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Molybrook

Mercator maintains a 100% interest in the Molybrook molybdenum property located on the south coast of Newfoundland. The property, centred 2.5 km from the outport of Grey River less than 4 kilometres from a deep water, ice free navigable fjord, hosts a 3 km long trend in which at least three zones of at surface molybdenum mineralization occur: Molybrook, Wolf and Chimney Pond. To date, almost all exploration has been completed on the Molybrook Zone where a large porphyry molybdenum deposit has been outlined. A 2009 Resource Estimate (NI 43-101 compliant) completed by Kirkham Geosystems Ltd. determined that at a 0.04% cutoff grade, the Molybrook deposit contains an Indicated Resource of 86.8 million tonnes grading 0.065% molybdenum (124.6 million pounds) and an Inferred Resource of 31.2 million tonnes grading 0.056% molybdenum (38.6 million pounds) with the deposit being open along strike and at depth. Early stage exploration at the Wolf and Chimney Pond Zones has located widespread molybdenum in bedrock.

Highlights

• 2009 Resource Estimate of Molybrook Deposit includes an Indicated Resource of 86.8 million tonnes grading 0.065% Mo (124.6 million pounds) and an Inferred Resource of 31.2 million tonnes grading 0.056% Mo (38.6 million pounds) at a 0.04% molybdenum cutoff grade (NI 43-101 compliant)
• resources are contained within a pit shell that has an estimated strip ratio of 2.03:1, including the potential for a higher grade starter pit with an estimated strip ratio of 1.09:1 hosting Indicated Resources of 43.4 million pounds of molybdenum and Inferred Resources of 4.3 million pounds of molybdenum
• 2009 metallurgical work completed was successful in determining that in bench scale tests rougher stage molybdenum recoveries in excess of 90% can be achieved
• MolyBrook Deposit is open along strike and at depth. In addition there are at least two other zones, Wolf and Chimney Pond with the potential to add resources

2009 Mineral Resource Estimate

A summary of the Indicated and Inferred Mineral Resources at the Molybrook deposit at various cut-off grades is tabulated below:

		Indicated Resources					Inferred Resources
Cut-Off Grade Mo (%)	Tonnes > cut-off	Mo (%)	Million lbs Mo	Cu (%)	Million lbs Cu	Tonnes > cut-off	Mo (%)	Million lbs Mo	Cu (%)	Million lbs Cu
0	147,778,487	0.050	161.3	0.035	114.7	52,066,544	0.046	52.3	0.0267	30.7
0.04	86,781,029	0.065	124.6	0.034	65.8	31,263,359	0.056	38.6	0.0272	18.8
0.05	61,449,819	0.074	99.7	0.035	47.3	17,332,754	0.065	25.0	0.0302	11.5
0.06	42,250,759	0.082	76.8	0.036	33.8	8,913,550	0.076	15.0	0.033	6.5
0.07	27,742,365	0.092	56.2	0.038	23.2	4,779,313	0.087	9.1	0.0353	3.7
0.08	17,458,367	0.102	39.4	0.038	14.7	2,695,434	0.096	5.7	0.0377	2.2
0.09	11,233,188	0.113	27.9	0.037	9.2	1,635,951	0.105	3.8	0.0432	1.6
0.10	7,150,216	0.123	19.4	0.037	5.8	1,035,629	0.111	2.5	0.0474	1.1

The Resource estimate report completed by Kirkham Geosystems Ltd under the direction of Garth Kirkham, an independent qualified person as defined by National Instrument 43-101.

The work at Molybrook was completed by GeoScott Exploration Consultants under the supervision of Dave Visagie, P. Geo., a Qualified Person as defined by NI 43-101.

Ajax

Mercator has a 100% interest in the 11,718 hectare Ajax Molybdenum Property located 13 km north of Alice Arm, BC. The Ajax Property, one of North America's largest undeveloped molybdenum deposits occupying a surface area of approximately 600 by 650 metres, is a world class primary molybdenum property in the advanced stage of exploration.

Highlights

• At a 0.04% molybdenum cut-off grade Inferred Resource of 483.12 million tonnes grading 0.061% Mo and Indicated Resource of 69.0 million tonnes grading 0.065% Mo
• 2007 metallurgical work completed was successful in determining that in bench scale tests rougher stage molybdenum recoveries in excess of 86.5% can be achieved
• Deposit is open in three directions and at depth

2008 Mineral Resource Estimate (NI 43-101 compliant)

The Ajax deposit contains and Inferred Resource of 483.1 million tonnes grading 0.061% molybdenum and an Indicated Resource of 69.0 million tonnes grading 0.065% molybdenum above a cut-off grade of 0.04 per cent molybdenum. A summary of the Inferred and Indicated Mineral Resources at the Ajax deposit at various cut-off grades is tabulated below:


The Resource estimate was completed under the direction of Gary Giroux, P.Eng., an independent qualified person as defined by NI 43-101, under the supervision of Dave Visagie, P.Geo, Mercator's Exploration Manager In the June 2009 technical report.


Dave Visagie, P. Geo, the Company's Exploration Manager, a Qualified Person as defined by NI 43-101, supervised the preparation of and verified and approved the technical information in respect of the Molybrook and Ajax deposits contained on this website.

 

Last updated: November 24, 2011