Mercator Minerals Ltd. completes bought deal financing

    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/

    VANCOUVER, Sept. 17 /CNW/ - Mercator Minerals Ltd. (the "Company") (TSX -
"ML") is pleased to announce that it has closed its previously announced
bought deal offering (the "Offering") of common shares of the Company. The
underwriters, co-led by Jennings Capital Inc., and Scotia Capital Inc., and
including Blackmont Capital Inc., Haywood Securities Inc. and Acumen Capital
Finance Partners Ltd., (collectively, the "Underwriters") elected to exercise
their overallotment option in full, resulting in a total of 30,961,538 common
shares of the Company being issued by the Company for gross proceeds of
$80,500,000.
    The Company intends to use the net proceeds of the prospectus offering to
advance the Stage 2 of the Phase 4 expansion of the Mineral Park Project and
for working capital purposes.
    The securities offered have not been registered under the U.S. Securities
Act of 1933, as amended, and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities
in any State in which such offer, solicitation or sale would be unlawful.

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

    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. 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.