Q3 results summary MERCATOR REPORTS THIRD QUARTER RESULTS
November 14, 2008 Mercator Minerals Ltd. announced its third quarter financial results for the three and ninemonths ended September 30, 2008 and information on production at its Mineral Park Mine during the period. Forthe third quarter of 2008, copper production totaled 2.9 million pounds. The Company reported revenues of $8.9million on the sale of 2,729,504 pounds for the quarter.All figures are in U.S. dollars unless otherwise specified.
During the third quarter of 2008, the Company neared completion on the first stage of the mill construction at theMineral Park copper/molybdenum mine in Arizona. Progress made during the third quarter of 2008, included:
- Both Ball mills were received and installed;
- The SAG mill was set in the bearings and mechanical alignment completed and liners installed;
- The crusher was installed with bearing and shaft completed;
- The mechanical work on the coarse ore stock pile stacker and associated electrical work was completed;
- The mechanical and electrical work on the reclaim tunnel was completed;
- Mechanical on the Concentrate thickeners were completed;
- Rougher flotation cells and associated wiring were completed;
- Copper cleaner cells were installed and motor wiring completed;
- Moly floatation cells installed and associated electrical completed;
- All the lime and reagent tanks were completed and set;
- The concentrate building was complete with overhead cranes fully functional;
- The new 69kv power line and site distribution was completed and commissioned in September;
- The upgraded water system was completed and commissioned in September;
- The tailings dam raise and piping was completed;
- All of the tailings drop boxes and the reclaim barge were complete.
Financial Highlights for the Three Months ended September 30, 2008
- Cash and cash equivalents of $28.6 million and working capital of $38.3 million at September 30, 2008 ;
- Copper production of 2,972,504 pounds for the three month period ended September 30, 2008, compared to 3.093.615 pounds for the corresponding three months in 2007;
- Revenues from copper sales and sale of landscaping materials for the three month period ended September 30, 2008 of $8.89 million;
- Continued cash flow from operations during the construction of the Phase 4 expansion;
- Net loss after non-cash items and interest expenses for the three month period ended September 30, 2008 of $5.6 million compared to net earnings of $0.3 million for the corresponding period in 2007.
All financial information contained herein should be read in conjunction with the Company's ManagementDiscussion and Analysis and unaudited financial statements for the period ended September 30, 2008 and theManagement Discussion and Analysis and Audited consolidated financial statements for the years endedDecember 31, 2007 and 2006 and related notes thereto available under the Company's profile on www.sedar.com.
© 2008 Canjex Publishing Ltd.