Vancouver, BC, Feb. 03, 2025 (GLOBE NEWSWIRE) -- American Tungsten Corp. (CSE:TUNG) (OTCQB:DEMRF) (FSE:RK9) ("American Tungsten" or the "Company") is proud to reaffirm its commitment to supplying tungsten domestically, a vital resource for the United States' defense and manufacturing sectors. In light of recent tariffs affecting critical mineral imports from Canada, American Tungsten Corp. is positioned to play an increasingly important role in securing a stable, reliable domestic supply of tungsten.
The Company's ongoing efforts to restart and expand its tungsten mining operations in Idaho come at a pivotal time when the U.S. government is emphasizing the importance of mineral independence to protect national security, stabilize supply chains, and drive innovation across industries such as aerospace, automotive, and technology.
"America cannot afford to rely on foreign sources of critical minerals like tungsten," said Murray Nye, CEO of American Tungsten Corp. "With the new tariffs making imported tungsten less economical, our strategic decision to invest in domestic production will directly contribute to lowering the country's dependency on imports and ensuring that U.S. industries have the resources they need to thrive."
Tungsten is classified as a critical mineral by the U.S. government, owing to its use in high-strength applications such as defense, aerospace, and high-performance manufacturing. By producing tungsten within U.S. borders, American Tungsten Corp. aligns with federal initiatives aimed at mitigating supply chain risks and fostering a more self-sufficient domestic economy.
The recently placed tariffs further reinforce the value of American Tungsten's assets. As Canadian and other foreign suppliers face cost disadvantages, the Company expects to see increased demand from both industrial and government buyers seeking reliable, tariff-free tungsten supplies. In addition to economic benefits, American Tungsten's contemplated operations will contribute to job creation and local economic growth in the state of Idaho.
Supporting National Security and Economic Growth
American Tungsten is working closely with local stakeholders and federal agencies to ensure its potential restart of operations align with environmental standards and community interests. As it progresses, the Company will explore partnerships and collaborations with domestic manufacturers to maximize the positive impact of its production.
"With the IMA Mine's strategic location and our ongoing investment in advancing our operations, American Tungsten Corp. is preparing to meet the growing demand for secure and sustainable critical minerals," added Murray Nye. "The recent policy changes present an opportunity, and we are ready to step up and deliver."
ABOUT AMERICAN TUNGSTEN CORP.
American Tungsten Corp. (previously Demesne Resources Inc.) is a Canadian-based company involved in the acquisition and exploration of magnetite mineral properties. The Company's Star Project consists of five contiguous mineral titles covering an area of approximately 4,615.75 hectares located in the Skeena Mining Division, British Columbia, Canada. The Company has entered into an option agreement pursuant to which it is entitled to earn an undivided 100% interest in the Star Project. American Tungsten has also entered into an option agreement, pursuant to which it can acquire a 100% interest (subject to a 2% royalty) in and to the IMA Mine Project, a past producing underground tungsten mine situated on 22 patented claims located in East Central, Idaho, United States.
Social media links:
LinkedIn: https://www.linkedin.com/company/americantungstencorp/
X: https://x.com/amtungsten
Facebook: https://www.facebook.com/americantungsten
Instagram: https://www.instagram.com/americantungstencorp/
YouTube: https://www.youtube.com/@americantungstencorp
ON BEHALF OF THE BOARD OF DIRECTORS:
Murray Nye
?CEO
1055 West Georgia Street, Suite 1500
Vancouver, BC V6E 0B6
Canada
For further information, please contact:
Murray Nye, CEO
Email: ir@americantungstencorp.com
Phone: +1 (416) 300-7398
CSE:TUNG
OTCQB:DEMRF
FSE:RK9
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved the contents of this press release.
This press release includes "forward-looking information" that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements in this news release include, but are not limited to, statements respecting the use of proceeds of the Offering. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
