These compare with a net loss of US$2.2 million and net income of US$6.9 million for the comparable periods of the prior year. The net loss for the quarter was magnified by the recognition of US$1.8 million for employment contract settlements and US$1.8 million of impairments of property, plant and equipment surplus to the requirements of NA Tungsten.

Sales revenues of US$21.0 million for the quarter were 4% lower, on higher volumes but lower prices, as compared to the third quarter of fiscal 2012. Sales revenues of US$57.4 million for the nine-month period were 30% lower, on marginally higher volume and significantly lower sales prices, than in the same period in fiscal 2012.

"The more time I spend involved in the operations, the more confident I become in our ability to continue to be a significant tungsten concentrate producer for many years,” said Kurt Heikkila, NA Tungsten chairman and CEO. “We have made substantial investments in infrastructure that have enhanced our abilities to produce concentrate, we have commenced projects to further enhance our mill throughput and are actively exploring both on surface and underground for additional resources."