North American Tungsten Corporation Ltd NATUF

operations news

[RGS1]

November 22, 2002 PRESS RELEASE Operations update for second quarter of production North American Tungsten Corporation Ltd. (Sym: NTC (TSX-VEN)) is pleased to report that for the 3-month period ended September 2002 record tungsten production from its CanTung Mine was 103,278 MTU’s (1 MTU=10kg) of clean high-grade concentrates. This figure is well above the previously announced production ramp up target of 350,000 MTU’s per year or 87,500 MTU’s per quarter. The mill processed 93,000 tons of ore with an average head grade of 1.57% WO3 and a mill recovery of 80%. The average daily mill throughput exceeded 1,000 tons. Unit cost of production was US $49.65/MTU and sales realization, net of transportation and royalties was US $50.67/MTU. These significant production achievements are attributable to the diligence, commitment and experience of our team. To further improve the economics of production, the Company is in the process of reviewing operating plans with a view of optimizing production rates to further reduce overall expenditures. The average head grades are expected to increase once the reserves towards the West End Extension are accessed in 2003. The Company has updated its ore reserve calculation and an independent consultant will be retained to confirm the ore reserve calculation. Underground exploration to the West End Extension will commence when access has been established. The Company feels confident that with this exploration and expansion, additional tonnage will be added to the Company’s current published reserves. The mine department continues to maintain an excellent safety record and has surpassed 100,000 man-hours without a lost time accident. Since start-up of production in April 2002, the Company continues to be in full compliance with all regulatory regulations. The judicial review of the Water Board’s decision with respect to the renewal of the Company’s water licence will now take place before the NWT Supreme Court on November 25, 2002. North American Tungsten Corporation Ltd. owns 100% of the CanTung Mine and the MacTung deposit located in the Northwest Territories and Yukon, Canada. The Company’s tungsten assets represent the Western World’s largest proven high-grade tungsten reserves and resources and comprise some 15% of the World’s resource base. On behalf of the Board of Directors, Udo E. von Doehren President and CEO