TRADING SYMBOL: TSX - ML VANCOUVER, May 27
VANCOUVER, May 27 /PRNewswire-FirstCall/ - Mercator Minerals Ltd.
("Mercator") is pleased to announce that it has filed and mailed an
Information Circular in connection with the silver agreement previously
announced with Silver Wheaton Corp. The meeting of the holders of the
Company's secured notes to ratify the transaction for the purchase and sale of
the silver production from the Company's wholly owned Mineral Park Mine is
scheduled to be held on June 9, 2008.
The Company and its wholly-owned affiliate have signed an amendment to the
agreement with an affiliate of Silver Wheaton Corp. The terms and conditions
of the amended agreement and the materials issued in connection with the
meeting of the holders of the Company's secured notes are available on SEDAR
under the Company's profile.
Commenting on the announcement, Michael L. Surratt, President and Chief
Executive Officer of Mercator, said: "We are pleased with the agreement and
delighted to be completing this important transaction with Silver Wheaton,
which monetizes a minor by-product of the copper-moly operation, which at the
same time improves the Noteholders' security. We view this as a win-win
situation for Mercator, Silver Wheaton and our Noteholders. By monetizing our
silver reserve now, this will allow Mercator to expedite the second stage of
the construction of the Mineral Park milling facilities, forecast to take us
to 50,000 tons per day."
Mercator Minerals Ltd.
Mercator is a copper producer that owns and operates the Mineral Park
copper/molybdenum 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. Mercator is in an
advanced stage of construction of the molybdenum-copper expansion at Mineral
Park. At full capacity, 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 0.6 million ounces of silver.
On Behalf of the Board of Directors
MERCATOR MINERALS LTD.
Per: "Michael L. Surratt"
Michael L. Surratt,
President
Forward Looking Information
This news release contains forward looking statements of Mercator, being
statements which are not historical facts, including, without limitation,
statements regarding the completion of the transaction with Silver Wheaton,
the potential benefits thereof and discussions of future plans, projections,
objectives and expected operating results. There can be no assurance that such
statements will prove accurate. Such statements are necessarily based upon a
number of estimates and assumptions that are subject to numerous risks and
uncertainties that could cause actual results and future events to differ
materially from those anticipated or projected. Important factors that could
cause actual results to differ materially from Mercator's expectation include
the failure to obtain the necessary noteholder approvals and are otherwise
described in the documents filed by Mercator from time to time with the
Toronto Stock Exchange and provincial securities regulators, most of which are
available at www.sedar.com. Mercator disclaims any intention or obligation to
revise or update such statements.
The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this press release.
CONTACT: Marc LeBlanc, VP Corporate Development and Corporate Secretary,
Tel: (604) 981-9661 or (604) 716-5582; Fax: (604) 960-9661; Email:
mleblanc@mercatorminerals.com
SOURCE Mercator Minerals Ltd.
