Mercator and Creston Announce Friendly Business Combination to Create a Significant Copper-Moly Company With an Industry-Leading Growth Profile

VANCOUVER, April 12, 2011 - Mercator Minerals Ltd. (TSX: ML) ("Mercator") and Creston Moly Corp.
(TSXV: CMS) ("Creston") are pleased to announce that they have entered into a
definitive arrangement agreement pursuant to which Mercator will acquire all
the outstanding common shares of Creston by way of a plan of arrangement.

Under the plan of arrangement, shareholders of Creston will receive 0.15
of a common share of Mercator and C$0.08 in cash, in respect of each common
share of Creston. This represents an implied premium of 43% and 40% based on
each company's closing price and 20-day volume weighted average share price,
respectively, as at April 8, 2011 (the last full day of trading for Creston
prior to announcement). The proposed transaction values Creston at
approximately C$195 million.

The board of directors and management of the combined company will draw
from the expertise of both companies. Mr. Gavin Thomas will continue as
Non-Executive Chairman. Mr. Bruce McLeod (current President and CEO of
Creston) will become President and CEO of the combined company. Mr. Michael
Surratt (current President and CEO of Mercator) will continue to work with
the combined company, on a consultancy basis, as Technical Advisor to the
President and CEO. Mr. Mark Distler will continue in his current role as CFO
of the combined company. The combined board of directors will be comprised of
Gavin Thomas (Non-Executive Chairman), Bruce McLeod (President and CEO),
Colin K. Benner, Joseph Keane, Stephen Quin, Robert Quinn, Ron Vankoughnett
and one additional independent director to be appointed at a future date.

Creston owns a 100% interest in El Creston, an advanced development-stage
moly-copper project located in Sonora, Mexico. El Creston has a Measured and
Indicated resource of 336 million pounds of molybdenum and 281 million pounds
of copper which will increase Mercator's Measured and Indicated molybdenum
resource by 85% to 732 million pounds (141% and 956 million pounds including
Creston's Moly Brook and Ajax projects) and its Measured and Indicated copper
equivalent resource by 38% to 7,781 million pounds (62% and 9,098 million
pounds including Creston's Moly Brook and Ajax projects). Creston recently
completed a preliminary economic assessment on the El Creston project which
indicated robust economics based on a molybdenum and copper price of
US$15.00/lb and US$2.60/lb, respectively (vs. current spot molybdenum and
copper prices of US$17.10/lb and US$4.38/lb). The project is expected to
generate average annual production of approximately 24 million pounds of
molybdenum and approximately 16 million pounds of copper over a 13 year mine
life. The preliminary economic assessment indicated an after-tax NPV8% of
over US$560 million and an IRR of approximately 22%.

Mr. Michael Surratt, current President and CEO of Mercator, stated: "By
adding a world-class development asset like El Creston to our portfolio, we
are establishing an attractive and continuous growth pipeline commencing with
the Phase II Expansion at Mineral Park in July 2011, followed by the
development of El Pilar in 2012 and then El Creston in 2013. We see this as a
significant first step towards creating a strong intermediate base metals
company with an attractive growth profile. Bruce McLeod is well known to the
capital markets and has a proven track record of creating shareholder value.
I am excited that he has agreed to take the combined company to the next
stage in its evolution."

Mr. Bruce McLeod, current President and CEO of Creston, stated: "The
proposed transaction delivers an immediate and significant premium to our
shareholders. Moreover, it provides our shareholders with the opportunity to
participate in the enormous growth potential of the combined portfolio of
producing and development assets. This transaction will create a significant
copper-moly company with an industry-leading growth profile and the
management resources, capital markets profile and access to capital necessary
to realize on the full potential of its portfolio. I am excited by the
prospects we have ahead of us and I look forward to continuing to create
shareholder value for the combined shareholder base in my new role."

The board of directors of Mercator would like to recognize and express
its gratitude to Mr. Surratt for his years of service to Mercator. Under Mr.
Surratt's leadership, Mercator has assembled one of the most experienced
operating teams in the industry, completed the acquisition of a major copper
development project in El Pilar and grown the Mineral Park mine from a small
copper heap leach operation in 2003 into one of the largest new mines in
North America. While Mr. Surratt has decided to retire from the position of
President and CEO, the board is pleased that he has agreed to continue in a
consulting capacity to the new President and CEO, where his experience will
benefit the operations at Mineral Park as well as the development activities
at Mercator's two Mexican projects.

Transaction Details

The proposed transaction will be carried out by way of a plan of
arrangement, the implementation of which will be subject to approval by at
least 66 2/3% of the votes cast at a special meeting of Creston shareholders
that is expected to be held in mid to late June 2011 followed by and subject
to the approval of the Supreme Court of British Columbia. Pursuant to the
terms of the arrangement agreement between Mercator and Creston, the proposed
transaction is also subject to applicable regulatory approvals and the
satisfaction of certain closing conditions customary for transactions of this
nature. The arrangement agreement also provides for, among other things,
customary board support and non-solicitation covenants from Creston (subject
to customary "fiduciary out" provisions that entitle Creston to consider and
accept a superior proposal and a 5 calendar day "right to match" in favour of
Mercator). The arrangement agreement also provides for the payment of a
termination fee of C$5.5 million to Mercator and the payment of an expense
reimbursement fee of C$5.5 million to Creston if the proposed transaction is
not completed in certain specified circumstances.

