Vancouver, British Columbia — August 18, 2014– Mercator Minerals Ltd. (TSX:ML) ("Mercator" or "Company") announces, further to the August 1, 2014 press release, that its indirect wholly-owned subsidiary, Mineral Park Inc. ("MPI") , has not reached agreement with the syndicate of lenders (the "Lenders") under the MPI credit facility ("Credit Facility") to extend their forbearance in exercising any rights and remedies (as a result of continuing defaults) under the Credit Facility beyond August 15, 2014.
The Company continues to fully consider its alternatives, which may include filings for creditor protection. At present, there can be no assurance as to what, if any, alternatives might be pursued by the Company.
The Company does not intend to disclose further details regarding these matters until the board of directors determines that disclosure is appropriate.
About Mercator Minerals Ltd.
Mercator Minerals Ltd., a TSX listed base metals mining company, operates the wholly-owned copper/molybdenum/silver Mineral Park Mine in Arizona, USA. Mercator also wholly-owns two development projects in Sonora, Mexico: the copper heap leach El Pilar project and the molybdenum/copper El Creston project.
For further information please visit www.mercatorminerals.com or contact:
|D. Bruce McLeod, P.Eng.||David Jan, CPA, CA|
|President & CEO||Head of Investor Relations & Communications|
|[email protected]||[email protected]|
On Behalf of the Board of Directors
MERCATOR MINERALS LTD.
D. Bruce McLeod, P.Eng
President and CEO
This news 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. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs regarding future events of management of Mercator. When used in this document, the words "anticipates", "may", "can", "believes", "expects", "projects", "intends", "likely", "will", "to be" or the negative of these terms and any similar expressions and any other statements that are not historical facts, in each case as they relate to Mercator are intended to identify those assertions as forward-looking information and statements. In making such statements, the Company believes that its expectations are based on reasonable assumptions. However, any such statement may be influenced by factors that could cause actual outcomes and results to be materially different from those projected or anticipated. This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of improved operations, current metal prices, positive cash flows, future plans, authorizations, approvals, applications and statements as to management's expectations with respect to, among other things, the completion of an alternative transaction may constitute forward-looking statements. 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 and the ability to meet obligations under certain credit facilities and other debt instruments, the timing and receipt of certain approvals, unanticipated events related to operational risks, metal price fluctuations, changes in cash flow, political risk, social unrest, and changes in general economic conditions or conditions in the financial markets. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, the assumptions that the receipt of necessary consents, determinations and approvals will be obtained or achieved in a timely manner. Certain of the risks and assumptions are described in more detail in Mercator's Annual Information Form as well as in Mercator's Annual and Interim Financial Statements and MD&A for the year ended December 31, 2013 and six months ended June 30, 2014 respectively on the SEDAR website at www.sedar.com. The actual results or performance by Mercator could differ materially from those expressed in, or implied by, any forward-looking statements relating to those matters. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of Mercator. Except as required by law, the Company is under no obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.