TRADING SYMBOL: TSX - ML
(Stated in US Dollars unless otherwise indicated)
VANCOUVER, Nov. 15 /CNW/ - Mercator Minerals Ltd. announced the filing
and dissemination of the unaudited consolidated financial statements for the
period ended September 30, 2007.
Financial Highlights for the Three Months ended September 30, 2007
- Copper production of 3,093,615 pounds for the three month period
ended September 30, 2007, compared to 2,699,646 pounds for the
corresponding three months in 2006;
- Gross revenues for the three month period ended September 30, 2007 of
$10,593,092 compared to $9,864,737 for the corresponding period in
- Income from Operations for the quarter was $5,271,001 compared with
$6,630,972 for the corresponding period in 2006;
- Earnings before interest, taxes, depreciation and amortization
("EBITDA") for the period was $7.86 million compared to $5.43 million
for the third quarter of 2006;
- Average realized price for copper sales during the period was
$3.36 per pound compared to $3.53 per pound for the corresponding
period in 2006.
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 September 30, 2007 and the Management
Discussion and Analysis and Audited consolidated financial statements for the
years ended December 31, 2006 and 2005 and related notes thereto available
under the Company's profile on www.sedar.com.
Mercator Minerals Ltd.
Mercator 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 and growing
through mergers and acquisitions. The Company has filed a technical report
dated December 29, 2006, supporting the expansion of its Mineral Park
copper-molybdenum mine into a 25,000 tpd operation (Phase I) and a 50,000 tpd
operation (Phase II). At full capacity, expected to be reached mid 2009, 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 600,000 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, 2006 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: email@example.com