Mercator Minerals Completes Acquisition of Creston Moly 

VANCOUVER, BC - Mercator Minerals Ltd. reported that it has completed the previously announced arrangement with Creston Moly Corp. pursuant to which Mercator has acquired all of the issued and outstanding shares of Creston, which is now a wholly owned subsidiary of Mercator.

Mercator is also pleased to welcome Bruce McLeod as the new President and Chief Executive Officer of Mercator. Michael Surratt will continue to work with the Company, on a consultancy basis, as technical advisor to the President and Chief Executive Officer. Mercator would also like to welcome Bruce McLeod and Colin K. Benner to the Mercator board of directors, and announce the retirement of Michael L. Surratt and Raymond R. Lee as directors of the Company. The transaction was approved by 99.3% of the eligible votes cast at the meeting of Creston shareholders, representing 63.3% of Creston's outstanding shares that were eligible to vote. Pursuant to the Plan of Arrangement, each Creston shareholder has received 0.15 of a common share of Mercator and $0.08 in cash in respect of each common share of Creston. "The addition of the world-class El Creston project to our asset portfolio establishes an attractive and continuous growth pipeline for Mercator. With Mineral Park's Phase II expansion to be completed next month, the Company can now turn its focus to the development of El Pilar in 2012 and then El Creston in 2013," said Michael Surratt. "I look forward to working with all of the Mercator employees in my role as President and CEO of Mercator" stated Bruce McLeod. "The combination of our cornerstone asset, the Mineral Park Mine along with our two development projects, creates a platform with one of the best growth profiles in our peer group."