Mercator Minerals hits new low despite record output

Mercator Minerals was changing hands for $1.24, down 7.4% and a new year-low, at the opening of trade on Tuesday despite announcing record production at its Mineral Park Mine in Arizona. The counter has had a dismal year and so far is down 68% on the Toronto exchange in 2011 where it is worth $330 million.

Production for the quarter totalled 10.5 million pounds of copper, 2.0 million pounds of molybdenum and 178,000 ounces of silver. Recoveries of copper and molybdenum also increased 7.3% and 3.2%, respectively to average 80.0% for copper and 77.8% for molybdenum.

Highlights from the press release:

Mercator Minerals Ltd. (TSX:ML) announced on Tuesday  production results for the three months ended September 30, 2011 from its wholly-owned Mineral Park Mine in Arizona. Production for the quarter totalled 10.5 million pounds of copper, 2.0 million pounds of molybdenum and 178,000 ounces of silver.

During the month of September, the Mineral Park Mine produced nearly 3.9 million pounds of copper, a record 0.7 million pounds of molybdenum, and 68,000 ounces of silver.

Operational Highlights for the three months ended September 30, 2011

• Mill throughput averaged 36,151 tons per day for the quarter;
• Total copper production of 10,460,357 pounds (9,342,884 pounds of copper concentrates and 1,117,473 pounds of copper cathode);
• Production of 1,976,570 pounds of molybdenum contained in concentrates;
• By-product production of 178,164 ounces of silver in concentrates.

Operational Highlights since Phase II started August 18^th for the 44 day period ended September 30, 2011

• Mill throughput averaged 45,425 tons per day;
• Record mill throughput of 61,006 tons in a 24 hour period achieved;
• Mill throughput averaged 53,616 tons per day for one seven day period;
• Recoveries of copper and molybdenum have increased 7.3% and 3.2%, respectively to average 80.0% for copper and 77.8% for molybdenum.