North American Tungsten to Temporarily Close Cantung Mine Next Month Until Summer 2016

CBC News reported that North American Tungsten (TSXV:NTC) will be closing its Cantung mine in the Northwest Territories on October 27, with the hopes of resuming operations in the summer of 2016.
As quoted in the press release:

In a letter sent to N.W.T. regulators last week, the company says it doesn’t know how long the shutdown will last, but says it’s “hopeful that the operations will be able to resume in the summer of 2016, if economic and market conditions improve sufficiently.”
North American Tungsten is under court-ordered creditor protection. It owes more than $79 million to more than 200 companies. It laid off 50 employees in July. A report by its appointed monitor said the company was “unable to pay current and ongoing operating expenses.”
North American Tungsten says after the mine closes, there will be a short clean up period, site deactivation and winterization of the site.

Click here to read the full CBC News report.