NTC

North American Tungsten Corporation Ltd. (TSX VENTURE:NTC) ("NTC" or "the
Company") announces a net loss of $13.3 million or $0.06 per share for its
fiscal year ended September 30, 2013 ("fiscal 2013") compared to a net loss of
$9.9 million or $0.04 per share for the prior fiscal year ("fiscal 2012"). 


The Company's September 30, 2013 Annual Audited Consolidated Financial
Statements and Management's Discussion & Analysis thereon may be accessed under
the Company's profile on SEDAR (www.sedar.com) and may also be accessed at the
Company's website www.natungsten.com. 


Fiscal 2013:



--  Revenue $79.8 million - down 26% from fiscal 2012 
--  Positive cash flow from operating activities $3.7 million - decreased by
    $17.4 million from fiscal 2012 
--  Net loss of $13.3 million or $0.06 per share, increased by $3.4 million
    from fiscal 2012 



While there has since been a recovery in market prices, results for fiscal 2013
were impacted by the significant decline in the market price of ammonium
paratungstate ("APT") in the 2nd half of calendar 2012 which led to a decline in
realised sales prices during fiscal 2013. Accordingly, the average realised
sales price decreased from USD$367 per Metric Tonne Unit ("mtu") in fiscal 2012
to an average realised sales price of USD$266/mtu in fiscal 2013, with an
overall impact of a decrease in revenue by approximately USD$28.7 million. The
most significant offsetting factors were the $26.8 million decrease in
depreciation and impairment costs compared to fiscal 2012. The Company responded
by reducing capital spending by $25.3 million from fiscal 2012 and operating
expenses were closely managed.


The Cantung Mine operations were generally stable during fiscal 2013 with
similar levels of feed grade and slightly improved metallurgical recovery; while
tons milled and MTUs produced increased compared to fiscal 2012. 




                                                   Fiscal 2013   Fiscal 2012
----------------------------------------------------------------------------
                                                                            
Tonnes Milled                                          364,733       338,726
Feed Grade %                                              1.02          1.05
Recovery %                                                77.5          76.9
MTUs Produced                                          287,032       272,586
MTUs Sold                                              283,900       282,064
Average Realised Sales Price in USD/mtu            $       266   $       367
----------------------------------------------------------------------------



Kurt Heikkila, Chairman and CEO, commented, "During the year we made a number of
changes - some dramatic, others incremental - to the organization's
infrastructure to align with and execute on our operating strategy. Working
together, we recognized we could increase mill capacity and had sufficient ore
resources to support throughput increases. Higher production levels leverage our
fixed operating costs and reduce our cost per ton mined, milled and sold." 


The mill enhancement project which began in 2013 and is to be completed mid-year
2014 enables throughput expansion of up to 20% while maintaining, and
potentially improving, recovery levels and enhancing flotation circuit
productivity. Based on current resources, we expect Cantung to be in operation
for years to come. Additionally, the Company has successfully advanced the
MacTung project in the regulatory permitting process.


While the mill improvements involve some further capital expenditures in 2014,
the increase in production should substantially reduce the cost per unit
produced, along with the supplement of low cost open-pit tons to the mill feed,
will significantly improve operating cash flows. As 2014 progresses, the Company
expects to realize the benefits of the increased production.


During fiscal 2013 and subsequently, the Company replaced near-term maturing
debts and arranged additional financing, including a USD$10.0 million
convertible debenture that includes a potential overallotment of USD$3.0 million
that is available to the Company.


The conversion of these debts into longer-term arrangements improved the
near-term financial position of the Company and demonstrated the continuing
support of its shareholders, creditors and customers and their belief in the
viability of the Company. Further steps will be taken to improve liquidity,
reduce the working capital deficit, establish profitable operations and reduce
outstanding debt.


Kurt Heikkila continued, "We have reset our plans with a focus on what's
important for sustained profitability. We are building the team, sharpening
execution on goals and deepening customer relationships. We are building to
ensure our Company continues to be one of the largest producers of the world's
supply of tungsten concentrates outside of China."


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
North American Tungsten Corporation Ltd.
Investor Contact
+1.604.684.5300
+1.604.684.2992 (FAX)
info@natungsten.com
www.natungsten.com

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