2012 County, Jiangxi tungsten industry realized main business income of 6.62 billion yuan, a year-on-year growth of 26.9%, the tungsten industry driving large-scale industrial growth by 7.5 percentage points, the tungsten industry has become the leading force to promote the county's economic development.

County tungsten mines is bigger and stronger tungsten industry further, first unified integration planning and promotion, to achieve the optimal allocation of resources, focus on strengthening of large enterprise groups with Jiangxi University of Science and Technology, the National Center for tungsten seized, city technology innovation center cooperation and scientific research institutes, and strive to improve the value-added products, to extend the industrial chain. Followed the growth of leading enterprises, World Rui focus on new materials, new materials Yuanchi Jiangxi Tungsten tungsten alloy strength leading enterprises have the potential to give support in the capital, water and electricity supply, policy, personnel. Give priority to the supply of raw materials, implement county optimal allocation of resources, and guide resources gathered to leading enterprises, and promote the industry bigger and stronger. At the same time, speed up scientific and technological innovation, the role of fiscal skillfully deflected to support enterprises to expand their reproduction and technology updates, transforming technological achievements, guide enterprises from the rough to the development of deep processing, take the science and technology, saving, environmentally friendly way of development. Currently, there are 10 million tungsten processing enterprises in the county the main business income tax exceeds four million.

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The news from 2013 Annual Work Conference of Zijin Mining Group: in 2012, the Group invested 450 million Yuan (equivalent to USD 71.68 million), and made significant breakthroughs in geological exploration, which discovered 60.45 tonnes of gold, 408,000 tonnes of copper, 2,046,700 tonnes of lead and zinc, 17,200 tonnes of molybdenum , 161,400 tonnes of tungsten, 126.4 tonnes of silver and 1,185,700 tonnes of iron ore. Meanwhile, the total mining rights obtained are worth of almost 5 billion Yuan (equivalent to USD 796.44 million), and the potential value of newly-proven mineral resources reached 100.2 billion Yuan(equivalent to USD 15.96 billion).

Zijin regards mineral resources as the foundation for an enterprise to survive and develop, regards resource control as the major strategy, and insists on exploration together with acquisition. Meanwhile, it implements diverse resources strategies, including mineral prospecting at the depth and adjacent areas, risk exploration, merger and acquisition of domestic and oversea projects, and improvement of comprehensive utilization of mineral resources. Currently, over 60% of resources held by Zijin are from self-exploration, and the increase in resources and reserve are much more than its consumption, which firmly lays a solid foundation for company's sustainable development. So far, Zijin still keeps the title of "the enterprise with most maintenance of metal mineral resources in China". The potential value of holding resources exceeds over 1 trillion Yuan(equivalent to about USD 159 billion).

In 2012, Zijin increased its investment in geological exploration. Relevant statistics show that the exploration cost Zijin invested in 2012 accounts for over half of the total investment in the past three years. "the input-output ratio in our exploration is the highest, according to the current situation, the increase in copper resource and reserve in Zijinshan in the next several years are estimated to reach 4-5 million tonnes, which equals to half of the planned increase in copper in next three years in China." told by Zhang Shunjin, President of Zijin geological exploration institute.

Mr Zhang made a calculation and found out: 60.45 tonnes of gold with mining rights and potential value worth1.2 billion Yuan(equivalent to US 191.15 million) and 21.5 billion Yuan (equivalent to USD 3.42 billion) respectively; 408,000 tonnes of copper with mining right and potential value worth 1.224 billion Yuan(equivalent to USD 194.97 million) and 24.5 billion Yuan (equivalent to USD 3.90 billion)respectively, 2,046,700 tonnes of lead and zinc with mining rights and potential value worth 1.28 billion Yuan(equivalent to USD 203.89 million) and 30.7 billion Yuan(equivalent to USD 4.89 billion) respectively ; 17,200 tonnes of molybdenum with mining right and potential value worth100 million Yuan(equivalent to USD 15.93 million) and 2.8 billion Yuan (equivalent to US 446.01 million)respectively; 161,400 tonnes of tungsten with mining rights and potential value worth 1 billion Yuan (equivalent to USD 159.29 million)and 19.4 billion Yuan (equivalent to USD 3.09 billion)respectively; 126.4 tonnes of silver with mining rights and potential value worth 25 million Yuan (equivalent to USD 3.98 million)and 600 million Yuan (equivalent to USD 95.57 million)respectively and 1,185,700 tonnes of iron ore with mining rights and potential value worth 25 million Yuan (equivalent to USD 3.98 million)and 700 million Yuan(equivalent to USD 111.50 million) respectively. The total value of mining right above reaches 4.854 billion Yuan (equivalent to USD 773.19 million), the total potential value reaches 100.2 billion Yuan (equivalent to USD 15.96 billion). "It means that the nearly 500 million Yuan (equivalent to USD 79.64 million)invested by Zijin in geological exploration in 2012 creates mining rights worth almost 5 billion Yuan (equivalent to USD 796.44 million)and potential value of mineral resources exceeding 100 billion Yuan(equivalent to USD 15.93 billion)!!!"

