11:49 AM EST - Mercator Minerals Ltd : announced an updated Mineral Resource and Mineral Reserve estimate for the Company's wholly-owned Mineral Park mine in Arizona. The differences between the June 2013 mineral reserve estimate of 369 million tons grading 0.12% copper and 0.037% molybdenum and the mineral reserve reported in the Company's 2012 Annual Information Form (brought forward from the 2006 Study) of 389 million tons grading 0.138% copper and 0.040% molybdenum can primarily be attributed to: (1) mining of higher grade supergene material over the past six years, (2) lower copper grade in the transition zone, and (3) interpolation using a hybrid dataset (incorporating both drillholes and blastholes) to model the new mineral resource. The new mineral reserve estimate also incorporates updated operating costs, metal recoveries and metal prices of $2.60 per pound for copper and $9.65 per pound for molybdenum. The new mineral reserve results in an estimated mine life of 20 years. Mercator Minerals Ltd
shares T.ML are trading down $0.02 at $0.19.
