TRADING SYMBOL: TSX - ML
VANCOUVER, Jan. 5 /CNW/ - Mercator Minerals Ltd. ("Mercator") is pleased
to announce that it has commenced shipping copper concentrates from its newly
expanded Mineral Park Mine in Arizona, less than two years from completion of
its December 29, 2006 Technical Report.
The commencement of concentrate shipments from the Mineral Park
copper-molybdenum milling facility marks the completion of the
construction/development phase of the project and the operations team will now
focus on ramping up production to design levels. In accordance with the copper
off take agreement that Mercator has with MRI Trading AG of Zug, Switzerland,
the concentrates are being trucked into Mexico and delivered to the Port of
Guyamas. Provisional payments are due four days after delivery of each 1,000
lot to the Port of Guyamas.
Mike Surratt, President & CEO comments, "With the successful start-up of
the copper-molybdenum mill facility and the first shipment of copper
concentrates, Mercator has completed the development of the first phase of its
expanded Mineral Park Mine. We are now focused on maximizing the operational
efficiency of the process plant." Surratt concludes, "We are very pleased with
the way this major project has been developed, despite the many challenges
that faced the industry during the last few months, in such a short period of
time. An outstanding management team, supported by a strong group of
contractors and sub-contractors, has brought this major construction project
to a successful conclusion with the commencement of copper and molybdenum
Additionally, the Company reports that it has made the December 31
interest payment on the Secured Notes issued in 2007, on time and as required.
Mercator Minerals Ltd.
Mercator Minerals is a TSX listed mining company with only 74.8 million
shares issued and an experienced management team that has brought one of the
largest and most modern mining projects in North America to production in less
than 2 years. Mercator management is dedicated to maximizing profits by making
its Mineral Park Mine one of the lowest cost operations in the industry.
On Behalf of the Board of Directors
MERCATOR MINERALS LTD.
Per: "Michael L. Surratt"
Michael L. Surratt,
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. 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, 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, 2007 on the
SEDAR website at www.sedar.com.
The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this press release.
For further information:
For further information: Marc LeBlanc, VP Corporate Development and
Corporate Secretary, Tel: (604) 981-9661 or (604) 716-5582, Fax: (604)
960-9661, Email: firstname.lastname@example.org