North American Tungsten ("NTC" or "the Company") announces a net loss of $9.9 million or $0.04 per share for its fiscal year ended September 30, 2012 ("fiscal 2012") compared to a net loss of $15.5 million or $0.07 per share for the prior fiscal year ("fiscal 2011").

Fiscal 2012:

    Revenue $107.5 million - up 93% from fiscal 2011
    Cash flow from operating activities $21.1 million -- improved by $33.9 million from fiscal 2011
    Underlying net income before impairment - $6.3 million or $0.03 per share, improved by $21.8 million from fiscal 2011
    Net loss $9.9 million or $0.04 per share -- is after amortization, depreciation and impairment charges of $36.1 million

Fiscal 2012 results include a $16.2 million non-cash impairment charge to write-down assets as required by IFRS accounting rules. Excluding this and other non-cash charges, including depreciation, EBITDA 1 was $30.3 million in fiscal 2012 compared to $10.3 million in fiscal 2011.

OPERATIONAL HIGHLIGHTS

"This was a pivotal year for the Company. Investments in people and capital improvements focused on initiatives to extend the Cantung mine life and strengthen operating performance," said Stephen Leahy, CEO of NTC. "Although tungsten prices in the second half of the year were lower, investments made and actions taken delivered on our goal of developing an industry-leading tungsten mining and processing operation. I believe this will increase value to our shareholders over the longer term."

Operating highlights include:

    Tungsten concentrate production increased 22% to 273,000 metric tonne units ("MTU's") from 224,000 MTU's the previous year;
    Mine and mill operations improved and stabilized -- as evidenced by mill availability of 97.62% (2011 - 90.37%), average metallurgical recovery of 76.9% (2011 -75.3%), average daily feed tonnes of 969 (2011 --925) and total ore milled of 339,000 (2011 -- 322,000) tonnes
    Capital expenditures of $25.2 million to support operations at the Cantung mine into the long term
    Mine developments included the area below the 3700' level and also opened access to new zones, including the previously announced Amber Zone. They will also facilitate underground exploration. Exploration in and around the open pit is promising and may add low-cost tonnage.
    Copper sales increased to 807,000 (2011 -- 279,000) pounds
    The future recovery of tungsten from tonnages in tailings ponds on site is under investigation as a priority project.

Stephen Leahy continued, "We believe there is significant potential to extend the life of the Cantung mine through underground development, surface exploration and the tailings pond recovery project."

TUNGSTEN MARKET

Lower demand during 2012 resulted in a reduction in tungsten APT quotations from its historical highs in 2011 of over US$450/MTU to its most recent US$300/MTU range.

Recently, market indicators have firmed. The Company anticipates improving price quotations and product demand during calendar 2013. The Company has entered into sales agreements to sell most of its anticipated fiscal 2013 production at prices which are tied to market APT prices.

NEW CREDIT FACILITY

Stephen Leahy reported, "To support Cantung operations and the MacTung project in the near term, the Company has entered into a letter of intent for a short term credit facility with Queenwood Capital Partners II LLC, controlled by two Directors of NTC."

Terms outlined in the letter of intent for the additional US$4.0 million short term credit facility include: interest at 12.5% per annum; maturity October 31, 2013; and security to be granted over the MacTung Property, subordinated to security previously granted.

Stephen Leahy concluded his remarks, "The Company looks forward to the future and wishes to thank its "Tungsten Team" employees for all their hard work, dedication and extra effort that have allowed us to achieve record sales this year. I also wish to thank all stakeholders, shareholders, vendors, customers and associated partners for helping us build a better Company for the future."
 

Tungsten Manufacturer & Supplier: Chinatungsten Online - http://www.chinatungsten.com
Tel.: 86 592 5129696; Fax: 86 592 5129797
Email: sales@chinatungsten.com
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A refreshed version of Range Rover‘s SUV has been released by International auto firm A. Kahn Design. Everything from the tire choice to the exhausts have been changed out to make this custom auto everything you were hoping for.  A custom body kit and 22 x 9 inch wheels help give this aggressive looking SUV a high end touch for the toughest of celebrity or business tastes.

Range Rovers are known for already being very luxurious and the Dark Tungsten - Dark Tungsten means its colour likes tungsten, hard and cool - takes it to the next level giving you something that will stand out anywhere you go. The $85,000 price tag puts this in the affordable super sweet car range and is ready for you to get your own. Check out some of the pictures of this ride and let us know your thoughts on it in the comments below.

Elite Series pro joins tungsten weight manufacturer

Elite Tungsten has signed Bassmaster Elite Series pro, Matt Herren.

“I’m excited to be a part of Elite Tungsten” Herren said. “I use nothing but Tungsten weights when I’m fishing. Elite Tungsten weights are the best I have seen, plus they come in 6 chip-resistant colors.”

“We are excited to have a top-level Elite Series angler like Matt working with us,” said Jimmie Underwood of Elite Tungsten. “Not only is he a great angler but he’s a great person as well. We look forward to having his input on future Elite Tungsten products.”                 

Tungsten Manufacturer & Supplier: Chinatungsten Online - http://www.chinatungsten.com
Tel.: 86 592 5129696; Fax: 86 592 5129797
Email: sales@chinatungsten.com
Tungsten News & Tungsten Prices, 3G Version: http://3g.chinatungsten.com
Tungsten News & Tungsten Prices, WML Version: http://m.chinatungsten.com

This Innovative Group of Jewelers Brings Earthy Dazzle to New Style of Tungsten Wedding Rings.

Titanium Kay announced the addition of a new Tungsten Inlay Ring collection made from natural stones and Tungsten Carbide today. The realm of wedding ring design is now unlimited due to the range of stones and new metals that are available. The inventory of designs in the new Tungsten Wedding Bands