(Stated in US Dollars unless otherwise indicated)
TRADING SYMBOL: TSX - ML
VANCOUVER, May 15 /CNW/ - Mercator Minerals Ltd. ("Mercator" or the
"Company") reports its results for the three month period ended March 31,
2009. This release should be read with the Company's unaudited financial
statements and management discussion and analysis available on the Company's
website and filed on SEDAR under the Company's issuer profile.
After the accrual for interest and interest payments of $3.45 million
($3.3 million in interest accrued on the Notes issued by the Company in 2007)
and $1.75 million in non-cash items including accretion, amortization and
stock based compensation, the Company recorded a net loss of $10.6 million or
$0.11 per share compared to a loss of $1.09 million or $0.01 per share for the
corresponding period in 2008.
For the first quarter of 2009, during the commissioning of the first
stage of the mill expansion to a 25,000 ton per day milling operation at the
Mineral Park Mine, the Company recorded Cathode Copper production of 1,175,128
pounds, compared to the 2,472,688 pounds for the quarter ended March 31, 2008,
and the first production of 2,306,308 pounds of copper in concentrates, 94,094
pounds of molybdenum and 12,240 ounces of silver.
"The first quarter of 2009 marked a significant change in the Company's
production status, with the shipment of the first concentrates from the newly
constructed mill at our Mineral Park Mine in Arizona," said Michael L.
Surratt, President and CEO. "We continue to ramp up production levels and
continued to exceeding design throughput. We expect the second quarter of 2009
to be an outstanding one for the Mineral Park Mine and for Mercator. In April,
production at Mineral Park comprised 412,579 pounds of cathode copper,
3,399,988 pounds of copper in concentrates, 166,684 pounds of molybdenum in
concentrate and 27,658 ounces of silver in concentrate," Mr. Surratt added.
Financial Highlights for the Three Months ended March 31, 2008
- Revenues from copper, moly and silver sales and sale of landscaping
materials for the three month period ended March 31, 2009 of $6.34
million compared to $7.74 million for the corresponding period in
- Copper production of 1,175,128 pounds, compared to the 2,472,688
pounds for the quarter ended March 31, 2008, and the first production
of 2,306,308 pounds of copper in concentrates, 94,094 pounds of
molybdenum and 12,240 ounces of silver;
- Continued cash flow from operations during the commissioning of the
first stage of the Phase 4 expansion;
- Net loss for the three month period ended March 31, 2009 (during the
commissioning of the first stage of the Phase 4 expansion) of $10.65
million compared to a net loss of $1.09 million for the corresponding
period in 2007.
- First shipments of copper, moly and silver in concentrates from the
newly expanded operation at the Mineral Park Mine.
All financial information contained herein should be read in conjunction
with the Company's Management Discussion and Analysis and unaudited financial
statements for the period ended March 31, 2009 and the Management Discussion
and Analysis and Audited consolidated financial statements for the years ended
December 31, 2008 and 2007 and related notes thereto available under the
Company's profile on www.sedar.com.
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
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, 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 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