 | | | January 29, 2008
North American Tungsten Releases September 30, 2007 Fourth Quarter Financial Results
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| | VANCOUVER, BRITISH COLUMBIA: Mr. Stephen Leahy, Chairman and CEO, is pleased to announce the release of the North American Tungsten Corporation Ltd (the "Company") (TSX-V: NTC) September 30th, 2007, fourth quarter financial results.
FOURTH QUARTER HIGHLIGHTS
- The Mactung staff organization was strengthened. Feasibility work has now
commenced.
- Production of tungsten concentrates increased by 20% in 2007. Tons milled were 367,939 at 1.16% WO3.
- Tungsten sales revenues increased by $7.9 million to $59.2 million.
- Gross margin increased by $4.2 million to $7.6 million.
- Operating cash flows (before working capital changes) increased by $3.1 million to $4.1 million.
- The net loss was $1.2 million in 2007 compared to a net loss of $2.7 million in 2006.
- Net proceeds from capital stock issuances were $ 14.3 million.
- Over $11 million was invested in fixed assets and mineral properties in 2007 (Cantung $8.1, US Plant $1.6 and Mactung $1.4)
- Year end working capital was $12.6 million compared to $3.5 million in 2006.
The third quarter financials were filed on SEDAR for public access and may also be accessed from the Company's website www.natungsten.com.
TELECONFERENCE / WEBCAST DETAILS
North American Tungsten will announce at a later date details of when the teleconference /web-cast will be held to discuss the fourth quarter financials.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
"Stephen M. Leahy"
Stephen M. Leahy
Chairman & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Cautionary Note: The Company relies upon litigation protection for "forward-looking" statements.
INVESTOR CONTACT:
Toni Williamson, Corporate Geologist
info@natungsten.com, Phone: +1.604.684.5300 Fax: +1.604.684.2992 |
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