NTC

North American Tungsten Corporation Ltd. (TSX VENTURE:NTC) ("NTC" or "the
Company") announces today that is has obtained approval from the TSX Venture
Exchange ("TSX-V") for the conversion right (the "Conversion Right") to a
principal amount of US$9 million of debentures previously issued on December 31,
2013, and on January 15, 2014 (the "Convertible Debentures"). The Convertible
Debentures will be convertible into common shares of NTC ("NTC Shares") at a
price equal to CAD$0.12 per NTC Share. The Convertible Debentures apply a fixed
exchange rate of CDN$1 = US$0.94. The Company obtained shareholder approval
relating to the Conversion Right at its annual general meeting of shareholders
held on February 21, 2014.


As a result of the Conversion Right, the following persons hold the following
number or principal amount of NTC securities and NTC securityholding
percentages:




----------------------------------------------------------------------------
                                                                           %
                                                                      of the
                                                                      issued
                                                                         and
                                  %                                     out-
                             of the                                 standing
                             issued                          Fully       NTC
                  Current       and                        Diluted    Shares
                   Share-      out-       Principal         Share-      on a
                 holdings  standing       Amount of       holdings     fully
                   of NTC       NTC      Debentures         of NTC   diluted
                   Shares    Shares           (US$)         Shares     basis
----------------------------------------------------------------------------
Ronald A.                                                                   
 Erickson                                                                   
 and Kurt                                                                   
 Heikkila(1)                                                                
 (2)           42,597,902     17.9%   US$862,500(4) 111,695,240(5)     36.4%
----------------------------------------------------------------------------
Queenwood                                                                   
 Capital                                                                    
 Partners II                                                                
 LLC(2)               Nil       Nil US$6,300,000(4)     55,851,063     19.0%
----------------------------------------------------------------------------
David S.                                                                    
 Erickson(3)   20,639,071      8.7%   US$600,000(4)     25,958,220     10.7%
----------------------------------------------------------------------------
                                                                            
Notes:                                                                      
(1) Ronald A. Erickson and Kurt Heikkila are deemed to act jointly and in   
concert. NTC Shares held by Queenwood Capital Partners II LLC ("Queenwood   
II") are deemed to be held by each of Mr. Ronald A. Erickson and Mr. Kurt   
Heikkila. Queenwood II is an entity owned as to 50% by each of Ronald A.    
Erickson and Kurt Heikkila.                                                 
(2) The address for Ronald A. Erickson, Kurt Heikkila and Queenwood II is   
4567 American Boulevard, West Bloomington, MN 55437.                        
(3) The address for David S. Erickson is 8000 Norman Center Drive, Suite    
620, Bloomington, MN 55437                                                  
(4) The Debentures apply a fixed exchange rate of CDN$1 = US$0.94.          
Therefore, the Debentures held directly and indirectly by Ronald A. Erickson
and Kurt Heikkila are in the principal amount of CAD$917,553; the Debenture 
held by Queenwood II is in the principal amount of CAD$6,702,128; and the   
Debentures held directly and indirectly by David S. Erickson are in the     
principal amount of CAD$638,298.                                            
(5) Inclusive of NTC Shares held by Queenwood II on a fully diluted basis as
well as options and warrants held by Ronald A. Erickson and Kurt Heikkila.  



QUEENWOOD CAPITAL PARTNERS II LLC

Two directors of the Company, Ronald A. Erickson and Kurt Heikkila, collectively
own all of the issued and outstanding units of Queenwood II. As of the date
hereof, Ronald A. Erickson and Kurt Heikkila, jointly own or control a total of
42,597,902 NTC Shares, representing approximately 17.9% of the issued and
outstanding NTC Shares (calculated on a non-diluted basis of 238,123,058 NTC
Shares issued and outstanding, as per the disclosure provided in the Company's
management information circular, dated January 20, 2014). 


As a result of the Conversion Right and other convertible securities, on a fully
diluted basis, the shareholdings of Ronald A. Erickson and Kurt Heikkila have
increased to 111,695,240 NTC Shares, or 36.4% of the issued and outstanding NTC
Shares on a fully diluted basis, inclusive of NTC Shares held by Queenwood II.
As a result of the Conversion Right, on a fully diluted basis, the shareholdings
of Queenwood II have increased to 55,851,063 NTC Shares, or 19.0% of the issued
and outstanding NTC Shares on a fully diluted basis.


Each of Ronald A. Erickson, Kurt Heikkila and Queenwood II's purpose in
acquiring the Debentures was to provide working capital to the Company and to
increase their respective investments in the Company. Any of Ronald A. Erickson,
Kurt Heikkila and Queenwood II may from time to time acquire additional
securities of the Company, dispose of some or all of the existing or additional
securities they hold or will hold, or may continue to hold their current
positions, as investment conditions warrant.


ABOUT QUEENWOOD CAPITAL PARTNERS II LLC

Queenwood Capital Partners II LLC is a limited liability company incorporated in
Minnesota having an office at 4567 American Boulevard, West Bloomington, MN
55437. For further information on Queenwood II please contact: Kurt Heikkila at
info@queenwoodcapital.com.


NONCONVERTIBLE DEBENTURES

The Company did not obtain TSX-V approval for a principal amount of US$2 million
of debentures previously issued on December 31, 2013, to Ronald A. Erickson and
Kurt Heikkila (the "Nonconvertible Debentures"). As a result, the interest rate
on the Nonconvertible Debentures will increase to 18% per annum in accordance
with the terms of the Nonconvertible Debentures.


ON BEHALF OF THE BOARD OF DIRECTORS

Kurt E. Heikkila, Chairman and Interim President & 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 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.


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

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