Second Quarter Financial Statements for the Period Ended March 31, 2009
posted on
Jun 02, 2009 06:40AM
Western World's largest producer of tungsten concentrate,
June 1, 2009 |
North American Tungsten Corporation Ltd. Releases Its Second Quarter Financial Statements for the Period Ended March 31, 2009
HIGHLIGHTS: |
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 1, 2009) - North American Tungsten Corporation Ltd. (or "the Company") (TSX VENTURE:NTC) today announced its results for the three and six months ended March 31, 2009, (the "Second Quarter" or "Q2" - refer to the three month period ended March 31, 2009) including the results of operations at its Cantung tungsten mine in the Northwest Territories. For the Second Quarter, North American Tungsten reports a net loss of $0.3 million; by way of comparison, in Q2 of Fiscal 2008, the Company registered a net loss of $5.5 million. Sales revenues in Q2 were $14.0 million from 58,507 mtu's of concentrates and 3,000 mtu's of tungsten blue oxide ("TBO") compared to $12.5 million in Q2 of Fiscal 2008 from sales of 58,840 mtu's of concentrates and 6,035 mtu's of ammonium paratungstate ("APT"). The gross operating margin increased from a loss of $3.5 million in Q2 2008 to earnings of $0.8 million in Q2 2009. In Q2, the Cantung mine produced 74,206 metric tonne units (MTUs) (154,184 mtu's for the six months) - a 29% increase over Q2 of 2008. The mill processed 96,190 tons grading 1.11% WO3 (tungsten trioxide) compared with 95,877 tons grading 0.95% WO3 Q2 of Fiscal 2008. Recovery for the three month period averaged 76.5%, compared to 69.5% in Q2 of 2008. "We are very pleased with the continued high level of production at our CanTung Mine. Soft World markets, which are the main cause for our rising inventory, have not been easy to deal with however I am impressed with our Team and the innovative responses we have seen," the Company's Chairman & CEO, Stephen Leahy, reported. During the First Quarter, North American Tungsten released an NI 43-101 compliant report on updated reserves and resources for the Cantung mine. As of Sept. 30, 2008, probable reserves were estimated at 655,706 tons with an average grade of 1.1% WO3. Indicated mineral resources at Cantung are estimated at 1.43 million tons grading 1.25% WO3 (See News Release dated January 29, 2009). During the Second Quarter the Company released (See News Release dated February 23, 2009) and subsequent to March 31, 2009 filed its bankable feasibility study for the Mactung property at www.sedar.com (See News Release dated April 13, 2009). Mactung is one of the world's largest known high grade undeveloped tungsten-skarn deposit. Indicated mineral resources at Mactung are estimated at 33 million tonnes grading 0.88% WO3. Underground indicated mineral reserves have been calculated at 8.2 million tonnes grading 1.09% WO3. North American Tungsten has initiated an application on the Mactung project to the environmental review process managed by the Yukon Environmental and Socio-economic Assessment Board. (See News Release dated February 23, 2009). 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 |