Mr. D. Bruce McLeod reports

MERCATOR MINERALS REPORTS FOURTH QUARTER AND YEAR END 2013 RESULTS

Mercator Minerals Ltd. has released its financial results for the three months and year ended Dec. 31, 2013. For 2013 the company reported revenues of $215.3-million, an operating loss of $17.3-million before the $167.8-million asset impairment charge (i) for the Mineral Park mine and El Creston project taken during the year, and a net loss of $152.8-million (loss of 48 cents per share, basic) or an adjusted net loss (i) of $37.1-million (12 cents per share). Included in the net loss is the $167.8-million (or 53 cents per share) non-cash asset impairment charges on the Mineral Park mine and the El Creston project taken during the year. Cash flow used in operations was $6.7-million in 2013. For the fourth quarter of 2013, the company reported revenues of $47.2-million, with an operating loss of $5.6-million and a net loss of $11.5-million (three cents per share, basic) or an adjusted net loss (i) of $9.5-million (three cents per share). Cash flow used in operations was $3.6-million in the fourth quarter of 2013.

"Since receipt of the bridge loan proceeds in late December, 2013, improved working capital levels have allowed operations at Mineral Park to gradually return to normalized levels, with mill throughput rates having increased by an average of 25 per cent, and mining rates having increased by approximately 36 per cent, to where we are achieving improved metal production and lower unit costs," stated D. Bruce McLeod, president and chief executive officer of Mercator. "Our recent operational success would not have been possible without the financial support of the shareholders of Intergeo, and it reinforces the compelling rationale behind the proposed business combination with Intergeo. The combination with Intergeo will allow us to execute on our plan to transform Mineral Park into a sustainable, free-cash-flow-generating mine while also allowing us to advance the development of the attractive El Pilar copper project and the world-class Ak-Sug copper project. We look forward to completing our business combination with Intergeo and advancing that plan."

Fourth quarter 2013 highlights and significant items

On Dec. 12, 2013, the company announced the following:

• A proposed business combination by way of plan of arrangement with Intergeo MMC Ltd. to create a new copper-focused base metals company with a robust growth pipeline and strong financial backing. Included in the transaction, Daselina Investments Ltd., Intergeo's largest shareholder, has agreed to invest $100-million (which includes the proceeds from the bridge loan) through private placement to support the growth of the proposed combined company;
• Mineral Park Inc. (MPI) entered into a bridge loan credit agreement pursuant to which Daselina will advance up to $14-million to help stabilize operations at MPI;
• MPI entered into an amended and restated credit agreement with its lenders that will become effective upon completion of the transaction. The amended and restated credit agreement is expected to provide enhanced financial flexibility for the company.

Fourth quarter 2013 operational results:

• Production totalling 18.5 million copper equivalent (ii) pounds, comprising 8.7 million pounds of copper in concentrates and cathode, and 2.1 million pounds of molybdenum;
• Recoveries of 77.8 per cent and 81.9 per cent, for copper and molybdenum, respectively;
• Average throughput of 37,093 tonnes per day (tpd), at an average ore grind index of 13.4 kilowatt-hours per tonne (kwh/t);
• Production was negatively impacted by a number of operating and financial constraints (see Mineral Park mine discussion), which resulted in lower equipment availability and lower working capital levels. Throughput rates and production levels are gradually returning to normalized levels with the proceeds from the bridge loan received in late December, 2013.

                                  OVERVIEW

                                       Three months ended       Year ended
                                               Dec. 31,          Dec. 31,
$ millions unless otherwise noted           2013     2012     2013     2012

