NATC Announces Extension of Stay of Proceedings under the Companies' Creditors Arrangement Act

20 November 2015

November 19, 2015

Vancouver, BC -- North American Tungsten Corporation Ltd. ("NATC" or the "Company") announced today that the following orders have been made in the Company's proceedings under the Companies' Creditors Arrangement Act:
on November 16, 2015, the Supreme Court of British Columbia made orders:

• extending the stay of proceedings to March 31, 2016;
• expanding the powers of Alvarez & Marsal Canada Inc., in its capacity as court appointed monitor (the "Monitor"); and
• authorizing certain equipment financers to take possession of certain equipment that the Company does not require for its care and maintenance operations; and 
• on November 17, 2015, the Supreme Court of British Columbia made an order approving the sale of the Company's property located in the Selwyn mountain range in an area straddling the territorial border between Yukon and the Northwest Territories to the Government of the Northwest Territories.

As has been previously announced, due to liquidity issues, NATC filed for Court protection under the CCAA on June 9, 2015. In July 2015, the Company sought Court approval of a sale and solicitation process to market and sell the assets of the Company (as amended, the "SISP"), as well as an operating plan that involved transitioning the Cantung mine to care and maintenance if no purchaser was found through the SISP (the "Operating Plan").

As previously reported, the SISP did not result in a potential transaction and the Monitor terminated the SISP effective October 21, 2015. 

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