Mr. D. Bruce McLeod reports

MERCATOR MINERALS REPORTS SECOND QUARTER 2014 PRODUCTION RESULTS

Production for the three months ended June 30, 2014, from Mercator Minerals Ltd.'s wholly owned Mineral Park mine was 19.4 million pounds of copper equivalent, comprising 8.8 million pounds of copper in concentrates and cathode copper, 2.6 million pounds of molybdenum, and 116,000 ounces of silver.

                  SECOND QUARTER 2014 OPERATING DETAILS

Production                                             Q2 2014     YTD 2014

Copper in concentrate (million lb)                         8.2         14.9
Cathode copper (million lb)                                0.6          1.1
Total copper (million lb)                                  8.8         16.0
Molybdenum in concentrate (million lb)                     2.6          4.7
Silver (000 oz)                                          116.0        205.1
Copper equivalent (million lb)                            19.4         35.6
Mine (millions)
Total tons mined                                           7.7         13.4
Ore tons mined                                             3.8          6.8
Leach tons mined                                           0.6          1.5
Low-grade tons mined                                       0.1          0.3
Waste tons mined                                           3.2          4.8
Mill
Tons processed (millions)                                  3.8          7.0
Tons processed per day (tpd)                            41,601       38,808
Ore grind index (kwh/t)                                   13.6         13.6
Copper grade (%)                                         0.135        0.132
Molybdenum grade (%)                                     0.045        0.043
Silver grade (oz/t)                                      0.044        0.044
Recoveries (%)
Copper                                                    80.4         80.1
Molybdenum                                                75.2         78.4
Silver                                                    70.4         67.1
Concentrates
Copper concentrates (dry tons)                          21,495       37,426
Copper (%)                                                19.1         19.9
Silver (oz/t)                                              5.4          5.5
Molybdenum concentrates (dry million lb)                   5.1          9.7
Molybdenum (%)                                            49.8         48.7

D. Bruce McLeod, president and chief executive officer of Mercator, commented: "Since receipt [of] the bridge loan proceeds in late December, 2013, improved working capital levels have allowed operations at Mineral Park to return toward normalized levels. We exited the second quarter 2014 with significantly higher operating rates in both our mining and milling operations, which has resulted in higher metal production. At current metal prices, Mineral Park is generating positive operating cash flows, while also reducing trade payables to the lowest levels since mill expansion commenced."

Second quarter 2014 operating highlights

• Total tons mined of 7.7 million in second quarter 2014 were 35 per cent higher than in first quarter 2014 and 7 per cent higher than in second quarter 2013. June, 2014, tons mined were 2.4 million tons or 40 per cent higher than in January, 2014, when the initial proceeds of the bridge loan from Daselina Investments Ltd. were deployed (see Dec. 23, 2013, press release). The higher mining rate is primarily attributed to improved equipment availability, improved spare parts inventory levels and several productivity initiatives under way (including continued blasting optimizations).
• Recoveries of 80.4 per cent and 75.2 per cent, for copper and molybdenum, respectively, continue to be above mill design rates.
• Average mill throughput in the quarter was 41,601 tons per day, with June, 2014, mill throughput rates of 43,217 tons per day (despite both SAG mills having taken downtime to be relined during the month), or 38 per cent higher than in January, 2014. The increased throughput was achieved despite the harder than expected ore mined, which had an average ore grind index of 13.6 kilowatt-hours per ton, or 15 per cent harder when compared with second quarter 2013. Initiatives under way have increased throughput rates include grinding circuit optimizations and an on-site contract pebble crusher.
• Total copper production in second quarter 2014 was 8.8 million pounds and was 23 per cent higher than in first quarter 2014, with June, 2014, total copper production of 3.6 million pounds (an improvement of 87 per cent over January, 2014, production). Molybdenum production in second quarter 2014 was 2.6 million pounds and was 18 per cent higher than in first quarter 2014, with June, 2014, molybdenum production of 900,000 pounds (an improvement of 30 per cent over January, 2014, production).

Second quarter 2014 financial results

The company expects to release its second quarter 2014 financial results on Aug. 14, 2014 (after market hours).

All references to copper equivalent production are calculated using a molybdenum/copper ratio of 4.15, based on the company's estimated 2014 beginning of year metals prices (includes adjustments for copper forward sales program).

Quality assurance/quality control

Gary Simmerman, BSc, mining, Eng, FAusIMM, a consultant to the company and a qualified person as defined by National Instrument 43-101, supervised the preparation of and verified the technical information contained in this news release.

We seek Safe Harbor.