Vancouver, BC, May 24, 2013 — Mercator Minerals Ltd (TSX: ML) (“Mercator” or the “Company”) confirms that it has scheduled its next Annual General Meeting (“AGM”) of shareholders to be held at 10:00am (Pacific) June 24, 2013 at the Rosewood Hotel Georgia at 801 Georgia Street, Vancouver, BC, Canada. The Company anticipates mailing to shareholders and filing on SEDAR the Notice of Meeting, Information Circular and Form of Proxy and Voting Instruction Form next week. Such materials will state the Company’s intention to do the following at the AGM: (i) propose that the number of directors be set at eight; (ii) nominate the eight existing directors for re-election; (iii) propose the re-appointment of KPMG LLP as auditor of the Company; and (iv) propose the ratification of the Company’s Advance Notice Policy.

In addition, the Company has received notifications from James R. Tompkins of his intention to nominate two persons for election as directors at the AGM. The Company received an initial notification on May 23, 2013, in which Mr. Tompkins expressed his intention to nominate Michael L. Surratt, a former President, Chief Executive Officer and Director (1998 to 2011) and current consultant to the Company as well as Michael D. Lindeman (described further below). The Company received further correspondence from Mr. Tompkins on May 24, 2013, in which he withdrew the nomination of Mr. Surratt, and a final notification on May 24, 2013, pursuant to which he substituted himself for Mr. Surratt as a proposed nominee. As such, the two persons that Mr. Tompkins has proposed for nomination as directors, and details of such persons, are as follows:

James R. Tompkins

• Retired


• Former employee of the Company (2003 to 2007)


• Owns less than 1% of the common shares outstanding in the Company

Michael D. Lindeman

• Transportation consultant


• Former Director (1997 to 2011) and President (1992 to 1993) of the Company


• Owns less than 1% of the common shares outstanding in the Company