Q1 Results Apr 10, 2012
Mercator Minerals Reports First Quarter 2012 Production Results
Mill throughput averaged a record 48,666 tons per day
Vancouver, British Columbia - April 10, 2012 - Mercator Minerals Ltd. (TSX:ML) ("Mercator" or the "Company") is pleased to announce the production results for the three months ended March 31, 2012 from its wholly-owned Mineral Park Mine in Arizona. Production for the quarter totalled 20.1 million pounds of copper equivalent*, which consisted of 9.9 million pounds of copper in concentrates and cathode copper, 2.3 million pounds of molybdenum and 211,431 ounces of silver.
First Quarter 2012 Operating Details
| Production (1) | Q1 2012 |
| | Copper in concentrate (lbs) | 9,003,518 |
| | Cathode Copper (lbs) | 865,680 |
| | Total Copper (lbs) | 9,869,197 |
| | Molybdenum in concentrate (lbs) | 2,267,621 |
| | Silver (oz) | 211,431 |
| Mine | |
| | Total tons mined | 7,670,509 |
| | Ore tons mined | 4,219,888 |
| | Leach tons mined | 817,416 |
| | Low grade tons mined | 683,286 |
| | Waste tons mined | 1,949,919 |
| Mill | |
| | Tons processed | 4,428,622 |
| | Tons processed per day | 48,666 |
| | Copper grade (%) | 0.14 |
| | Molybdenum grade (%) | 0.036 |
| | Silver grade (oz/t) | 0.14 |
| Recoveries | |
| | Copper (%) | 72.6 |
| | Molybdenum (%) | 70.9 |
| | Silver (%) | 33.3 |
| Concentrates (1) | |
| | Copper concentrates (dry ton) | 25,295 |
| | Copper (%) | 17.8 |
| | Silver (oz/t) | 8.36 |
| | Molybdenum concentrates (dry lbs) | 4,671,071 |
| | Molybdenum (%) | 48.5 |
(1) Adjustments based on final settlements will be made in future periods.
* All references to copper equivalent production is calculated using a molybdenum/copper ratio of 4.53, based on the Company's estimated 2012 metals prices.
As previously disclosed, the Company encountered harder ore in certain sections of the Turquoise pit during the fourth quarter 2011 at the Mineral Park Mine which impacted throughput rates. During the first quarter of 2012, the Company initiated a successful program to optimize the operating parameters in the SAG mills resulting in the processing of a blend of harder ore from the Turquoise pit through the mill. Through the period January 1 to February 15, 2012, average daily throughput at the Mineral Park Mine was just over 44,700 ton per day (tpd). Subsequent to implementing the changes, from February 16 to March 31, the daily throughput improved to an average of 52,650 tpd, thus improving the average daily throughput for the first quarter 2012 to a record average daily throughput of 48,666 tpd.
Recoveries in the first quarter 2012 were 72.6% and 70.9%, respectively for copper and molybdenum. Ore blending requirements necessitated mining from stockpiled ore material that had higher than normal oxide levels. This resulted in lower recoveries, however, the sulfide mill recoveries were 82.5% for copper and 74.7% for molybdenum for the first quarter of 2012. Mining of the stockpiled ore material has since been completed.
"Despite the harder ore impacting the mine's throughput rates," commented Bruce McLeod, President & CEO, "we are very pleased with the mine's operations for the quarter. We have turned the corner on the hard ore issue and are now operating at rates better than expected, which will allow us to meet our 2012 guidance."
Quality Assurance/Quality Control
Gary Simmerman, BSc Mining Eng, FAusIMM, Mercator's VP Mineral Park, a Qualified Person as defined by National Instrument 43-101, supervised the preparation of and verified the Mineral Park technical information contained in this release.
About Mercator Minerals Ltd.
Mercator Minerals Ltd., a TSX listed Canadian mining company with the potential to have one of the fastest growing base metal profiles in its peer group, is a copper, molybdenum and silver producer with a diversified portfolio of high quality assets in the USA and Mexico. Mercator provides investors exposure to current copper, molybdenum and silver production from the large tonnage long life Mineral Park Mine in Arizona, as well as mid-term exposure to potential copper production from its El Pilar deposit in the State of Sonora in northern Mexico and longer term exposure of molybdenum and copper through the potential development of the El Creston deposit also in the State of Sonora in northern Mexico.