CORPORATE UPDATE
Mercator Gold Plc
MERCATOR GOLD plc
(“Mercator Gold”, “Mercator” or “the
Company”)
CORPORATE UPDATE
London 8 October 2009 - Mercator is pleased to report on progress
of its North American and Western Australian activities.
HIGHLIGHTS
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The Company has appointed Deutsche Bank as its depositary bank to
issue American Depositary Receipts (ADRs) representing the Company’s
shares in order to facilitate access to, and trading in, the US market.
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The Company has commissioned SRK Consulting (US) Inc to carry out an
NI 43-101 compliant Preliminary Assessment of the Copper Flat Project.
Managing Director, Patrick Harford, said: ‘’The Copper Flat
Project, located in New Mexico, represents an attractive option on the
copper price for North American Investors so our corporate push into
that market is logical. The ADR mechanism will give investors there an
opportunity to share in the additional value we hope to add through the
technical work to be carried out by SRK.”
American Depositary Receipts
As part of the development of the Company’s North American interests
Deutsche Bank, one of the leading depositary banks, has been appointed
to assist the Company to establish a market for its shares. ADRs in the
Company’s ordinary shares will be traded on the Pink OTC Markets Inc.
Each ADR represents 200 ordinary shares in Mercator and under current
registration Mercator can issue up to 250,000 ADRs representing up to
50,000,000 ordinary shares.
Through this process Mercator will be introduced to US investors and
thus increase the Company’s profile and liquidity.
Deutsche Bank is a leading global investment bank with a strong and
profitable private clients’ franchise. A leader in Germany and Europe,
the bank is continuously growing in North America, Asia and key emerging
markets. With 78,896 employees in 72 countries, Deutsche Bank offers
unparalleled financial services throughout the world. The bank competes
to be the leading global provider of financial solutions for demanding
clients creating exceptional value for its shareholders and people.
Deutsche Bank’s Trust & Securities Services business, part of the Global
Transaction Banking division, is one of the leading providers of
trustee, agent, depositary, registrar, SPV management and related
services for a wide range of financial structures and transactions. It
is a leading depositary for American and Global Depositary Receipts,
providing value-added services to companies raising capital in
international markets or listing on the New York, Nasdaq, London,
Luxembourg, Singapore or Nasdaq-Dubai stock exchanges by means of
depositary receipts. It also offers fund and hedge fund administration
and, through a fully integrated network of specialist offices worldwide,
provides domestic custody services in more than 30 securities markets.
Additional details are available on www.adr.db.com
or www.tss.db.com
There is no cost to the Company for this process.
Appointment of SRK Consulting
The Company is also pleased to report the appointment of SRK Consulting
(US) Inc to provide NI 43-101 compliant preliminary assessment of the
Copper Flat Project. The project has historical reserves of 50Mst of ore.
These historical reserves were generated over many years by highly
respected engineering firms such as Behre Dolbear Group and Pincock
Allen & Holt. However Mercator intends SRK to carry out an independent
reassessment of the reserves using up-to-date resource/reserve
estimation techniques to ensure they meet the highest contemporary
standards.
SRK Consulting, whose head office is in Denver, is one of the world’s
leading resource engineering firms.
The estimated cost of the assessment is US$170,000 with completion
expected in the first quarter of 2010.
An updated NI 43-101 compliant resource will assist the Company in its
development of the project and elucidate the various options for the
project’s financing.
Meekatharra
The Company expects to be in a position to update shareholders on the
status of the negotiations concerning the status of the Meekatharra
asset in Western Australia during the month of October 2009. The Deed of
Company Arrangement (DOCA) has been extended to allow negotiations
between the Administrator, the Company, and various interested parties
to continue.
For further information please contact
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Mercator Gold plc
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Michael Silver, Chairman
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Tel:
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+44 (0) 20 7929 1010
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Patrick Harford, Managing Director
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Email: info@mercatorgold.com
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Website: www.mercatorgold.com
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Bankside Consultants Ltd
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Tel:
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+44 (0) 20 7367 8888
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Simon Rothschild
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Oliver Winters
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Cenkos Securities plc
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Adrian Hargrave
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Tel:
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+44 (0) 20 7397 8900
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Beth McKiernan
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Old Park Lane Capital PLC
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Forbes Cutler, Director of Corporate Broking
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Tel:
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+44 (0) 20 7518 2603
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AIM: MCR
