TRADING SYMBOL: TSX - ML
VANCOUVER, Jan. 5 /CNW/ - Mercator Minerals Ltd. ("Mercator" or the
"Company") is pleased to announce that its wholly owned Mineral Park
mine has produced a record 541,563 pounds of molybdenum in the month of
December. This is the highest monthly molybdenum production rate
achieved since mill start-up at Mineral Park, and culminates a year of
substantially increased production levels for Mercator. Mineral Park
produced a total of 1,527,995 pounds of molybdenum in the fourth
quarter, resulting in total production of 4,349,937 pounds of
molybdenum for the year.
Copper production at Mineral Park was sustained at 2,640,010 pounds of
copper for the month of December (213,516 pounds from
cathode). Mercator ended the quarter with total production of 7,924,418
pounds of copper (686,856 from cathode), resulting in a total of
32,171,709 pounds of copper (3,153,867 pounds from cathode) produced
during the year.
Silver production at Mineral Park was 52,716 ounces for the month of
December, resulting in fourth quarter production of 148,463 ounces and
annual production of 465,736 ounces for the year.
"2010 was a pivotal year for the advancement of Mineral Park into a
major copper/molybdenum producer. Mineral Park continues its expansion
program, which will see further and demonstrable increases in
production to what is already one of the largest long life mines in
North America. The advanced copper development project at El Pilar is
also scheduled to commence construction within the year," said Mike
Surratt, President and CEO. Surratt added, "It is the effort and
dedication of our operating team that has developed Mercator into the
premier and growing base metal company that it has become."
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.
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.
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, 2009 on
the SEDAR website at www.sedar.com.
SOURCE Mercator Minerals Ltd.
For further information:
Marc LeBlanc, VP Corporate Development and Corporate Secretary, Tel: (604) 981-9661; Fax: (604) 960-9661; Email: email@example.com.