North American Tungsten Corporation Announces Debt Extension and Debenture Issuance

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Dec. 31, 2013) – North American Tungsten Corporation Ltd. (TSX VENTURE:NTC) (the “Company”) announces today that it has extended its $12,000,000 operating loan facility and its $12,000,000 working capital loan facility (the “Working Capital Loan”) with HSBC Bank Canada (“HSBC”) to June 30, 2014. A US$12,000,000 Letter of Credit (“L/C”) backing the Working Capital Loan is sponsored by two directors of the Company (the “Sponsors”) and has been extended for the same period. The Sponsors and HSBC have similarly extended a Put Agreement that allows HSBC to exchange the outstanding balance under the Loan with the Sponsors for up to the US$12,000,000 L/C. In exchange for extending the Put Agreement and the L/C, the Company has agreed to compensate the two Sponsors by paying a fee of 2.25% of the amount of the L/C each quarter that the L/C remains outstanding.