Tax Election by Creston Moly Corp. Shareholders
VANCOUVER, June 27, 2011 /CNW/ --
TRADING SYMBOL: TSX - ML
VANCOUVER, June 27, 2011 /CNW/ - As previously disclosed by the Company
on June 22, 2011, Mercator Minerals Ltd. ('Mercator' or the 'Company')
has acquired all of the issued and outstanding shares of Creston Moly
Corp. ('Creston') by way of a plan of arrangement with Creston (the
'Arrangement'). Under the terms of the Arrangement, certain former
Creston shareholders may be eligible to make a joint Canadian tax
election with Mercator in order to obtain a full or partial
tax-deferred rollover on the disposition of their Creston shares (refer
to the Notice of Special Meeting and Information Circular dated May 9,
2011 for further details regarding the Arrangement).
Former Creston shareholders that wish to obtain a joint tax election
must submit correct and complete tax election information to Mercator
by the deadline of September 20, 2011. The submission of the tax
election information must be completed by any eligible Creston
shareholder in order to be processed. The required tax election
information can be submitted to Mercator using either a secure web
based questionnaire or a paper-based questionnaire. Both alternatives
are available to all eligible shareholders and can be accessed through
the link to the Mercator-Creston tax election website at www.taxelection.ca/mercatorcrestonmoly available on the on the home page of the Company's website. The Tax
Election Instructions Letter, which can also be accessed through the
tax election website, describes how to use the web based and
paper-based methods of submitting the tax election information.
Former Creston shareholders should be reminded that the timely filing of
the tax election is the responsibility of the shareholder and that late
tax elections may be subject to late filing penalties. Accordingly, the
Company recommends that former Creston shareholders that intend on
making a joint tax election with Mercator submit the required tax
election information as soon as possible.
Further details regarding the Arrangement and the tax election process
can be found on the tax election website at www.taxelection.ca/mercatorcrestonmoly. Former Creston shareholders may also call the Technical Assistance
Hotline: 1-866-602-6755 (outside the Greater Vancouver Area) or
604-691-3249 (in the Greater Vancouver Area).
Corporate Update
The Company has scheduled its 2011 annual general meeting of the
shareholders to be held on Wednesday, August 31, 2011, in Vancouver,
B.C. Canada. Details of the location and time of the meeting will be
announced and materials filed and mailed in due course.
Mercator Minerals Ltd.
Mercator Minerals Ltd. is a TSX listed mining company with an
experienced management team that has brought the mill expansion at the
Mineral Park Mine, one of the largest and most modern copper-moly
mining-milling operations in North America, to production in less than
2 years. Mercator management is dedicated to maximizing profits at the
Mineral Park Mine, the development of the El Pilar copper project in
Mexico and the exploration and development of the El Creston Property
in Sonora, Mexico, of which the Company holds a 100% interest.
On Behalf of the Board of Directors
MERCATOR MINERALS LTD.
Per: 'D. Bruce McLeod'
D. Bruce McLeod,
President
The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this press release.
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 proposed acquisition of Creston by
Mercator, the potential benefits thereof, discussions of future plans,
projections and objectives, estimates, 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,
future production, capital and mine production costs, demand and market
outlook for commodities, and the financial results of the Company and
discussions of future plans, projections and objectives. 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.
Important factors that may cause actual results to vary include, but
are not limited to, certain transactions, certain approvals, changes in
commodity and power prices, changes in interest and currency exchange
rates, 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 and
equipment, 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. These risks are described in more detail in
Mercator's Annual Information Form. Mercator does not assume the
obligation to revise or update these forward-looking statements after
the date of this report or to revise them to reflect the occurrence of
future unanticipated events, except as may be required under applicable
securities laws. For a more complete discussion, please refer to the
Mercator's Annual Information Form and audited financial statements and
MD&A for the year ended December 31, 2010 on the SEDAR website at www.sedar.com.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/June2011/27/c9393.html
Bruce McLeod, President and CEO, Tel: 604 331-2254 or Marc LeBlanc, VP Corporate Development and Corporate Secretary, Tel: (604) 981-9661; Fax: (604) 960-9661; Email: mleblanc@mercatorminerals.com.