<<

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR

DISSEMINATION IN THE UNITED STATES/

>>

VANCOUVER, April 15 /CNW/ - Mercator Minerals Ltd. (the "Company") (TSX -

"ML") is pleased to announce that it has entered into an agreement with a

syndicate of underwriters led by Jennings Capital Inc., and including Scotia

Capital Inc., Blackmont Capital Inc., Haywood Securities Inc. and Acumen

Capital Finance Partners Ltd., which have agreed to purchase, on a bought deal

basis 30,434,783 common shares of the Company at a purchase price of Cdn.$1.15

per common share, for aggregate gross proceeds of Cdn.$35 million. The

Underwriters shall have the option, exercisable within 30 days following the

Closing Date, to acquire up to an additional 4,565,217 Common Shares of the

Company, for additional aggregate gross proceeds to the Company of

Cdn.$5,250,000.

The common shares to be issued under this offering will be offered by way

of a short form prospectus in British Columbia, Alberta, Saskatchewan,

Manitoba, Ontario and Nova Scotia in Canada and in the United States on a

private placement basis pursuant to an exemption from the registration

requirements of the United States Securities Act of 1933, as amended.

The Company intends to use the net proceeds of the prospectus offering

for working capital purposes including the June 30, 2009 interest payment.

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 securities offered will not be and have not been registered under the

United States Securities Act of 1933, as amended, or the securities laws of

any state of the United States, and may not be offered or sold in the United

States absent registration or an applicable exemption from registration

requirements. This press release shall not constitute an offer to sell or

solicitation of an offer to buy the securities in any jurisdiction.

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 use of proceeds, the completion of

the transaction, the ability to obtain regulatory approval, 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, 2007 on the SEDAR website

at