VANCOUVER, BRITISH COLUMBIA--(Marketwire - Mar 13, 2013) - Mercator Minerals Ltd. (TSX:ML) ("Mercator" or the "Company") announces that, in connection with the Company''s impairment assessment as required under International Financial Reporting Standards and primarily due to the decline in molybdenum prices since the June 2011 acquisition of the El Creston project ("Project"), the Company expects to reduce the carrying value of the Project as part of its fourth quarter and year-end 2012 financial results. The amount of the non-cash accounting charge is under review and will be based on the present value of the estimated recoverable value of the Project.
"Reducing the carrying value of El Creston is a non-cash accounting charge that reflects the changes in market conditions in the metals markets as compared to El Creston''s book value," said Bruce McLeod, Mercator''s President and CEO. "The reduced carrying value of El Creston does not alter the value of the work completed to date and our view of the Project''s importance in the Company''s long-term future."
The Company expects to release its financial results for the period ended December 31, 2012 after market hours on March 20, 2013 and will hold a conference call and a live audio webcast on March 21, 2013 at 8:30 a.m. Pacific time to discuss these results.
Details to access the conference call and the live audio webcast are as follows:
- Toll free within North America 1-877-240-9772
- For local calling: 416-340-8527
- For overseas calling: 800-2787-2090
- Live audio webcast of the conference call will be available at www.gowebcasting.com/4195
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.
On Behalf of the Board of Directors
MERCATOR MINERALS LTD.
D. Bruce McLeod, P.Eng., President and CEO
Forward Looking Information
This press 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 future plans, guidance, projections, objectives, estimates and forecasts and statements as to management''s expectations with respect to, among other things, the size, grade and quality of the Company''s mineral reserves and mineral resources, potential mineralization, and possible extensions of zones. 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 during operations, should such material be mined. These forward-looking statements involve numerous risks and uncertainties and actual results may vary. Important factors that may cause actual results to vary include, without limitation, certain transactions, certain approvals, changes in commodity, fuel and power prices, changes in interest and currency exchange rates, risks inherent in exploration results, timing and success, 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, equipment and third-party contractors, 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. In making the forward-looking statements in this press release, the Company has applied several material assumptions, including without limitation, the assumption that market fundamentals will result in sustained copper and molybdenum demand and prices. The words "guidance", "expect", "anticipate", "estimate", "may", "will", "should", "intend", "believe", "target", "budget", "plan", "projection" and similar expressions are intended to identify forward-looking statements. Information concerning mineral reserve and mineral resource estimates also may be considered forward-looking statements, as such information constitutes a prediction of what mineralization might be found to be present if and when a project is actually developed. The risks and assumptions are described in more detail in the Company''s Annual Information Form, audited financial statements and MD&A for the year ended December 31, 2011 on the SEDAR website at www.sedar.com. The Company does not assume the obligation to revise or update these forward-looking statements after the date of this news release or to revise them to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.