Mercator Minerals Closes Bought Deal Financing

    IN THE U.S./


    VANCOUVER, Jan. 29 /CNW/ - Mercator Minerals Ltd. ("Mercator") is pleased
to announce that it has closed its previously announced "bought deal"
financing. Mercator has sold to a syndicate of underwriters, 33,349,425 units
(each a "Unit"), of which 4,349,925 Units were issued pursuant to the exercise
in full of the over-allotment option granted to the underwriters, to raise
gross proceeds of $23.3 million. Each Unit was comprised of one common share
(the "Common Shares") and one-half of one common share purchase warrant (the
"Warrants"). Each Warrant entitles the holder to purchase one additional
Common Share of the Company at a price of C$1.00 per share for four years
after closing. The syndicate of underwriters was led by Blackmont Capital Inc.
and included Acumen Capital Finance Partners Limited, Jennings Capital Inc.
and Scotia Capital Inc.
    The Warrants are listed on the Toronto Stock Exchange under the symbol
ML.WT.A. Together with the Company's currently outstanding Common Shares, the
Common Shares issued on the financing will also commence trading today on the
Toronto Stock Exchange under the symbol ML.

    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


    Per: "Michael L. Surratt"

    Michael L. Surratt,

    The securities offered will not be and have not been registered under the
United States Securities Act of 1933, as amended, or the securities laws of
any state of the United States, and may not be offered or sold in the United
States absent registration or an applicable exemption from registration
requirements. This press release shall not constitute an offer to sell or
solicitation of an offer to buy the securities in any jurisdiction.
    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, the completion of
the transaction, the ability to obtain regulatory approval, 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, 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, 2007 on the SEDAR website

    The Toronto Stock Exchange does not accept responsibility for the
    adequacy or accuracy of this press release.

For further information:

For further information: Marc LeBlanc, VP Corporate Development and
Corporate Secretary, Tel: (604) 981-9661 or (604) 716-5582, Fax: (604)
960-9661, Email:

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Mercator Minerals Ltd.

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