November 5, 2008

Mercator Commences Crushing Ore at the Mineral Park Mill

VANCOUVER, Nov. 5 /PRNewswire-FirstCall/ -- Mercator Minerals Ltd. ("Mercator") is pleased announce that it has commenced crushing and stacking ore at its wholly owned Mineral Park Moly-Copper project. The following major milestones have been completed during the construction and commissioning process to date:

   -   The crushing, conveying and stacking system is up and running.   -   The 3500 hp. SAG mill motors have been run in and the SAG mill is       operational;   -   The 7500 hp Ball mill motors have been run in and both Ball mills are       operational;   -   The reagent tanks are complete and first fill reagents are in the       tanks;   -   The lime silo is complete and lime is scheduled for delivery next       week;   -   The copper filter press installation is complete;   -   The Moly filter press installation is complete;   -   The concentrate belt, sampler, scale and receiving slab are       installed;   -   The moly scale and bagger installation is complete;   -   The tailings system is complete.   

"The start up of the crushing system has gone very well, with design tonnage being surpassed within the first 10 days of start-up," said Mike Surratt, Mercator's President and CEO. "Our construction team and mill operations personnel continue to work very closely and are completing final check list on a daily basis," said Surratt.

Mercator Minerals Ltd.

Mercator is a copper producer that owns and operates the Mineral Park copper/molybdenum mine, 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

The Toronto Stock Exchange does not accept responsibility for the

adequacy or accuracy of this press release.

Mercator Minerals Ltd.

CONTACT: Marc LeBlanc, VP Corporate Development and Corporate Secretary,Tel: (604) 981-9661 or (604) 716-5582, Fax: (604) 960-9661, Email:[email protected]