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North American Tungsten Corporation Ltd (NATUF)

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Last Post: 12/4/2020 3:37:35 PM - Followers: 18 - Board type: Free - Posts Today: 1


North American Tungsten is BANKRUPT in Canada. All of its assets of value have been liquidated.

Common shareholders will not receive a penny in the bankruptcy, and the common stock is WORTHLESS

The common shares will be cancelled, and anyone holding the common shares will lose 100% of their investment.
NATUF has no assets of any kind remaining, and currently owes over $100 million to creditors. There is zero chance the Company will reorganize. It is being wound-up, and the shares cancelled.

GNWT, feds poised to sell Mactung, Cantung


Just four years after its purchase of the Mactung mineral deposit, the GNWT is prepared to sell its mineral rights jointly with the federal government, which took over the Cantung mine in 2015.

After North American Tungsten Ltd. (NATCL) went bankrupt, the GNWT bought Mactung for $2.5-million in hopes of selling again when tungsten prices rebounded.

NATCL posted the Mactung deposit and exploration site as a security on the Cantung mine, 160 km south.

The GNWT purchased the mineral deposit as a condition of the federal assumption of the Cantung Mine site. The federal government is responsible for mines opened before devolution.

The Cantung mine straddles the border of the NWT and Yukon and is 300 km northeast from Watson Lake, Yukon.

The territorial and federal governments took over Cantung mine and the Mactung mineral deposit in 2015 after North American Tungsten went under creditor protection, owing at least $75-million to more than 200 creditors.

Industry, Tourism and Investment (ITI) Minister Wally Schumann told News/North the territorial government is looking to off-load the property this year, citing positive future growth for the tungsten market.

“Advancing this project would be good for the Northwest Territories. Working in partnership with the federal government to market an attractive package with world-class resources of a commodity on the upswing to private sector players with the skills to develop them is the best way forward,” said Schumann in a news release.

Schumann made a public announcement on the sale at the Association for Mineral Exploration’s 2019 Mineral Roundup, which took place in Vancouver from Jan. 28 to 31.

The Mactung exploration property has attracted anywhere from seven to 10 more interested companies from around the world, said Schumann.

The former mine owner, NATCL, abandoned Cantung Mine and the Mactung exploration site after it went bankrupt in 2015 and was placed under a court-appointed monitor. The company owed more than 200 creditors at least $75-million.

The company was unable to repay its creditors and had $6-million in promissory notes as part of its security.

Neither an environmental assessment nor remediation for Mactung are complete.

The GNWT has spent $126,025 to remove hazardous materials, including a fuel drum, a bag of asbestos waste, containers of oily sludge and bags of calcium chloride. Nine tent frames were dismantled, said ITI spokesperson Joslyn Oosenbrug in an email.

ITI is responsible for the care and maintenance of Mactung, including its mineral lease. Canada is responsible for managing surface lands at Cantung, including care, maintenance and remediation.

The GNWT has administration and control of the mineral rights for Cantung. The NWT Geological Survey has nearly completed its field work to understand the deposit for potential buyers.

If the GNWT does sell the properties jointly with the federal government, it will have to answer questions around environmental liability, said Frame Lake MLA Kevin O’Reilly.

“I’ve got lots of questions, what’s the asking price? Would buyers assume the environmental liabilities of these assets? Are we actually going to be able to recover the cost of this?

“(Mining) does make a contribution, there’s no doubt about that. We just have to be careful how we do it,” he said.

The GNWT has a mandate to create a “sound” financial securities system that prevents public liabilities, said O’Reilly.

“Our government has done nothing, quite frankly,” he said.

The GNWT has yet to make legislative changes to mandate financial securities outside of lands that fall within the Lands Act.

The are no mandatory liabilities on lands inherited through devolution, although land and water boards in the Northwest Territories are in the practice of demanding them, he said.

