North American Tungsten Increases Production and Reports Net Income of $2.5 Million for Q2 2014
23 Mai 2014 - 11:00PM
Marketwired
North American Tungsten Increases Production and Reports Net Income
of $2.5 Million for Q2 2014
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 23, 2014) -
North American Tungsten Corporation Ltd. (TSX-VENTURE:NTC) ("NTC"
or "the Company") announces net income of $2.5 million or $0.01 per
share for the three months ended March 31, 2014 ("Q2 2014") and net
loss of $2.1 million or $0.01 per share for the six months ended
March 31, 2014. These compare to net loss of $3.4 million and net
loss of $7.4 million for the comparable periods in fiscal 2013.
The Company's March 31, 2014 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.
The Company's production increased to 89,000 mtus during Q2
2014, driven primarily by relatively high grade material from the
mine. Mill recovery and throughput were generally consistent with
historical production. Reflecting the later recognition of sales as
a result of new sales contracts, the Company recognized sales of
70,000 mtus during the period, with the remaining production in
inventory at quarter end. APT prices held steady during the second
quarter around USD$360 per mtu which resulted in the Company
recognizing an average sales price of approximately USD$291 per mtu
(approximately CDN$321 per mtu). Revenue was $23.1 million for the
quarter and $43.5 million for the six months ended March 31, 2014,
compared to revenue of $24.9 million and $36.4 million for the
comparable periods in fiscal 2013.
The improved production generated cash flows from operations
before change in non-cash working capital of $6.4 million for Q2
2014 and $5.9 million for the six months ended March 31, 2014, a
significant improvement from an outflow of $0.5 million in quarter
one of fiscal 2014. These compare to cash flows of under $0.1
million and a cash outflow of $1.0 million for the comparable
periods in fiscal 2013.
The mill process improvement project that commenced in Q3 2013
is proceeding. All of the equipment necessary for the project is
now on site at Cantung and implementation is in process.
The project plan is to increase the mill throughput by a target
of 20% and to increase the total metallurgical recovery by
increasing the effectiveness of the gravity and flotation circuits.
To support the enhanced throughput, the Company is utilizing
materials from its open-pit operations in addition to its
underground mining operations. The 2014 open-pit mining campaign is
scheduled to commence in July and continue until October 2014.
The Company is also in the process of finalizing its
comprehensive tailings management program including upgrades to the
current tailings ponds, enhancements to its waste water treatment
plant ("WWTP") and development of a long-term storage facility for
tailings. The WWTP is expected to commence regular operations in
fiscal 2014.
Kurt Heikkila, Chairman and CEO, commented, "The results for the
quarter were a great improvement from Q1, primarily driven by
relatively high grade mill feed. The mill improvement project is
being advanced to enable the Company to achieve high levels of
production and positive results, during periods when less high
grade mill feed is available."
ON BEHALF OF THE BOARD OF DIRECTORS
Kurt E. 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 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.
North American Tungsten Corporation Ltd.INVESTOR
CONTACT:+1.604.684.5300+1.604.684.2992info@natungsten.com
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