The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
NTC: TSX-V
Chairman and CEO: Stephen M. Leahy
Chief Operating Officer: J. Britt Reid
Chief Geologist: Finley Bakker
North American Tungsten Corp. Ltd., founded in 1979, is engaged in tungsten mining and related activities, which include the acquisition, exploration, development and processing of ores and concentrates.
The company, the most significant producer of tungsten concentrates in North America, owns the operating Cantung mine in the Northwest Territories, the Mactung mineral property on the border of the Yukon Territory and the Northwest Territories, and other tungsten exploration prospects; and has an equity position in the TDI processing facility in Minnesota.
For the quarter ending June 30, 2009, the Cantung mine produced 83,430 metric-ton-units of tungsten concentrate, compared with 73,893 mtus for the same period in 2008.
The company is planning a temporary shutdown of the mine in October in response to low tungsten prices.
N.A. Tungsten's focus is increasingly on the development of the Mactung property, where it hopes to produce 748,000 metric-ton-units per year during the first 5 years after startup.
The company has begun the process of environmental review by the Yukon Environmental and Socio-economic Assessment Board and released a positive feasibility study of the project.
A 2009 summer exploration drilling campaign is being conducted at Mactung to further delineate resources in the underground and open-pit zones of the deposit.
Additionally, geotechnical information will be gathered from the drilling program to refine parameters for the mine design.
A total of 9,000 meters of drilling is planned.
N.A. Tungsten has completed a positive bankable feasibility study with possible startup in 3-4 years of an initial 2,000 tpd underground mine with an 11-year mine life.
Cash and short-term deposits:
C$2.6 million (at June 30, 2009)
Working capital:
negative C$500,000 (at June 30, 2009)
Market capitalization: C$15.46 million
#1640 - 1188 W. Georgia St.
Vancouver, BC V6E 4A2
Tel: 604-684-5300 Fax: 604-684-2992
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