TRADING SYMBOL: TSX - ML
VANCOUVER, Oct. 21 /CNW/ - Mercator Minerals Ltd. ("Mercator") is pleased
to announce that the commissioning process is well underway at its wholly
owned Mineral Park Moly-Copper project. The following are major milestones
that have been completed during the construction and commissioning process:
- The mill operating crews were hired October 1st and are completing
pre start up training;
- The upgraded water and power systems are complete and are
- Crusher hopper, feeder, grizzly and feeder belt are complete;
- Stacker and feeder belt installation complete;
- Reclaim tunnel, feeders, and SAG feed conveyor complete;
- SAG mill installation complete;
- Number one Ball mill complete and number 2 complete this week;
- Moly-Copper rougher float tanks complete;
- Copper cleaner cells complete;
- Moly cells complete;
- Thickeners complete;
- Tailings discharge line complete.
"The final stages of the commissioning of the mill facility are expected
to take 2-3 weeks in order to get Phase 1 up and running" said Mike Surratt,
Mercator's President and CEO. Over 75 of the approximately 90 motors in the
Moly/Copper concentrate building have been turned over and run. The
engineering, suppliers and contractor companies for the large 3500 hp. and
7500 hp. motors, are on site and are commencing their start up procedures. As
the major components are being tested, the final piping and electrical
connections are being completed. "We have a very detailed startup procedure
that is proceeding 24/7. Our construction team and mill operations personnel
are working very closely, moving towards start-up" said Surratt.
"As a result of our strong financial position over the last two years we
have not only been able to get Phase 1 complete and starting, but we have
completed approximately 40% of Phase 2 of the expansion project at Mineral
Park", commented Surratt. "The remainder of Phase 2 construction will be paid
for out of Phase 1 cash flow. By completing a number of the Phase 2 items
during Phase 1, we have realized significant construction savings" said
Major items completed to date for Phase 2 of the expansion at Mineral Park
include the following:
- Installation of the Phase 2 SAG mill complete with recycle conveyors
and discharge screen;
- Phase 2 Ball mill bases completed;
- Phase 2 Ball mills 60% paid for;
- Phase 2 reclaim tunnel complete;
- Phase 2 reclaim conveyors and steel on site;
- Phase 2 copper cleaner circuit installed;
- Phase 2 Moly circuit installed;
- Phase 2 thickner tank complete.
Mercator Minerals Ltd.
Mercator is a copper producer that owns and operates the Mineral Park
copper/molybdenum mine, with a corporate strategy focused on maximizing the
production potential of the Mineral Park copper-molybdenum deposit and growing
through mergers and acquisitions. Mercator is in an advanced stage of
construction of the molybdenum-copper expansion at Mineral Park. At full
capacity, the Mineral Park mine average annual production during the first
10 years is forecast to be approximately 56.4 million pounds of copper,
10.3 million pounds of molybdenum and 0.6 million ounces of silver.
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