Mercator Announces 2011 Production Guidance, Phase II Update
VANCOUVER, March 8 /PRNewswire/ - Mercator Minerals Ltd. (“Mercator” or the “Company”) (TSX: ML) is pleased to announce that
production of copper and molybdenum for 2011 is projected to be
approximately 40% higher than 2010 at the Company’s wholly owned
Mineral Park mine in Arizona. Copper production for 2011 is projected
to be approximately 45.0 million pounds, as compared to 32 million
pounds in 2010 and molybdenum production is projected to be
approximately 6.0 million pounds, as compared to 4.3 million pounds in
2011 Projected Production by Quarter
Q1: 8.8 million lbs copper 0.9 million lbs molybdenum Q2: 9.5 million lbs copper 1.0 million lbs molybdenum Q3: 14.1 million lbs copper 1.8 million lbs molybdenum Q4: 12.5 million lbs copper 2.3 million lbs molybdenum
Copper production represents both copper in concentrate and copper
cathode. The significant increases in 3rd and 4th quarter production
levels are attributable to the increase in throughput resulting from
the completion of the Phase II plant expansion. Variability between
copper and molybdenum weightings in the production profile are due to
respective grade fluctuations in the 2011 mine plan.
Phase II Construction Update
Major milestones have either been achieved or are near completion in the
Phase II expansion program, including:
-- The SAG mill is fully installed and operational. -- The second line of ball mills is mechanically installed and the motors are being set. -- The second water line is complete and the pump station upgrades are in progress. -- The concrete for the second set of rougher cells is 50% complete. -- The main support structure for the second stacker is complete and all of the structural steel is on site. -- The second mill transformer is being installed.
Phase II construction is expected to be completed by the end of June,
followed by a ramp-up period culminating in full capacity throughput of
50,000 tons per day in August.
“The expansion of Mineral Park continues on schedule and with the
completion of Phase II, the mine will become one of the largest
operations in North America”, said Mike Surratt, Mercator’s President &
Gary Simmerman, BSc., Mercator’s VP Engineering, a Qualified Person as
defined by NI43-101, supervised the preparation of and verified the
Mercator technical information contained in this release.
About Mercator Minerals Ltd.
Mercator Minerals Ltd. is a TSX listed mining company with an
experienced management team that has brought the mill expansion at the
Mineral Park Mine, one of the largest and most modern copper-moly
mining-milling operations in North America, to production in less than
2 years. Mercator management is dedicated to maximizing profits at the
Mineral Park Mine and the development of the El Pilar copper project in
On Behalf of the Board of Directors
MERCATOR MINERALS LTD.
Per: “Michael L. Surratt”
Michael L. Surratt
The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this press release.
Forward Looking Information
This press release contains certain forward-looking statements, which
include estimates, forecasts, and statements as to management’s
expectations with respect to, among other things, the size and quality
of the Company’s mineral reserves and mineral resources, future
production, capital and mine production costs, demand and market
outlook for commodities, and the financial results of the Company and
discussions of future plans, projections and objectives. In addition,
estimates of mineral reserves and resources may constitute forward
looking statements to the extent they involve estimates of the
mineralization that will be encountered if a property is developed.
These forward-looking statements involve numerous assumptions, risks
and uncertainties and actual results may vary. Factors that may cause
actual results to vary include, but are not limited to, certain
transactions, certain approvals, changes in commodity and power prices,
changes in interest and currency exchange rates, inaccurate geological
and metallurgical assumptions (including with respect to the size,
grade and recoverability of mineral reserves and resources),
unanticipated operational difficulties (including failure of plant,
equipment or processes to operate in accordance with specifications,
cost escalation, unavailability of materials and equipment, delays in
the receipt of government approvals, industrial disturbances or other
job action, and unanticipated events related to health, safety and
environmental matters), political risk, social unrest, and changes in
general economic conditions or conditions in the financial markets.
These risks are described in more detail in the Annual Information Form
of the Company. The Company does not assume the obligation to revise or
update these forward-looking statements after the date of this press
release or to revise them to reflect the occurrence of future
unanticipated events, except as may be required under applicable
securities laws. For a more complete discussion, please refer to the
Company’s audited financial statements and MD&A for the year ended
December 31, 2009 on the SEDAR website at www.sedar.com.
SOURCE Mercator Minerals Ltd.