Mercator Minerals Gets Permit for El Pilar Project

By Mike Obel | January 17 2012 9:11 AM

(REUTERS) -- Mercator Minerals Ltd said it has obtained permits to start mining at its wholly owned El Pilar Project in Mexico.

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The Canadian company said it made the final payment for the change of land use permit on Jan. 12.

Mercator, which has already obtained final water concessions, surface rights and a construction permit, expects to release an updated feasibility study on the project in the first quarter 2012.

The property is situated in a highly prospective belt of copper deposits ranging from La Caridad in the south to central Arizona in the north.

On Jan. 16, the Vancouver-based mining company said it expects to produce 90 million to 100 million copper equivalent pounds in 2012.

Shares of Mercator closed at C$1.90 on Monday on the Toronto Stock Exchange.

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