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North American Tungsten Corporation Ltd. (TSX VENTURE:NTC) ("NTC" or the "Company") announces the completion of an US$12.0 million loan (the "Queenwood II Loan") with Queenwood Capital Partners II LLC ("Queenwood II"), to replace its $12.0 million working capital loan facility (the "Working Capital Loan") with HSBC Bank Canada ("HSBC") which expired June 30, 2014.

The maturity date for the Queenwood II Loan is October 1, 2015 (the "Maturity Date"). Interest is payable on the Queenwood II Loan at the rate of twelve percent (12%) per annum, and such interest is payable by the Company quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, with any remaining accrued and unpaid interest payable on the Maturity Date. The Queenwood II Loan is secured by a charge over all of the assets of the Company pursuant to a general security agreement. Two directors of the Company, Ronald Erickson and Kurt Heikkila, collectively own all of the issued and outstanding units of Queenwood II.

• [Editor:Mango]