North American Tungsten Investigates Tailings Reprocessing Potential at the Cantung Mine Site

VANCOUVER, BRITISH COLUMBIA–(Marketwire – March 3, 2013) - North American Tungsten Corporation Ltd. (TSX VENTURE:NTC) (“NTC” or “the Company”) is pleased to announce that metallurgical testing and analysis of material from Tailing Pond 3 is ready to commence. The next phase of the tailings reprocessing plan is ready to begin now that the 2011 and 2012 drilling and modeling program has been completed.

History

Tailings Pond 3 was the primary storage facility for all underground and surface production from 1971 until February 2007. During this period of operation, mill feed graded considerably higher than current feed, leading to significant amounts of WO₃ being discarded as tailings, despite good plant recoveries at the time. The tailings pond has a maximum height of 41 meters, a footprint area of approximately 102,000 square meters and a volume of approximately 2.24 million cubic meters, providing a substantial readily available prospective source of material for reprocessing and resource recovery.

Drilling and Conceptual Modeling Program Complete

A sonic drill program throughout the summer of 2011 and spring of 2012 was conducted to explore the possibility of reprocessing unrecovered WO₃, Cu and Au from Tailings Pond 3. The program was designed to establish the approximate tonnage and grade of the available tailings which were then compared to historical production statistics. A total of 25 holes were drilled with a spacing of approximately 200 feet depending on ground conditions. Tailings samples were acquired at 5 foot intervals over the entire length of each hole and assayed at ACME Laboratories, Vancouver. In-house assay work along with preliminary metallurgical work was also conducted on site. A preliminary block model was constructed using Minesight software (Figure 1).

To view Figure 1 please click to the following link: http://media3.marketwire.com/docs/Figure-1.pdf.

Tons and grade stated

The potential tonnage and grade determined by the drilling and modeling program are comparable with available historical mill production statistics from 1974 to 2006.

TP3 Calculated 2011/2012
(includes all material from 1971-2007)
TP3 Historical Statistics
(1974-2006)
Tonnage (short tons)
3,700,000 to 4,100,000
3,924,437
%WO₃
0.29 – 0.35
0.31
% Cu
0.24 – 0.28
Not available
Au (g/short ton)
0.27 – 0.33
Not available

With new multiple element assays from the sonic drill program, the potential opportunity for also recovering associated secondary Cu and Au as well as the primary WO₃ from the tailings can also be determined and incorporated into the design of a possible reprocessing flowsheet.

The potential quantity and grades are conceptual in nature. There has been insufficient exploration and metallurgical testing to define a mineral resource and it is uncertain if further exploration and metallurgical testing will result in the delineation of a mineral resource.

Upcoming Testing Phase

The next phase in the tailings reprocessing plan will include baseline flotation test work plus locked cycle flotation tests to determine the feasibility of recovering a marketable concentrate. Magnetic separation, presently used in the production plant flowsheet, will also be evaluated. The program is expected to conclude with off-site testing of a bulk sample, providing necessary scale up information for commercial processing.

Mr. Stephen Leahy, CEO of the Company stated “A positive feasibility for the tailings reprocessing project will certainly make it a priority for the Cantung Mine as it has the potential to add significantly to not only our production but to our overall mine life resource.”

Quality Assurance Sample analyses were done by ACME Labs in Vancouver. Check assays were completed at Becquerel Laboratories, Mississauga, Ontario, and the in-house assay lab at the Cantung Mine site utilizing both XRF and colorimetric methods. Results for the three labs were acceptable.

Qualified Person The technical information contained in this release has been reviewed and approved by Finley Bakker, P. Geo, Superintendent of Technical Services for the Cantung Mine for the Company, who is a qualified person pursuant to the terms of National Instrument 43-101 of the Canadian Securities Administrators.

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.

ON BEHALF OF THE BOARD OF DIRECTORS

Stephen M. Leahy, Chairman CEO

Cautionary Note: The Company relies upon litigation protection for “forward-looking” statements.

Cautionary Note

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.

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.”