Mr. Marc LeBlanc reports

STINGRAY COPPER INC. INITIATES SALE PROCESS TO DIVEST THE EL PILAR COPPER DEVELOPMENT PROJECT

Stingray Copper Inc., a wholly owned subsidiary of Mercator Minerals Ltd., has initiated a sale process to divest of its El Pilar copper development project.

The El Pilar project is an oxide copper development project located in Sonora, Mexico. All of the permits required to commence the construction have been received. A feasibility study was prepared for Mercator in accordance with National Instrument 43-101 on the El Pilar project and was filed on Oct. 18, 2012, on SEDAR under the Mercator company profile.

Stingray and its wholly owned subsidiaries have negotiated a mutually acceptable forbearance arrangement with their creditor, RMB Australia Holdings Ltd., to allow Stingray to complete the sale process. In addition, Stingray and its wholly owned subsidiaries have also negotiated a financing agreement with RMB that will allow them to continue normal course business at El Pilar during the sale process.

Stingray and its subsidiaries are not part of proceedings involving Mercator under the Bankruptcy and Insolvency Act (Canada).

It is the current intention of Stingray not to disclose developments with respect to the sale process until a specific transaction has been approved or otherwise determines that disclosure is necessary or appropriate. Stingray cautions that there are no assurances or guarantees that the sale process will result in a transaction or, if a transaction is undertaken, the terms or timing of such a transaction.

RBC Capital Markets has been engaged as financial adviser to conduct the sale process, and Deloitte Corporate Finance Inc. has been engaged as strategic adviser to Stingray.