|July 08, 2009
North American Tungsten Announces Sale of its Remaining Interest in the Jennings Property
|North American Tungsten Corporation Ltd. (the "Company") is pleased to announce that it has concluded an agreement to sell its remaining interest in the Jennings property (formerly known as Tootsie River) to its joint venture partner Agnico-Eagle Mines Limited ("Agnico"), for the sum of CAN$1.0 million cash. The Company would have held a 30% interest in the Jennings after Agnico's CAN$4.0 million work commitment. The property is located on the B.C./Yukon border approximately 85 km west of Watson Lake, Yukon.
Mr. Stephen Leahy, Chairman & CEO of the Company stated "It was a pleasure working with such a professional group of people at Agnico but with the Jennings property being a non-core asset for us, the deal made very good sense."
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 both a producing mine and strategic development 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
Chairman & CEO
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.
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