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Epic MCR
Time: 16:30:04
Mid Price: 3.38
Change Today: 0.00
Change % Today: 0.00
Fifty Two Week High: 7.88
Fifty Two Week Low: 1.88
Market Capital: 4.87
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Now: 3.38
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Additional information
Additional Information
Market: AIM
Sector: General Mining - Gold
Epic: MCR
News: Latest news
Web Site: Mercator Gold
Other Articles: 02-03-201018-02-201011-01-2010

Mercator Gold

Mercator Gold PLC is a dynamic UK gold mining company focused on gold prospects at Meekatharra, Western Australia.


CLICK HERE FOR FULL ANLAYSIS OF MERCATOR GOLD
Wednesday, September 30, 2009

Mercator Gold sells 8 mln Silver Swan shares it received as payment for Meekatharra property

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Mercator Gold (AIM: MCR) sold 8 million shares in Australia’s Silver Swan Group Ltd (ASX: SWN) it received in April 2008 upon the sale of the Meekatharra tenements to Silver Swan. Mercator was issued 10 million ordinary shares and 4 million performance shares.

Earlier this year, Silver Swan had released from escrow two million shares of which Mercator has sold one million at an average price of A$ 0.349 raising approximately A$315,000.

The Perth based, polymetallic explorer Silver Swan Group reported that 8 million of the remaining shares held by Mercator Gold will be released from escrow and placed equally with Citywest Corp Limited and Hillgrove Resources Limited (ASX: HGO). Both of these companies are already shareholders of Silver Swan and have indicated their holdings are for the long term.

The issue of the performance shares is subject to the identification of an independently calculated Indicated Mineral Resource of 350,000 ounces of gold or other metal equivalent by the company from the tenements acquired from Mercator Gold. The remaining 4 million performance shares will remain in voluntary escrow.

The total achieved to date from the sales therefore amounts to AU$2.99 million or approximately £1.50 million. Mercator intends to use the proceeds of the sales to fund on-going Mercator corporate undertakings particularly the work at the Copper Flat Project in New Mexico and potential future investments.

In this morning’s statement Mercator Managing Director, Patrick Harford commented on the sale which reflects the company’s investment mandate;
“Mercator’s task of adding value to our investments has been demonstrated by the disposal of a proportion of our holding in Silver Swan Group Limited. The sale of nine million shares substantially strengthens the Company’s balance sheet and puts the Company in a position to take several projects forward over the next six months.”

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