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Additional information
Additional Information
Market: AIM
Sector: Gold Mining
Epic: MCR
News: Latest news
Web Site: Mercator Gold plc
Other Articles: 02-03-201019-02-201012-01-2010

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Mercator Gold plc

Mercator Gold plc

Mercator Gold plc is a diversified mining investment company with quality assets and the capability to undertake significant, value accretive transactions. Mercator is dedicated to creating value for its shareholders through a process of finding value, adding value and realising value. In order to achieve this, Mercator is able to access a pipeline of projects sourced from its global network and utilises the expertise of its directors and advisers.

Mercator holds an exclusive option over the Copper Flat project, a porphyry copper-molybdenum-gold-silver deposit in the Las Animas mining district of New Mexico, United States and a former producing mine. It is believed that the Copper Flat project, which has significant infrastructure in place, could be brought back into production within a relatively short timeframe for a relatively low capital outlay.

CLICK HERE FOR FULL ANALYSIS OF MERCATOR GOLD PLC
Friday, July 18, 2008

Mercator Gold – Euro, Batavia & Convertible

Mercator Gold (AIM: MCR) a growing gold producer that operates in the historic Meekatharra Goldfield in Western Australia, announced maiden resources for its Euro and Batavia projects.

At the Euro project, which lies about seven kilometres south of Mercator's processing plant, a maiden resource of 2.038 million tonnes of ore at 1.3 grams of gold per tonne (for 83,600 ounces of gold) has been estimated. Further work at Euro will higher grade material, which lies at a deeper level. A structure, identified by gravity survey, immediately south of Euro is being investigated.

At the Batavia project, which lies about six kilometres north of Mercator's processing plant, a resource of 318,000 tonnes at a grade of 2.4 g/t (for 24,200 ounces of gold) has been estimated. Shallow underground workings here, in the early 1900s, produced 180 ounces of gold from 276 tonnes of ore. Batavia has the potential to provide additional feed for the processing plant in the near term. Conversion of the Prospecting Lease to a Mining Lease is well advanced.

The Company also announced the placing of convertible loan notes to raise £200,000, the notes pay 8.5% per annum, and are redeemable at par by 15 July 2011 or can be converted into ordinary shares at 50p each after the first anniversary of the loan.

Patrick Harford, MD of Mercator Gold, commented:

“The maiden resources at Euro and Batavia represent continuing efforts by Mercator to expand its inventory of resources and reserves. They also support the Company's exploration strategy, which we expect will continue to bear fruit. Batavia is expected to contribute to production in the near term, and we maintain high hopes for the future of Euro.”

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