The board of directors of Creston, after receiving the recommendation of
its special committee and consultation with its financial and legal advisors,
has unanimously determined that the proposed transaction is in the best
interests of Creston, is fair to the shareholders of Creston, and to
recommend that shareholders of Creston vote in favour of the proposed
transaction. BMO Capital Markets, financial advisor to Creston and its board
of directors, has provided an opinion to the effect that the consideration to
be received by shareholders of Creston is fair, from a financial point of
view, to shareholders of Creston. All of the directors and senior officers of
Creston have entered into customary voting support agreements pursuant to
which, among other things, they have agreed to vote their common shares of
Creston (representing approximately 3.2% of the outstanding common shares of
Creston) in favour of the proposed transaction. In addition, certain other
shareholders of Creston holding approximately 8.3% of the outstanding common
shares of Creston have entered into customary voting support agreements
pursuant to which, among other things, they have agreed to vote their common
shares of Creston in favour of the proposed transaction. Upon closing,
outstanding options and warrants to purchase common shares of Creston will
entitle the holders to common shares of Mercator with the number of common
shares and/or exercise price adjusted, as appropriate, to reflect the
consideration to be received by shareholders of Creston pursuant to the plan
of arrangement.

The terms and condition for the proposed transaction will be summarized
in Creston's management information circular, which will be filed and mailed
to shareholders of Creston in early to mid May 2011. If it is approved by
shareholders of Creston, it is anticipated that the proposed transaction will
be completed in late June 2011.

Copies of the arrangement agreement between Mercator and Creston and
certain related documents will be filed with Canadian securities regulators
and will be available on the SEDAR website at www.sedar.com. The management
information circular will also be available at www.sedar.com.

Advisors and Counsel

Haywood Securities Inc. is acting as financial advisor to the special
committee of the board of directors of Mercator. DuMoulin Black LLP is acting
as legal advisor to Mercator. Gowling Lafleur Henderson LLP is acting as
legal advisor to the special committee of the board of directors of Mercator.

BMO Capital Markets is acting as financial advisor to Creston and its
board of directors. Morton & Company is acting as legal advisor to Creston.
McCarthy Tetrault LLP is acting as legal advisor to the special committee of
the board of directors of Creston.

Conference Call

Mercator and Creston will hold a joint conference call to discuss the
proposed transaction at 7:00 am Pacific Time (10:00 am Eastern Time) on
Tuesday, April 12, 2011. To participate, please use the following conference
call details:

    Local dial in number: +1-647-427-7450
    Toll-free dial in number: +1-888-231-8191
    Passcode: 59407385

The call will also be webcast live by CNW Group and can be accessed at
www.newswire.ca/en/webcast/viewEvent.cgi?eventID=3481720. The call and
presentation can be accessed at Mercator's or Creston's websites at
www.mercatorminerals.com or www.crestonmoly.com, respectively.
The call will also be available for replay by dialing (toll free)
1-800-642-1687 or +1-416-849-0833 (Passcode 59407385 followed by the
number sign) for 14 days.

NI-43-101 Qualified Persons

Gary Simmerman, BSc., Mercator's VP Engineering, a NI 43-101 Qualified
Person, supervised the preparation of and verified the Mineral Park technical
information contained in this release.

Mike Broch, BSc, Geology, Msc, Economic Geology, FAusIMM, Mercator's VP
Exploration, a NI 43-101 Qualified Person, supervised the preparation of and
verified the El Pilar technical information contained in this release.

Dave Visagie, P. Geo, Creston's Exploration Manager, a NI 43-101
Qualified Person, supervised the preparation of and verified the El Creston
technical information contained in this release.

About 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 at the Mineral Park Mine and the development
of the El Pilar copper project in Mexico.

About Creston Moly Corp.

Creston is a mineral exploration company focused on the exploration and
development of the El Creston Property in Sonora, Mexico, of which the
Company holds a 100% interest.

Cautionary Statements

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

Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this
release.

None of the securities anticipated to be issued under the plan of
arrangement have been or will be registered under the Securities Act of 1933,
as amended, or any state securities laws, and such securities are anticipated
to be issued in the United States pursuant to exemptions from such
registration requirements. This press release shall not constitute an offer
to sell or solicitation of an offer to buy any securities in any jurisdiction
where such an offer or sale would be unlawful.