Revenues                                   $47.2    $77.6   $215.3   $262.6
Operating (loss)/profit before asset                                       
impairment charges (i)                      (5.6)    10.6    (17.3)    24.7
Asset impairment (charges)                     -   (119.8)  (167.8)  (119.8)
Net (loss)                                 (11.5)  (115.2)  (152.8)  (128.7)
(Loss) per share (basic)                  $(0.03)  $(0.44)  $(0.48)  $(0.48)
Adjusted net (loss)/profit (i)              (9.5)     4.4    (37.1)    (1.2)
Adjusted (loss)/profit per share (i)                                       
(basic)                                   $(0.03)   $0.02   $(0.12)     nil
(Cash flow used) in operations              (3.6)    (6.7)    (6.7)    (5.4)
Production (million pounds)                                                
Copper                                       8.7     10.9     37.5     40.9
Molybdenum                                   2.1      2.9      9.4     10.3
Copper equivalent (ii)                      18.5     23.8     81.2     87.5
Total tonnes mined (millions)                4.8      7.4     24.9     29.5
Throughput (tonnes per day)               37,093   44,978   40,637   45,570
Recoveries (per cent)                                                      
Copper                                      77.8     83.1     80.4     79.9
Molybdenum                                  81.9     85.5     80.6     79.5
On-site operating costs ($/tonne milled)   11.67    10.83    11.09    10.29
Cash costs (i) on a co-product basis                                       
($/pound)                                                                  
Copper                                      3.11     2.56     2.86     2.48
Molybdenum                                 10.18     9.52    10.16    10.37
Average realized prices ($/pound)                                          
Copper (excluding hedges)                   3.25     3.52     3.28     3.64
Molybdenum                                  9.80    11.35    10.27    12.21
Shipments (million pounds)                                                 
Copper                                       8.2     12.7     35.9     36.9
Molybdenum                                   2.1      2.8      9.2     10.2

Comparing fourth quarter 2013 with fourth quarter 2012

Revenues were 39 per cent lower in fourth quarter 2013 than in fourth quarter 2012, primarily due to lower metal prices (copper and molybdenum prices realized were 8 per cent and 14 per cent lower, respectively) and lower shipment volumes (copper and molybdenum shipments were 35 per cent and 25 per cent lower, respectively). The lower realized prices were consistent with lower benchmark prices, while the lower shipment volumes were a result of lower production volumes. On-site operating costs were 8 per cent higher in fourth quarter 2013 than in fourth quarter 2012, which, when combined with lower production volumes, resulted in cash costs (i) of production, on a co-product accounting basis, being 21 per cent higher for copper and 7 per cent higher for molybdenum. The higher costs were primarily a result of lower throughput rates, operating challenges and financial constraints experienced in fourth quarter 2013. During fourth quarter 2013, production was impacted by financial constraints causing suboptimal operating conditions and mining primarily in harder ore sections of the pit, all of which resulted in lower average throughput and lower recovery rates when comparing fourth quarter 2013 with fourth quarter 2012 (see Mineral Park mine discussion). As a result of the above-noted operating factors and market conditions, the operating loss was $5.6-million in fourth quarter 2013, as compared with operating income before the El Creston impairment charge (i) of $10.6-million in fourth quarter 2012.

Mineral Park mine

For fourth quarter 2013, Mineral Park mine produced 8.7 million pounds of copper in concentrates and copper cathode, and 2.1 million pounds of molybdenum in concentrates. Production during fourth quarter 2013 at Mineral Park was impacted by a number of factors including, but not limited to, mining through harder sections of the mineral deposit and financial constraints, which resulted in lower equipment availability, all of which lowered throughput rates by 18 per cent to 37,093 tpd in fourth quarter 2013 when compared with fourth quarter 2012. The harder ore and other factors discussed herein also affected metal recovery rates, which were 77.8 per cent and 81.9 per cent for copper and molybdenum, respectively, or 6 per cent and 4 per cent, respectively, lower than in fourth quarter 2012. Mill design rates for copper and molybdenum recovery are 80 per cent and 75 per cent, respectively. Offsetting in part the lower production were higher ore grades mined; copper and molybdenum grades mined in fourth quarter 2013 were 0.15 per cent and 0.038 per cent, respectively.

Given the financial constraints at Mineral Park, significant emphasis in the quarter was placed on prudently managing working capital levels. Lower working capital levels negatively impacted production levels in fourth quarter 2013 as the focus had been to pay suppliers in a timely manner and to lower spare part inventory levels. The lower spare part inventory levels caused increased downtime due to lower mining and milling equipment availability, and lower levels of grinding media, reagents and blasting materials available.

