ECR Minerals Regulatory News (ECR)

15 Feb 2005 07:00

Mercator Gold PLC14 February 2005 £1.25 MILLION PLACEMENT APPOINTMENT OF JOINT BROKER LONDON - 14 February 2005 - Mercator Gold plc ("AIM-MCR; MCRW") announces thatit has placed 15,625,000 new ordinary shares of 1p each ("the New Shares") at 8pper share to institutional clients of Ocean Equities Ltd and Phillip Securities(UK) Ltd. The New Shares will rank pari passu with the existing ordinary sharesof 1p each, and application will be made to the London Stock Exchange for theNew Shares to be admitted to trading on AIM. The placement will raise gross proceeds of £1,250,000 and be used to funddrilling at the Company's Meekatharra gold properties in Western Australia andfor general working capital. Mercator also announces that it has appointed Ocean Equities Ltd as joint brokerto the Company. For further information, please contact: Mercator Gold plcPatrick Harford, Managing Director Tel: +44 (0) 7786 486645Terry Strapp, Chairman Tel : +61 (0) 8 9322 7422 Beaumont Cornish LimitedRod Venables / Roland Cornish Tel: +44 (0) 20 7628 3396 Ocean Equities LtdGuy Wilkes Tel: +44 (0) 20 7786 4370 Phillip Securities UK LimitedNick Bealer Tel: +44 (0) 20 7553 8281 Parkgreen CommunicationsJustine Howarth / Ana Ribeiro Tel: +44 (0) 20 7493 3713 Note to editors Mercator Gold plc ("AIM-MCR; MCRW"), which joined AIM on 8 October 2004, has ajoint venture agreement with St Barbara Mines Limited ("the Annean JointVenture") to explore for economic gold resources in the Annean Joint Venturearea in the Meekatharra region of Western Australia. Under the terms of the Annean Joint Venture, Mercator has the right to earn a70% interest in the Meekatharra properties by spending AUD$8 million (approx.GBP£3.1 million) on exploration. Mercator management has an exploration target of 2,000,000 ounces of goldcontained within four resources, each of at least 500,000 ounces within theAnnean Joint Venture area. The company has reported initial high-grade drilling results from the first twotarget areas, Bluebird and Surprise. This information is provided by RNS The company news service from the London Stock Exchange