Mercator Production for Two Months Exceeds Projected Q2 2011 Production Guidance
TRADING SYMBOL: TSX – ML
VANCOUVER, June 7, 2011 /PRNewswire/ – Mercator Minerals Ltd. (TSX:ML)
(“Mercator”, or the “Company”) is pleased to announce that that for the
first two months of Q2 2011, the Company produced 7,538,130 pounds of
copper and 1,128,674 pounds of molybdenum at its wholly owned Mineral
Park mine in Arizona, as compared to total Q2 2011 production guidance
for the months of April to June, given on March 8, 2011 of 10,163,548
pounds of copper and 1,033,558 pounds of molybdenum, representing 74%
of the guided quarterly copper production and 109% of the guided
quarterly molybdenum production during a period of two months of a
three month quarter, with a full month of production to come. Improved
mill performance, increased recoveries and increased mined tonnage
accounted for the higher than expected production levels. In addition,
Mineral Park produced 56,953 ounces of silver in May.
April May 2 Month Total Q210 Guidance Copper Production 3,703,804 3,834,326 7,538,130 10,163,548 Molybdenum Production 610,017 518,657 1,128,674 1,033,558
“Our operating teams in the mill and the pit have continued to make
improvements in all areas of production. They deserve 100% of the
credit for this exceptional performance,” stated Mike Surratt,
Mercator’s President & CEO.
El Pilar Development Update
Mercator has completed two 300 tonne crib tests to determine run-of-mine
ore leachability at its El Pilar SX/EW development project in Mexico.
The completed tests demonstrate recoveries of 67.9% for Crib 1 and
63.7% for Crib 2 over 120 days. The recoveries were very similar to
the recoveries produced in column testing, where 67.5% recovery was
achieved in 120 days. As a result of this successful test program,
Mercator is proceeding with an optimized feasibility study
incorporating the run-of-mine development option for El Pilar.
Run-of-mine leaching will eliminate the capital and operating costs
associated with the crushing plant for El Pilar. The optimized
feasibility study is expected to be complete in July.
“El Pilar is shaping up to be a very robust project and we are looking
forward to building one of the larger copper heap leach operations in
North America,” said Mike Surratt.
Gary Simmerman, BSc, Mining Eng. FAusIMM, Mercator’s Vice-President
Engineering, a Qualified Person as defined by NI 43-101, supervised the
preparation of and verified and approved the technical information
contained in this release other than in respect of the El Pilar
Project. Mike Broch, BSc, Geology, Msc, Economic Geology, FAusIMM, the
Company’s Vice-President Exploration, a Qualified Person as defined by
NI 43-101, supervised the preparation of and verified and approved the
technical information in respect of the El Pilar project contained in
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 use of proceeds,
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 report
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, 2010 on
the SEDAR website at www.sedar.com.
SOURCE Mercator Minerals Ltd.