Mercator Announces First Silver Shipment and Production Update

    VANCOUVER, April 9 /CNW/ - Mercator Minerals Ltd. ("Mercator") is pleased
to announce that it has made its first shipment of silver to Silver Wheaton
(Caymans) Ltd., comprising over 11,000 ounces of silver. In March, 2008, a
subsidiary of Mercator and Silver Wheaton (Caymans) Ltd., a subsidiary of
Silver Wheaton Corp. entered into an agreement whereby, in exchange for an
upfront payment of US$42 million, Mercator will transfer to Silver Wheaton
(Caymans) Ltd. all the silver from the Mineral Park Mine In Arizona and Silver
Wheaton (Caymans) Ltd. will pay Mercator's subsidiary, $3.90 per ounce for
those ounces. This shipment represents the first delivery of silver ounces
received from the concentrates from Mercator's Mineral Park Mine under that
    "The silver stream agreement with Silver Wheaton was a critical step in
the funding for the expansion of the Mineral Park Mine," said Mike Surratt,
President and CEO of Mercator Minerals. "With the Mineral Park Mine now
regularly exceeding design parameters, this shipment represents another
milestone in the advancement of our mine and we are pleased to have started
making shipments under the silver stream agreement."

    Production Update

    The milling operation at Mineral Park continues to exceed expectations
and design parameters. Over the last 11 days, mill throughput has been between
27,000 and 32,000 tons per day, versus a design level of 25,000 ton per day,
and the ramp up continues, with further optimizations expected to result in
sustained outperformance.
    "We continue to be impressed with the capabilities of our new mill as we
test the limits of its tonnage and operating flexibility and, as our crews
obtain more experience with the circuit, we continue to improve in all areas,"
said Surratt.
    Production is averaging over 459 tons of copper concentrates per day. The
first ship load of concentrate was loaded out last week and another is ready
for load out this week (a ship load averages approximately 6000 tons of copper
concentrates). Given the increased copper concentrate production, the trucking
fleet that hauls the concentrate to port is being expanded from 13 trucks to
20 trucks, hauling 6 days per week. Molybdenum production continues to ramp
up, with 2 truck loads (averaging 46,000 pounds of molybdenum concentrate per
truck) shipped last week and 2 expected this week. The previously announced
addition of a molybdenum column cell is expected to be operational early next
week, which should result in enhanced molybdenum recovery and concentrate
    Gary Simmerman, BSc, Mercator's VP Engineering, a Qualified Person as
defined by NI43-101, supervised the preparation of and verified the 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 by making its Mineral Park Mine one of the
lowest cost operations in the industry.

    On Behalf of the Board of Directors


    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, 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, 2008 on the SEDAR website at

    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:

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