Pala invests in Mercator Minerals Ltd.

TORONTO, Nov. 23, 2011 /CNW/ - Pala Investments Holdings Limited ("PIHL") announced today that on June 22, 2011, PIHL acquired ownership of 4,354,500 common shares of Mercator Minerals Ltd. ("Mercator") in connection with the acquisition by Mercator of Creston Moly Corp. ("Creston") by way of plan of arrangement (the "Arrangement").  In addition, on November 21, 2011 PIHL purchased units ("Units") of Mercator by way of private placement.  Each Unit consists of one common share and one quarter of a common share purchase warrant (each a "Warrant"). PIHL acquired 1,143,014 Units comprising 1,143,014 common shares and 285,753.50 Warrants.  Collectively between the two transactions, PIHL acquired ownership of 5,497,514 common shares representing approximately 2.12% of the 258,782,175 issued and outstanding common shares of Mercator, as known by PIHL, on a non-diluted basis.

After giving effect to the acquisitions referred to above, PIHL owns and controls, directly and indirectly, a total of 43,425,014 common shares and 285,753.50 Warrants of Mercator representing approximately (i) 16.78% of the issued and outstanding shares of Mercator, as known by PIHL, on a non-diluted basis, and (ii) 16.89% of the issued and outstanding shares of Mercator, as known by PIHL, on a partially diluted basis, with such percentage including the Warrants owned and controlled by PIHL.

The consideration for each Unit acquired by private placement on November 21, 2011 was CDN$1.75. Pursuant to the Arrangement, PIHL, as a Creston shareholder, received 0.15 of a common share of Mercator and $0.08 in cash in respect of each common share of Creston held by PIHL.

PIHL's address is 12 Castle Street, St. Helier, Jersey JE2 3RT. For further information please refer to the Early Warning Report posted on SEDAR or contact Colin Murray at 011 41 41 560 9070.

About Pala

Pala Investments Holdings Limited is a US$1 billion multi-strategy investment company dedicated to investing in, and creating value across, the mining sector in both developed and emerging markets. Pala Investments' exclusive investment advisor, Pala Investments AG, has extensive experience within the mining sector. Pala Investments seeks to assist companies in which it has long-term shareholdings by providing strategic advice and innovative financing solutions. For more information, visit www.pala.com.

Certain statements in the press release are forward-looking statements and are prospective in nature, including statements with respect to Pala's future intentions regarding the securities of Mercator that it owns. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Such forward-looking statements should therefore be construed in light of such factors, and Pala is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Pala Investments Holdings Limited

For further information:

Colin Murray at 011 41 41 560 9070

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Pala Investments Holdings Limited

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