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Abstract
(Marketwire - Oct. 19, 2012) - Mercator Minerals Ltd. (TSX:ML) ("Mercator" or "Company") is pleased to announce today, further to the September 4, 2012 press release, it has filed an updated El Pilar National Instrument 43-101 ("NI 43-101") compliant Feasibility Study Technical Report ("2012 FS") on SEDAR (www.sedar.com). The 2012 FS is an update to the Feasibility Study completed November 2011 ("2011 FS"), which further enhances the potential development of a robust, large-scale, low-cost copper mine at the El Pilar project ("Project"), located in the mining friendly jurisdiction of the northern Mexican state of Sonora.
"We are very encouraged with the continued improvements in and upside potential of the El Pilar Project. The recently completed 360-day leach results from 11 three meter high mini-columns (tested on the same ore sample as used in the Base Case of the 2012 FS) indicate increased copper recoveries could be achieved," commented D. Bruce McLeod, President & CEO. "The results also show that higher acid pre-cure amounts, combined with reduced acid application rates, can increase copper recoveries by as much as 9% over the 180 days of leaching, thereby indicating even better project economics may be achievable."
This news release contains certain forward-looking information within the meaning of Canadian securities legislation and forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this press release and include without limitation, statements regarding discussions of the Company's business strategy, future plans, projections, objectives, estimates and forecasts and statements as to management's expectations with respect to, among other things, financing plans, future production, mine development, mine operations, mine and power costs, estimating grade levels, future recovery levels, future production levels, capital costs, costs savings, cash and total costs of production of copper, projected mine life, completion dates for the development of the El Pilar Project, future copper prices (including the long-term estimated prices used in calculating the Company's El Pilar mineral reserves), end-use demand for copper, and anticipated timing of production at the El Pilar Project and discussions of future plans, projections and objectives. In addition, estimates of mineral reserves and mineral resources may constitute forward looking statements to the extent they involve estimates of the mineralization that will be encountered if a property is developed. These forward-looking statements involve numerous risks and uncertainties and actual results may vary.