KINGMAN, AZ, Oct. 4 /CNW/ - Mercator Minerals Ltd is pleased to announce
that its Mineral Park Mine located in Kingman Arizona, produced 3,093,615 lbs
of cathode copper in the third quarter of this year. That is a record
production for the Mineral Park SX/EW operation. "The operating crews at
Mineral Park continue to operate one of the most efficient and safe mines in
the business," said Mike Surratt President & CEO. "The continued high
production and increased copper prices are generating excellent cash flows
while we build the 50,000 ton per day copper/moly concentrator," said Surratt.
Copper closed yesterday at $3.76 per pound and moly remained in the $31-$32
per pound range. The concentrator is scheduled to produce 56.4 million pounds
of copper per year and 10.3 million pounds of moly at full production. Phase 1
start up is scheduled for the second quarter of 2008 (25,000 tons per day) and
phase two the first quarter of 2009 (50,000 tons per day).
The two primary transformers were delivered to site last month and the
foundations for both have been poured. Excavation of the reclaim tunnel area
was completed. Rebar and forming are underway. The number one Sag mill
concrete work is 90% complete. The mechanical setting of bearing months is
underway with the first setting of sag mills set for next month.
Foundation work has started on the moly/copper cleaning circuit
foundations. The regrind tower mill has been delivered on site, as well as the
cyclone pack for the tower mill. The cleaner flotation cell is ready for
shipment in Phoenix. All of the pumps for the operation are now on order.
The onsite construction and delivery of major equipment continues on
Mercator Minerals Ltd.
Mercator Minerals is a copper producer that owns and operates the Mineral
Park copper mine in Arizona, with a corporate strategy focused on maximizing
the production potential of the Mineral Park copper-molybdenum deposit. The
Company has filed a technical study for an expansion of increased copper
production plus molybdenum, and silver production.
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.
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, Corporate Secretary, Tel: (604)
981-9661 or (604) 716-5582, Fax: (604) 960-9661, Email: