North American Tungsten Corporation Ltd NATUF

water license approved

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Nault approves extension to Cantung licence WebPosted Nov 29 2002 07:12 AM MST The Cantung mine will be able to continue to operate while it fights over its environmental status in the N.W.T. Indian and Northern Affairs Minister Robert Nault gave the mine's owners, North American Tungsten, a one-year extension to its water licence just as its current licence was set to expire. The minister of Indian and Northern Affairs approved the amendment Thursday, without increasing the security deposit required of the company. Environmental groups had been lobbying Robert Nault to increase the money required of North American Tungsten as security for abandonment and reclamation. The mine, located just east of the Yukon/Northwest Territories border, is expected to close in 2004. The company has about $2.5 million in its reclamation fund, but a report prepared for Indian Affairs estimates the cost of winding up operations at $34 million. The water licence has been extended on the recommendation of the Mackenzie Valley Land and Water Board while the mine goes through an environmental assessment. The company is fighting the need for that assessment, and a judge is now reviewing the board's decision. The land and water board suggested the question of the security deposit be addressed after the assessment is completed.