Tungsten Manufacturer & Supplier: Chinatungsten Online - http://www.chinatungsten.com
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According to the head of Geological Exploration Bureau of Ministry of Land and Resources, our country has made an unexpected achievement since we have launched the strategic action in prospecting, a batch of mineral deposits of world-scale storage have been found and ascertained.

It is reported that the strategic action of prospecting aiming at strengthening the energy security domestically is a national strategy. Two years after the action was enforced, our country has ascertained a super large sandstone-type uranium deposit in E'erduosi Basin(Known as Daying uranium deposit), and large mineral deposit of tungsten, molybdenum, nickel, while large deposits of new energy sources have been found in areas like Gansu, Xinjia.

North American Tungsten Corporation Ltd.announces a net loss of $4.0 million or $0.02 per share for its first quarter ended December 31, 2012 ("Q1 2013") compared to net earnings of $6.6 million or $0.03 per share for the first quarter end of fiscal 2012 ("Q1 2012").

Highlights for Q1 2013:

    Record production of 80,693 mtus at the CanTung Mine since restart of operations in 2010
    Revenue dropped to $11.5 million vs. $26.4 million for Q1 2012 due to lower volume and prices
    Cash flow from operating activities of $0.1 million vs. $6.5 million for Q1 2012
    Net loss of $4.0 million vs. net income of $6.6 million for Q1 2012
    In Q2, tungsten prices are again trending upwards and customer demand is again strong

FINANCIAL REVIEW

The Company's Q1 2013 financial results were negatively affected by the significant drop in APT prices during the latter half of 2012, dropping from a high of USD$450/mtu in December 2011 to a low of USD$295/mtu in December 2012 (An mtu is a metric tonne unit of 1 percent of a metric tonne (22.046 pounds) of contained WO3; tungsten concentrate prices are based on APT quotations).

This significant price drop, most of which occurred in the last calendar quarter of 2012 with major impact in Q1 2013, was driven by worldwide economic uncertainty and a reduction in overall demand.

In addition there was a delay in the renewal of a Supply Agreement with one of our major customers. This is now complete and deliveries re-started as of January 1, 2013. During Q1 2013 the Company also successfully negotiated an additional Supply Agreement with a major North American customer.

OPERATIONAL HIGHLIGHTS

The Company is very pleased with Q1's record production of 80,693 mtus by our "Tungsten Team" at the CanTung Mine. The mill processed 90,625 tonnes of ore during the quarter, with an average feed grade of 1.12% WO3 and average mill recovery of 79.5% compared to Q1 2012 in which 76,628 mtus were produced from 88,460 tonnes of ore milled with an average feed grade of 1.12% and an average mill recovery of 77.4%.

"The increase in both throughput and mill recovery at CanTung were contributing factors in weathering the recent APT pricing downturn," said Stephen Leahy, CEO of NTC. He went on to say, "the APT market prices have risen steadily since the beginning of January and are now in the USD$345 to USD$355 range per mtu which is a very good sign for producing companies such as ourselves," Mr. Leahy further stated, "I wish to thank our "Tungsten Team" for all of their hard work and dedication in achieving this record quarterly production. We look forward to working closely with all our stakeholders, shareholders, vendors, customers and partners to building a better Company for all."

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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