Mercator Minerals Ltd. ("Mercator" or the "Company") is pleased to announce that during the second quarter of 2009 the Mineral Park Mine shipped 9,091,708 pounds of copper, 418,987 pounds of molybdenum and 56,441 ounces of silver. The Company also generated in excess of US$5.7 million (unaudited) in earnings before interest, taxes, depreciation and amortization ("EBITDA")*on a consolidated basis, well above the US$3.4 million required under the Note Indenture. Additionally, the Company reports that it has made the June 30 interest payment on the Secured Notes issued in 2007, on time and as required. "This was the first full quarter of production through the recently constructed mill facility at Mineral Park and although we were still making significant modifications to the circuit and going through typical start up issues the production and cash flow during the period were impressive", said Mike Surratt, President and CEO.

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    Key points for the quarter:

    -  7,867,241 pounds of copper in concentrates shipped;
    -  1,224,467 pounds of cathode copper shipped;
    -  418,987 pounds of Molybdenum  in concentrates shipped;
    -  56,441 ounces  of Silver shipped;
    -  Mined 1,841,181 tons of mill ore; 698,258 tons of leach ore; 150,858
       tons of low grade stock pile;
    -  Strip ratio 0.43 (slightly higher than forecast due to advance
       stripping in a shale area to prevent slides in the pit);
    -  1,794,329 tons milled @ 0.275% Cu and 0.026 % Mo;
    -  Copper recoveries prior to the modifications completed in early June
       were 72% increasing to 77%, thereafter, compared to the target  of 80%
    -  Moly recoveries prior to the modifications completed in early June
       were 42%, increasing to  69%, thereafter, compared to the target of
       72%;
    -  20,292 pounds of moly shipped during the first 10 days in June, with
       144,367 pounds of moly shipped from June 11th to the 30th;
    -  Major modifications, include; rougher down draft tube extensions,
       redesigned Quinn moly cells, conditioning tank re-plumbing, reduced
       SAG mill discharge grate opening size, modified dart boxes on copper-
       moly feed cleaner cells, replaced tails thickener drive mechanism,
       recycle moly thickener into copper-moly thickener, added nitrogen
       system to moly rougher circuit, constructed dry nash mixing system,
       added moly column cell.
    -  Mill availability of 88.8%, compared to target of 90%;
    -  No lost time accidents year to date with a total of 214 employees.
    >>

Stage 2 work continued, with the setting of the second SAG mill into the bearings and the start of the electrical runs to the second SAG mill. Other Stage 2 work completed to date includes the pouring of the bases for the second set of ball mills, reclaim tunnel completed, concrete for second SAG mill completed, support steel for second SAG mill complete, second stage tailings thickener tank complete, copper moly cleaner circuit complete, water wells drilled.

"Most of the major modifications are complete with fine tuning of the circuit an ongoing process. The first column moly cell had some impressive results and a second is under construction for the moly and will also be tested on the copper side. As our operating crews get more familiar with the ore and plant we expect to keep improving and are looking forward to an even better third quarter", added Surratt.

Gary Simmerman, BSc, Mercator's VP Engineering, a Qualified Person as defined by NI43-101, supervised the preparation of and verified the technical information contained in this release.

Mercator Minerals Ltd.

Mercator Minerals Ltd. is a TSX listed mining company with an experienced management team that has brought the mill expansion at the Mineral Park Mine, one of the largest and most modern copper-moly mining-milling operations in North America to production in less than 2 years. Mercator management is dedicated to maximizing profits by making its Mineral Park Mine one of the lowest cost operations in the industry.

<< On Behalf of the Board of Directors MERCATOR MINERALS LTD. Per: "Michael L. Surratt" Michael L. Surratt, President >>

*The reporting of EBITDA is a non-GAAP measure which the Company believes is used by certain investors to determine the Company's ability to generate cash flows for investing and other activities. These non-GAAP measures do not have any standardized meaning prescribed under Canadian GAAP, and therefore they may not be comparable to similar measures employed by other companies.

This press release contains certain forward-looking statements, which include estimates, forecasts, and statements as to management's expectations with respect to, among other things, the size and quality of the Company's mineral reserves and mineral resources, future production, capital and mine production costs, demand and market outlook for commodities, and the financial results of the Company. These forward-looking statements involve numerous assumptions, risks and uncertainties and actual results may vary. Factors that may cause actual results to vary include, but are not limited to, certain transactions, certain approvals, changes in commodity and power prices, changes in interest and currency exchange rates, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources), unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications, cost escalation, unavailability of materials and equipment, delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), political risk, social unrest, and changes in general economic conditions or conditions in the financial markets. These risks are described in more detail in the Annual Information Form of the Company. The Company does not assume the obligation to revise or update these forward-looking statements after the date of this report or to revise them to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws. For a more complete discussion, please refer to the Company's audited financial statements and MD&A for the year ended December 31, 2008 on the SEDAR website at www.sedar.com.

<< The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. >>

SOURCE: Mercator Minerals Ltd.

Marc LeBlanc, VP Corporate Development and Corporate Secretary, Tel: (604) 981-9661 or (604) 716-5582, Fax: (604) 960-9661, Email: mleblanc@mercatorminerals.com