North American Tungsten Corporation Ltd (NATUF)

[OriginalFred]

Sorta, this is GREAT NEWS! I cannot believe this mine is starting up so quickly.

If this company can earn $.60 per share in operating profit, it is still grossly under priced. However, as you mentioned, the shares coming off restriction could depress the price.

Are these the shares you are talking about coming off restriction?

http://www.northamericantungsten.com/news.html

July 27, 2004

NORTH AMERICAN TUNGSTEN CORPORATION LTD.
Announces Financing
To Fund Restructuring

$5 million to $7.5 million Financing

North American Tungsten Corporation Ltd. (the “Company”) has accepted an offer from the
Vancouver office of Union Securities Ltd. (“Union”) to complete a private placement for gross
proceeds of a minimum of $5 million and a maximum of $7.5 million. The offering is for up to
37,500,000 units. The offering is available to residents of B.C., Alberta, offshore locations and
accredited Ontario residents. Each unit will be sold at $0.20 per unit and consists of one common
share and one-half warrant; each whole warrant will be exercisable in to one common share at
$0.35 for 12 months.

Union will receive 8% of the offering proceeds and 10% of the units sold in the form of broker’s
warrants on the same terms as the warrants attached to the offering. The Company has also
agreed to pay to Union a corporate finance fee of $40,000 plus 250,000 shares and expenses.
The corporate finance fee is payable on closing of the offering.

The offering is subject to Board and TSX Venture Exchange approval, and to due diligence to be
performed by Union.