Mercator Minerals Announces 2013 Annual General Meeting Voting Results
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/24/13 -- Mercator Minerals Ltd (TSX: ML) ("Mercator" or the "Company") announces the voting results from its 2013 Annual General Meeting ("AGM") held today in Vancouver, British Columbia.
A total of 142,024,694 voting shares were voted at the AGM, representing 45.0% of the votes attached to all outstanding common shares. Shareholders voted in favour of all items of business before the meeting, including the election of the following directors:
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Votes Votes Total Votes % Votes % Votes
Director For Withheld Cast(i) For Withheld
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Colin K. Benner 120,291,995 4,093,752 124,677,273 96.5 3.3
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John H. Bowles 122,092,263 2,182,558 124,677,273 97.9 1.8
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Joseph M. Keane 88,408,423 35,866,398 124,677,273 70.9 28.8
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D. Bruce McLeod 119,347,816 4,857,331 124,677,273 95.7 3.9
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Robert J. Quinn 121,777,415 2,608,332 124,677,273 97.7 2.1
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Stephen P. Quin 120,323,642 3,881,505 124,677,273 96.5 3.1
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Daniel Tellechea 120,828,290 3,557,457 124,677,273 96.9 2.9
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Ronald Earl Vankoughnett 122,632,294 1,753,453 124,677,273 98.4 1.4
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(i) Not all shares were voted in respect of all motions therefore the
combined number of shares voted for or withheld may not add up to the total
votes represented at the meeting.
Director nominees made at the AGM but not elected were as follows:
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Director Votes For Total Votes Cast % Votes For
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Michael D. Lindeman 291,526 124,677,273 0.2
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James R. Tompkins 291,526 124,677,273 0.2
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Detailed voting results for the 2013 AGM will be available on SEDAR at www.sedar.com.
During the AGM, Bruce McLeod, President and CEO, provided an operational update with the following highlights:
-- Q2-2013 production from the Mineral Park mine is expected to be higher
than Q1-2013 production results, with quarter by quarter improvements
expected for the balance of the year; and
-- Throughput rates achieved since March 21, 2013, when optimizations to
the grinding circuit were made, are currently averaging 47,000 tons per
day ("tpd") as compared to 42,738 tpd in the first quarter.
A copy of Mr. McLeod's presentation can be found at www.mercatorminerals.com/s/AGM.asp.
About Mercator Minerals Ltd.
Mercator Minerals Ltd., a TSX listed Canadian mining company with one of the fastest growing base metal profiles in its peer group, is a leading copper, molybdenum and silver producer with a diversified portfolio of high quality operations and projects 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 copper at the El Pilar deposit in the State of Sonora in northern Mexico and longer term exposure of molybdenum and copper through the development of the El Creston deposit also in the State of Sonora in northern Mexico.
For further information please visit www.mercatorminerals.com.
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 goals, positioning, future plans, projections, objectives, estimates and forecasts and statements as to management's expectations with respect to, among other things, the size 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 if a property is developed. 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 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 assumptions that: (1) market fundamentals will result in sustained copper and molybdenum demand and prices; (2) the current copper leach operations at Mineral Park remain viable, operationally and economically; (3) the milling operations at Mineral Park will continue to be viable, operationally and economically, and (4) any additional financing needed will be available on reasonable terms. Statements concerning mineral reserves and mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that may be encountered during current or future operations.
The words "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, 2012 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.
Contacts:
Mercator Minerals Ltd.
Bruce McLeod. P.Eng.
President & CEO
778.330.1290
bmcleod@mercatorminerals.com
Mercator Minerals Ltd.
David Jan, CA
Head of Investor Relations & Communications
778.330.1295
djan@mercatorminerals.com
www.mercatorminerals.com