Mercator Reports First Quarter Results and Provides Construction Update

KINGMAN, AZ, May. 14 /PRNewswire/ --

KINGMAN, AZ, May 14 /PRNewswire-FirstCall/ - Mercator Minerals Ltd. today announced operating income for the quarter was $3,600,255 or $0.05 per share, compared with $3,724,728 or $0.05 per share for the corresponding period in 2007. Earnings before interest, taxes, depreciation and amortization ("EBITDA") for the quarter were $3.32 million compared to $2.33 million for the corresponding quarter in 2007.

For the first quarter of 2008, copper production totaled 2.4 million pounds, and with warmer weather a new monthly production record was set at 1.1 million pounds produced in April. Construction continues with significant progress: the bulk of the concrete work is complete with mechanical installation in full swing, and a majority of the equipment is on site including three of the four ball mill shells. The final shell is in Arizona and is due to arrive shortly. The ball mill foundations are complete.

Additionally, during period, bull gear alignment commenced and the north and south reclaim tunnels mechanical installation commenced. The main stacker support pier construction and concentrate thickener foundation work was completed with steel tank erection is underway. Four of five rougher flotation tanks were set, with operating mechanisms installation underway. Structural steel installation of the copper cleaner flotation cells was completed with all cells in place.

The foundation and motor base for Ball mill number 4 were completed, with the MCC building construction in progress. The MCC foundation for the flotation building was completed during the quarter, with the flotation area pump bases 80% complete. The tower Mill installation, the lime silo, the tailings drop box and pressure reducing station site prep were also completed,

Subsequent to the end of the period, the tower crane was certified for operation and the crusher area excavation was complete and the foundation work commenced. Blockwork on the MCC building was completed.

Currently, the moly cells and the reclaim conveyors are in the process of being set, and the crusher foundations are due to be poured shortly. The water system upgrade is currently underway and due to be completed shortly, with the expansion project on track for a late summer mill start up.

"Mercator continues its aggressive growth strategy, with strong SX/EW copper production at its existing Mineral Park operations providing strong cash flow, and construction of the Phase 4 copper-molybdenum milling operation on track for a late summer mill start up," said Michael L. Surratt, President and CEO.

Financial Highlights for the Three Months ended March 31, 2008 - Revenues from copper sales and sale of landscaping materials for the three month period ended March 31, 2008 of $7,737,294 compared to $7,625,546 for the corresponding period in 2007; - Earnings before interest, taxes, depreciation and amortization ("EBITDA") for the period was $3.32 million compared to $2.33 million for the corresponding quarter in 2007; - Copper production of 2,472,688 pounds for the three month period ended March 31, 2008, compared to the 2,638,210 pounds for the quarter ended March 31, 2007, maintaining a steady level of copper production established during the last half of 2006, while continuing the construction of the Phase 4 expansion at Mineral Park, the Company; - Continued cash flow from operations during the construction of the Phase 4 expansion; - Operating Income for the quarter was $3,600,255 or $0.05 per share, compared with $3,724,728 or $0.05 per share for the corresponding period in 2007; - Net loss for the three month period ended March 31, 2008 (during the construction of the Phase 4 expansion) of $1,091,244 compared to a net loss of $4,596,790 for the corresponding period in 2007. - Average realized price for copper sales during the period was $3.06 per pound compared to $2.84 per pound for the corresponding period in 2007.

All financial information contained herein should be read in conjunction with the Company's Management Discussion and Analysis and unaudited financial statements for the period ended March 31, 2008 and the Management Discussion and Analysis and Audited consolidated financial statements for the years ended December 31, 2007 and 2006 and related notes thereto available under the Company's profile on www.sedar.com.

Mercator Minerals Ltd.

Mercator is a copper producer that owns and operates the Mineral Park copper/molybdenum mine in Arizona, with a corporate strategy focused on maximizing the production potential of the Mineral Park copper-molybdenum deposit and growing through mergers and acquisitions. Mercator is in an advanced stage of construction of the molybdenum-copper expansion at Mineral Park. At full capacity, the Mineral Park mine average annual production during the first 10 years is forecast to be approximately 56.4 million pounds of copper, 10.3 million pounds of molybdenum and 0.6 million ounces of silver.

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

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, 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 www.sedar.com.

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

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