VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 17, 2014) - North American Tungsten Corporation Ltd. (TSX VENTURE:NTC) ("NTC" or "the Company") is pleased to announce that its MacMillan Pass Tungsten Property in Yukon ("Mactung") has successfully completed environmental screening. Following a thorough, years-long review, the Yukon Environmental and Socio-economic Assessment Board ("YESAB") issued its Final Screening Report, recommending that the "Mactung Mine Project be allowed to proceed without [further] review."
NTC is already one of the world's largest tungsten producers outside China. NTC's 100%-owned Mactung property, when developed, is anticipated to be a major factor in world tungsten supply for many years.
Kurt Heikkila, NTC's chairman and chief executive officer, stated, "Approval by YESAB represents an important milestone in our efforts to bring the Mactung Project into production."
Mr. Heikkila added, "This unique mineral property will be developed in due course in an environmentally sensitive way with extraction and milling processes that will minimize the mine's footprint on the surrounding lands. As YESAB recognized, NTC is committed to responsible stewardship of the property. Mactung is located on lands that have been used traditionally by First Nations including the Kaska Dena and the First Nation of Nacho Nyak Dun. Through their participation in public hearings and face-to-face meetings, the Kaska Dena, their traditional knowledge team from the Ross River Dena Council, and the Ross River elders have enabled us to better appreciate what responsible land stewardship means to traditional communities. We will continue to work with them and learn from them and their communities."
According to the Yukon Environmental and Socio-economic Assessment Act, the final step in the environmental assessment process will be the release within 60 days of a Decision Document by the territorial and federal governments. Like the Final Screening Report, the Decision Document will contain conditions governing operations at Mactung and a list of proponent commitments.
On behalf of the Board of Directors
Kurt Heikkila, Chairman & CEO
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 a strategic asset in the western world. Mactung is one of the world's largest known undeveloped high grade tungsten-skarn deposits.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Cautionary Note: The Company relies upon litigation protection for "forward-looking" statements.
Safe Harbour Statement under the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation: Except for the statements of historical fact contained herein, the information presented contains "Forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and similar Canadian legislation. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," "believes," or variation of such words and phrases that refer to certain actions, events or results to be taken, and other factors which may cause the actual results, performance or achievements of North American Tungsten Corporation Ltd. To be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual results of reclamation activities, the estimation or realization of mineral reserves and resources, the timing and amount of estimated future production, costs of production, capital expenditures, future prices of commodities, possible variations in ore grade or recovery rates, efficacy and efficiency of milling process, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes and other risks in the mining industry. Although North American Tungsten Corporation Ltd. has attempted to identify important factors that could cause actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained herein and in North American Tungsten Corporation Ltd.'s other filing incorporated by reference.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: This press release may use the terms "measured," "indicated" and "inferred" Resources. United States investors are advised that while such terms are recognized and required by Canadian regulators, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.