“It’s still discretionary,” said O’Reilly. “Land and water boards still can hear evidence and recommend financial security but at the end of the day it’s still discretionary. We have a long way to go to ensure there are no more public liabilities.”
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#1028  Sticky Note NATUF shares have no value. The Company is 1manband 10/19/20 09:37:43 PM
#1121   $NATUF: Global metals rising....... industrial demand picking up makinezmoney 12/04/20 03:37:35 PM
#1120   NATUF is currently BANKRUPT and worth $0. They 1manband 12/03/20 08:34:26 PM
#1119   $NATUF : Worth $3.50 share.... look how ThermaFreeze makinezmoney 12/03/20 09:41:05 AM
#1118   $Natuf StockRoomBully 12/03/20 09:23:32 AM
#1117   NATUF is worth $0. They have NO assets, 1manband 12/02/20 05:26:33 PM
#1116   $NATUF: Worth $3.50/sh makinezmoney 12/02/20 04:33:25 PM
#1114   NATUF is worth $0. 1manband 11/30/20 11:15:01 AM
#1113   $NATUF: CCAA complete, Strongbow owns the Royalties makinezmoney 11/30/20 10:52:31 AM
#1110   NOTHING is coming soon, except the final cancelation 1manband 11/25/20 05:04:20 PM
#1109   Good news coming soon $natuf StockRoomBully 11/25/20 01:48:47 PM
#1108   $NATUF: Global mining and steel stocks soaring now........ makinezmoney 11/25/20 12:59:30 PM
#1107   Excellent post StockRoomBully 11/18/20 05:28:02 PM
#1106   North Amern Tungsten (NATUF) mick 11/18/20 10:04:06 AM
#1105   $NATUF: GNWT has been holding Mactung-Cantung for NATUF makinezmoney 11/18/20 09:23:05 AM
#1104   North Amern Tungsten (NATUF) mick 11/17/20 03:56:26 PM
#1103   NATUF has NO TUNGSTEN. 1manband 11/16/20 11:53:57 AM
#1102   $NATUF: China has 82% of Worlds TUNGSTEN.... export-ban coming makinezmoney 11/16/20 08:39:37 AM
#1101   $NATUF : China Copper surging overnight 3% now Demand makinezmoney 11/15/20 11:26:56 PM
#1099   Wow. Dec 1st getting closer StockRoomBully 11/13/20 09:51:02 AM
#1096   The stock is worthless and will be cancelled shortly. 1manband 11/12/20 01:39:57 PM
#1095   This ticket still valuable. $Natuf StockRoomBully 11/12/20 01:35:15 PM
#1094   Great post. This ticker not going down without StockRoomBully 11/12/20 09:42:49 AM
#1092   CHINA SENT OUT A WARNING !! StockRoomBully 11/11/20 09:02:52 AM
#1091   $NATUF: Strongbow Resources still collecting Cantung-Mactung royalties makinezmoney 11/11/20 07:55:28 AM
#1089   I'll be clumsy no problem until April 30th 2021 StockRoomBully 11/09/20 05:07:50 PM
#1088   The stock continues to trade in bankruptcy (in 1manband 11/09/20 01:34:27 PM
#1087   I understand that but then why is there JimBobToo 11/09/20 10:58:32 AM
#1086   So, I am really confused. Is this just JimBobToo 11/09/20 10:50:20 AM
#1085   $NATUF: Tungsten demand for EV's and rocket thrusters makinezmoney 11/09/20 10:38:50 AM
#1084   Biden wins. Not what China expected? StockRoomBully 11/09/20 08:40:29 AM
#1083   $NATUF : Totally agree.... solid buying all month It makinezmoney 11/06/20 10:36:50 PM
#1082   W Resources could buy Cantung & MacTung TUngsten Hitman970 11/05/20 11:00:35 AM
#1081   $NATUF: Almonty upping productoin in S.Korea makinezmoney 11/05/20 07:08:57 AM
#1080   .0098 someone called? $Natuf StockRoomBully 11/04/20 10:21:07 AM
#1079   $NATUF: US Tungsten Supply at HIGH RISK !!!!!!!!!!!! makinezmoney 11/04/20 10:03:10 AM
#1077   The ticker is WORTHLESS. 1manband 11/02/20 12:09:29 PM
#1076   $NATUF: Mining Permits, Production Demand.... Tungsten supply makinezmoney 11/02/20 12:05:20 PM
#1075   We all should be asking ourself how a StockRoomBully 10/30/20 08:54:25 AM
#1074   $NATUF : DO you know what mining in makinezmoney 10/30/20 01:23:33 AM
#1073   $Natuf Canada getting ready to turn on the lights StockRoomBully 10/29/20 09:33:00 PM
#1072   They been selling Small orders all week StockRoomBully 10/28/20 03:09:20 PM
#1071   $NATUF: Trying to buy 3Million shares and order makinezmoney 10/28/20 02:49:55 PM
#1070   Cant wait for these commons to start busting StockRoomBully 10/26/20 10:49:29 PM
#1069   Great work. We little guys just got to StockRoomBully 10/26/20 08:02:09 AM
#1068   $NATUF: China just put sanctions on US Defense contractors makinezmoney 10/26/20 07:48:28 AM
#1067   NATUF owns nothing. No mines, no tungsten, nothing. 1manband 10/25/20 11:46:33 PM
#1066   Well CANADA need U.S.A. military protection and therefore StockRoomBully 10/25/20 11:33:41 PM
#1064   This administration is building a tight relationship with StockRoomBully 10/24/20 09:06:30 PM
#1061   NATUF owns no mines. They are now owned 1manband 10/23/20 03:58:57 PM
#1060   100% with ya. Lets gooooooooooooo. Time for these StockRoomBully 10/23/20 03:56:26 PM
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