Information Concerning Mineralization and Resources

Unless otherwise indicated, all resource estimates contained in this news
release have been prepared in accordance with National Instrument 43-101
Standards of Disclosure for Mineral Projects and the Canadian Institute of
Mining, Metallurgy and Petroleum Classification System in compliance with
Canadian securities laws, which differ from the requirements of United States
securities laws. Without limiting the foregoing, this news release uses the
terms "measured resources", "indicated resources" and "inferred resources".
United States investors are advised that, while such terms are recognized and
required by Canadian securities laws, the United States Securities and
Exchange Commission ("SEC") does not recognize them. Under United States
standards, mineralization may not be classified as a "reserve" unless the
determination has been made that the mineralization could be economically and
legally produced or extracted at the time the reserve determination is made.
United States investors are cautioned not to assume that all or any part of
measured or indicated resources will ever be converted into reserves.
Further, inferred resources have a great amount of uncertainty as to their
existence and as to whether they can be mined legally or economically. It
cannot be assumed that all or any part of the inferred resources will ever be
upgraded to a higher category. Therefore, United States investors are also
cautioned not to assume that all or any part of the inferred resources exist,
or that they can be mined legally or economically. Disclosure of contained
ounces is permitted disclosure under Canadian regulations; however, the SEC
normally only permits issuers to report resources as in place tonnage and
grade without reference to unit measures. Accordingly, information concerning
descriptions of mineralization and resources contained in this news release
may not be comparable to information made public by United States companies
subject to the reporting and disclosure requirements of the SEC.

Forward Looking Information

This news release contains forward looking statements of Mercator, being
statements which are not historical facts, including, without limitation,
statements regarding the proposed acquisition of Creston by Mercator, the
potential benefits thereof, discussions of future plans, projections and
objectives, estimates, forecasts, and statements as to management's
expectations with respect to, among other things, 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 and discussions of future plans, projections
and objectives. In addition, estimates of mineral reserves and mineral
resources may constitute forward looking statements to the extent they
involve estimates of the mineralization that will be encountered if a
property is developed. Important 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 Mercator's Annual Information Form. Mercator 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 Mercator's Annual Information Form and audited financial statements and
MD&A for the year ended December 31, 2010 on the SEDAR website at
www.sedar.com.

This news release also contains forward looking statements of Creston.
Forward looking statements relate to future events or future performance and
include, but are not limited to, statements with respect to the completion of
the proposed transaction, estimation of mineral reserves and resources, the
realization of mineral reserve estimates, the timing and amount of estimated
future production, costs of production, capital expenditures, success of
mining operations, environmental risks, unanticipated reclamation expenses,
title disputes or claims and limitations on insurance coverage. In certain
cases, forward-looking statements can be identified by the use of words such
as "plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases or
statements that certain actions, events or results "may", "could", "would",
"might" or "will be taken", "occur" or "be achieved" or the negative of these
terms or comparable terminology. Forward-looking statements reflect Creston
management's expectations or beliefs regarding future events and are based on
the assumptions that the proposed transaction will complete and that
Creston's exploration and development properties will achieve anticipated
milestones and results, and rely on Mercator's public disclosure regarding
its mineral projects. By their very nature, forward-looking statements
involve known and unknown risks, uncertainties and other factors which may
cause the actual events, results, performance or achievements of Creston to
be materially different from any future events, results, performance or
achievements expressed or implied by the forward-looking statements. Such
factors include, among others, risks related to completion of the proposed
transaction, actual results of current exploration activities; changes in
project parameters as plans continue to be refined; future prices of
resources; possible variations in ore reserves, grade or recovery rates;
accidents, labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion of
development or construction activities; as well as those factors detailed
from time to time in Creston's interim and annual financial statements and
management's discussion and analysis of those statements, all of which are
filed and available for review on SEDAR at www.sedar.com. Although Creston
has attempted to identify important factors that could cause actual actions,
events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause actions,
events or results not to be as anticipated, estimated or intended. There can
be no assurance that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. These forward-looking statements are made as
of the date of this news release and Creston does not intend, and does not
assume any obligation, to update these forward-looking statements, except as
required by applicable law. Accordingly, readers should not place undue
reliance on forward-looking statements.

    For further information:

    Investor Relations

    Mercator Minerals Ltd.
    1971 Sandown Place
    North Vancouver, BC, Canada V7P 3C3
    Tel: +1-604-981-9661
    Fax: +1-604-960-9661
    mleblanc@mercatorminerals.com
    www.mercatorminerals.com

    Creston Moly Corp.
    Suite 860 - 625 Howe Street
    Vancouver, BC, Canada V6C 2T6
    Tel: +1-604-694-0005
    Fax: +1-604-684-9365
    info@crestonmoly.com
    www.crestonmoly.com

    Media Contacts
    Wilcox Group
    Tel: +1-647-707-9009
    mwilcox@wilcoxgroup.com

Investor Relations: Mercator Minerals Ltd., 1971 Sandown Place, North Vancouver, BC, Canada V7P 3C3, Tel: +1-604-981-9661, Fax: +1-604-960-9661, mleblanc at mercatorminerals.com; Creston Moly Corp., Suite 860 - 625 Howe Street, Vancouver, BC, Canada V6C 2T6, Tel: +1-604-694-0005, Fax: +1-604-684-9365, info at crestonmoly.com; Media Contacts: Wilcox Group, Tel: +1-647-707-9009, mwilcox at wilcoxgroup.com