Mercator Minerals Ltd Reports Q1 Revenues of $54.5 Million

Mercator Minerals Ltd. (TSX:ML) announced financial results from the first quarter.

As quoted in the press release:

 The Company reported revenues of $54.5 million, a gross profit of $0.5 million, and a net income of $1.8 million ($0.01 per share, basic) or an adjusted net loss after excluding non-cash items of $9.0 million ($0.03 per share). Cash flow used by operations, before non-cash working capital changes, was $3.1 million. As at March 31, 2013, the Company had $25.6 million in cash and restricted cash on hand.

Mercator’s President and CEO, Bruce Macleod, said:

The optimizations made late in the first quarter on the grinding circuit along with enhanced ore blending options, including the de-watering the Ithaca portion of the mine, provide us confidence that we are positioned to meet our 2013 production goals. Further, with the forecasted production increases through the balance of 2013, we also expect an associated decrease in unit costs.

To view the whole press release, click here.