Since receiving funds from the bridge loan in late December, 2013, throughput rates, equipment availability and production levels are gradually returning to normalized levels as have working capital levels, with trade account payables as at Dec. 31, 2013, at their lowest level since the completion of the phase II expansion in fourth quarter 2011.

Intergeo transaction

As announced on Dec. 12, 2013, Mercator entered into an arrangement agreement with Intergeo that will effect a business combination to create a copper-focused base metals company with a robust growth profile and strong financial support. As part of the transaction, Daselina has also agreed to invest $100-million by way of a private placement in the new combined company, which is to be called Intergeo Mining Ltd. Also on Dec. 12, 2013, Mercator announced that Daselina has agreed to provide a bridge loan of up to $14-million to MPI, and MPI's lenders have agreed to an amended and restated credit facility enhancing the company's financial flexibility.

Since the announcement of the arrangement, an information circular outlining the full details of the transaction and the voting instructions related thereto, together with the form of proxy and letter of transmittal, was mailed to Mercator shareholders of record as at Feb. 25, 2013. The meeting materials are available on SEDAR and on the company's website. Shareholders are encouraged to vote in person or by proxy at the special shareholders meeting scheduled for April 7, 2014, at 10 a.m. (Vancouver time) in Vancouver, B.C. To be effective, the arrangement must be approved by a special resolution passed by at least 66-2/3rds per cent of the votes cast by the shareholders present in person or represented by proxy at the meeting. The arrangement is also subject to the approval of the Supreme Court of British Columbia, applicable regulatory approvals and certain other conditions.

Mercator's board of directors unanimously supports the arrangement and recommends that shareholders vote in favour of the special resolution.

Due to the continuing nature of the Intergeo transaction, management will not be hosting a webcast/conference call to discuss 2013 operating and financial results.

Financial statements, and management discussion and analysis

This news release is prepared as at March 31, 2014, and should be read in conjunction with the annual information form, management discussion and analysis, and audited financial statements for the year ended Dec. 31, 2013. These documents have been posted on Mercator's website and on SEDAR.

(i) Alternative performance measures

This press release refers to cash costs, adjusted net income (loss) and operating profit before asset impairment charges, which are not performance measures recognized as having a standardized meaning under IFRS (international financial reporting standards). The company discloses these performance measures, which have been derived from the financial statements on a consistent basis, because the company believes they are of assistance in understanding the results of Mercator's operations and financial position, and are meant to provide further information about the company's financial results to the investors. These performance measures may not be comparable with similar data presented by other mining companies. This information should not be considered in isolation or as a substitute for measure of performance prepared in accordance with IFRS. Readers should refer to the alternative performance measures section in the Dec. 31, 2013, MD&A for additional information.

(ii) References to copper equivalent production

Copper equivalent production for 2012 is calculated using a molybdenum/copper ratio of 4.53, based on the company's beginning-of-year-estimated 2012 metals prices, including adjustments for copper hedging. Copper equivalent production for 2013 is calculated using a molybdenum/copper ratio of 4.65, based on the company's beginning-of-year-estimated 2013 metals prices, including adjustments for copper hedging.

Quality assurance/quality control

The technical information contained in this news release has been prepared under the supervision of, and its disclosure has been reviewed by, Gary Simmerman, BSC, mining engineer, FAusIMM, consultant to Mercator, who has been deemed to be a qualified person under National Instrument 43-101.

National Instrument 43-101 compliance

Unless otherwise indicated, Mercator has prepared the technical information in this news release based on information contained in the current technical reports, annual information form, news releases, material change reports, and quarterly and annual consolidated financial statements, and management discussion and analysis, available under Mercator Minerals' company profile on SEDAR. Each disclosure document was prepared by or under the supervision of a qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administration. Readers are encouraged to review the full text of the disclosure documents, which qualify the technical information. Readers are advised that mineral resources that are not mineral reserves do not have demonstrated economic viability. The disclosure documents are each intended to be read as a whole, and sections should not be read or relied upon out of context. The technical information is subject to the assumptions and qualifications contained in the disclosure documents.

We seek Safe Harbor.