In breaking news Wednesday, Mercator Minerals (TSX: T.ML, Stock Forum) announced that its Mineral Park Mine in Arizona shipped 9,091,708 pounds of copper, 418,987 pounds of molybdenum and 56,441 ounces of silver during the second quarter.

Mercator says it also generated in excess of US$5.7 million, unaudited, in earnings before interest, taxes, depreciation and amortization on a consolidated basis, well above the US$3.4 million required under the Note Indenture, and says that it has made the June 30 interest payment on the Secured Notes issued in 2007.

"This was the first full quarter of production through the recently constructed mill facility at Mineral Park and although we were still making significant modifications to the circuit and going through typical start up issues the production and cash flow during the period were impressive", said Mike Surratt, the company’s president and CEO.

"Most of the major modifications are complete with fine tuning of the circuit an ongoing process. The first column moly cell had some impressive results and a second is under construction for the moly and will also be tested on the copper side. As our operating crews get more familiar with the ore and plant we expect to keep improving and are looking forward to an even better third quarter", he added.

Shares of Mercator Minerals were down 0.8% to $1.20 Wednesday.

On the company’s Bullboard, lvscruffy said: “At least they are surviving. But $23mm year ebitda won't make this a 10-bagger. They really need Phase II completed to be even a moderate winner, Which is on permanent "hold". Then you're only talking $46mm ebitda. And you'd better hope CU prices stay above $2.10. If you beleive CU is going back to $3, good for you. I don't, at least not in the foreseeable future. Still a long slog for these guys[sic].”

While schor noted: “All concerns for the quarter were addressed. Debt obligations covered, recovery rates are increasing, the moly line seems to be working much better by end of june. All good news to me. Now let's hope they let the sp run[sic].”

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