concentrates during the first five years of operation.

Key parameters that form the basis of the economic evaluation of the Mactung Project are as follows:

Underground Life of Mine Production:        8.1 million tonnes of 1.09% WO3

Annual Throughput:                          730,000 tpa

Recovery first 5 years:                     81.7%

Average annual production first 5 years:    749,000 MTU's

Operating cash cost first 5 years:          CDN$104/MTU

Capex including contingency:                CDN$ 402.1 million

APT pricing:                                US$300/MTU of WO3

Exchange Rate $US/$CDN:                     0.88

The pre-tax net present value of the project based on an 11.0 year mine life and the base case parameters as previously indicated are as follows:

Discount Rate          Pre-Tax Net Present Value
8%                     CDN$276.8 million
6%                     CDN$346.4 million

The pre-tax internal rate of return for the project is 23.5%. Payback of invested capital is anticipated to occur in 2.9 years after commencement of production.

The Technical Report on the Mactung Property - Yukon, Canada prepared by Wardrop under the direction of Mr. Nory Narciso P.Eng., who is a Qualified Person as defined under NI 43-101, and who has reviewed and approved the contents of this press 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