North American Tungsten Reports Q1 Fiscal 2014 Results
25 Februar 2014 - 11:00PM
Marketwired
North American Tungsten Reports Q1 Fiscal 2014 Results
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 25, 2014) -
North American Tungsten Corporation Ltd. (TSX-VENTURE:NTC) ("NTC"
or "the Company") announces a net loss of $4.5 million or $0.02 per
share for the three months ended December 31, 2013 ("Q1 2014")
compared to a net loss of $4.0 million or $0.02 per share for the
comparable quarter in fiscal 2013 ("Q1 2013").
The Company's December 31, 2013 Interim 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.
Revenue of $20.5 million for the quarter reflects production
below planned levels, with 62,000 mtus produced, primarily due to
lower feed grade in the stopes that were available for production
during most of the quarter. Despite strong demand for the product
and favorable pricing, the Company experienced a loss of $4.5
million for the quarter and a moderate net cash outflow of $0.5
million. During the latter part of December and subsequent to
quarter end, the feed grade improved significantly and daily
production has increased accordingly.
The Company is on track to complete by mid-year improvements to
the mill with potential to enhance production by up to 20% and
implementation of a permanent waste water treatment plant to
improve its long term tailings management.
Kurt Heikkila, Chairman and
CEO, commented, "While the results for the quarter were
disappointing, it is understood that grade issues occasionally will
occur and the Company responded by controlling spending to
essentials and limiting capital outlays for the period while
continuing to move key projects forward."
Since September 30, 2013, the Company has entered into new
supply agreements with its current customers that expire in no less
than three years. In connection with those agreements, as
previously reported, the customers advanced an additional $5
million to help fund the capital expenditures related to
operational improvements.
Mr. Heikkila continued, "The new agreements further enhance our
relationships with our customers. We appreciate their continued
support."
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.
INVESTOR CONTACT:North American Tungsten Corporation
Ltd.+1.604.684.5300+1.604.684.2992info@natungsten.com
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