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VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/10/13 -- (All US$ unless otherwise specified)

Mercator Minerals Ltd. (TSX: ML) ("Mercator" or the "Company") today announced its financial results for the three months ended March 31, 2013. For the first quarter 2013, the Company reported revenues of $54.5 million, a gross profit of $0.5 million, and a net income of $1.8 million ($0.01 per share, basic) or an adjusted net loss(i) after excluding non-cash items of $9.0 million ($0.03 per share). Cash flow used by operations, before non-cash working capital changes, was $3.1 million. As at March 31, 2013, the Company had $25.6 million in cash and restricted cash on hand.

"The optimizations made late in the first quarter on the grinding circuit along with enhanced ore blending options, including the de-watering the Ithaca portion of the mine, provide us confidence that we are positioned to meet our 2013 production goals. Further, with the forecasted production increases through the balance of 2013, we also expect an associated decrease in unit costs," commented Bruce McLeod, Mercator's President and CEO. "Throughout the Company, we remain focused on increasing production, lowering unit costs and eliminating discretionary spending to ensure we remain competitive in these volatile markets."

FIRST QUARTER 2013 HIGHLIGHTS AND SIGNIFICANT ITEMS

--  Production for the period was 20.4 million copper equivalent(ii) pounds,    comprised of 9.1 million pounds of copper in concentrate and copper    cathode, 2.4 million pounds of molybdenum, and 152,130 ounces of silver.--  Copper and molybdenum shipments were 7.9 million pounds and 2.3 million    pounds, respectively. Copper shipments were less than production during    the quarter due to a 0.8 million pound build-up of inventory levels at    the end of March 2013, the balance of which was shipped in April 2013.--  Recoveries were 82.5% and 82.3%, respectively, for copper in    concentrates and molybdenum in concentrates, the fourth consecutive    quarter that recoveries were over design rates.--  Average throughput was 42,738 tons per day ("tpd"), due to mining in    harder ore sections of the pit and extra scheduled maintenance downtime.    Since March 21, 2013, when optimizations to the grinding circuit were    made, to May 9, 2013, average throughput rates have been 50,000 tpd, or    an increase of 22% when compared to the period January 1 to March 20,    2013.--  Due to low production levels, cash costs(i), on a co-product accounting    basis, were $2.72 per pound of total copper produced and $11.08 per    pound of molybdenum produced.--  As at March 31, 2013, working capital deficit was $3.7 million, but was    a positive $9.4 million after excluding non-cash current liabilities    related to the Company's hedging program and deferred revenue.--  Administration expenses, excluding non-cash stock based compensation    expense, were $1.5 million or 35% lower than the same quarter a year    ago.

---------------------------------------------------------------------------                                                               Three months                                                             ended March 31,                                                          -----------------$ millions unless otherwise noted                            2013      2012---------------------------------------------------------------------------Revenues                                                     54.5      65.2---------------------------------------------------------------------------Gross profit                                                  0.5      14.0---------------------------------------------------------------------------Net income (loss)                                             1.8     (20.5)Earnings (loss) per share, basic                            $0.01    $(0.08)---------------------------------------------------------------------------Adjusted net income(i)                                       (9.0)      1.5Adjusted earnings per share(i), basic                      $(0.03)    $0.01---------------------------------------------------------------------------Cash flow from operations, before non-cash working capital changes                                                     (3.1)      7.1---------------------------------------------------------------------------Shipments (million pounds)  Copper                                                      7.9       7.9  Molybdenum                                                  2.3       2.3---------------------------------------------------------------------------Production (million pounds)  Copper                                                      9.1       9.9  Molybdenum                                                  2.4       2.3  Copper equivalent(ii)                                      20.4      20.4---------------------------------------------------------------------------Throughput (tons per day)                                  42,738    48,666---------------------------------------------------------------------------Recoveries (%)  Copper                                                     82.5      72.6  Molybdenum                                                 82.3      70.9---------------------------------------------------------------------------On-site operating costs ($/ton milled)                      11.17      9.19---------------------------------------------------------------------------Cash costs(i) on a co-product basis ($/lb)  Copper                                                     2.72      2.31  Molybdenum                                                11.08     11.75---------------------------------------------------------------------------Average realized prices ($/lb)  Copper (excluding hedges)                                  3.58      4.08  Molybdenum                                                11.04     13.91---------------------------------------------------------------------------