 | | | March 31, 2015
NTC Announces Update on the Cantung Dry Stack Tailings Facility and Reclamation Plan
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| | Vancouver, BC - In conjunction with seeking approval for construction of a dry stack tailings facility at North American Tungsten Corporation Ltd.'s ("NTC" or the "Company") Cantung mine ("Cantung"), the Company is working with appropriate Northwest Territories ("NWT") regulatory authorities to update the long-term reclamation plan and security arrangements for the mine site, the Company's Chairman and CEO, Kurt Heikkila, announced today.
"The Cantung team remains focused on executing its operational plan and timely completion of major capital improvement projects, while management seeks discussions with the NWT about the Company's reclamation plan," stated Mr. Heikkila.
The Company continues to participate in the regulatory review process for the reclamation plan and payment structure. The existing payment plan for mine operations is supported by collateral. Additional work and dialogue will be necessary to finalize the amount, form and timing of any revised reclamation plan, as well as any collateral required to support such plan.
Mr. Heikkila continued, "As I said in my year-end remarks, we continue to invest time, expertise and capital to expand capacity and improve margins over the longer term at Cantung. We believe it is in the best interests of all stakeholders that NTC continues to be a prominent supplier in the tungsten market, and therefore it is our intent to come to a satisfactory agreement with the NWT within the next three to four months of the process."
Highlighting NTC's solid 50-year environmental record at Cantung, the Company has made several specific investments that demonstrate its stewardship, including:
- more than $50 million in mine improvements during the past 4 to 5 years, including a state-of-the-art waste water treatment plant commissioned in July 2014;
- completion of engineering studies and work currently in process on the dry stack tailings facility to eliminate future need for additional tailings ponds;
- completed testing and scale-up of a project to increase recovery of tailings in Cantung's current mill operation, laying the groundwork for reprocessing and dry stacking of tailings from the existing tailings ponds; and
- an overall plan for Cantung that includes progressive reclamation while the site is still operating to reduce final closure costs.
Mr. Heikkila said in conclusion, "NTC recognizes that it has a responsibility to be a good environmental steward throughout Cantung's years of active operation, and an equally important obligation to properly reclaim the mine site upon closure. We respect the process we are working through and are committed to directly engaging with the appropriate authorities to satisfactorily resolve this matter for both the NWT and the Company."
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.
INVESTOR CONTACT:
info@natungsten.com Phone: +1.604.684.5300 Fax: +1.604.684.2992 |
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