Issue of Equity

Mercator Gold PLC
18 January 2008



              London 18 January 2008 - Mercator Gold PLC (AIM:MCR)

                               MERCATOR GOLD PLC
                       ('Mercator Gold' or the 'Company')

                                ISSUE OF SHARES

EXERCISE OF WARRANTS

The Company announces that pursuant to the terms of a Deed of Warrant Grant 
dated 21 December 2005 with an expiry date of 19 January 2008, 
Notice of Exercise has been received for 50,000 Warrants for ordinary shares of 
10p each in the Company (the 'Shares') at a subscription price of 60p each.

Application has been made for the Shares, which will rank pari passu with all 
existing ordinary shares, to be admitted to trading on AIM.  
Dealings in these Ordinary Shares are expected to commence on 23 January 2008.

EXERCISE OF SHARE OPTIONS

The Company also announces that pursuant to the terms of the Company's 
Unapproved Share Option Plan and Articles of Association of the Company, 
one Option Holder has elected to exercise Share Options in the amount of 125,000 
Ordinary Shares ('the Shares') of 10p each in the Company at a subscription 
price of 60p each.

Application has been made for the shares, which will rank pari passu with all 
existing shares, to be admitted to trading on AIM.  Dealings in these Ordinary 
Shares are expected to commence on 23 January 2008.

Following the issues, the total of Shares in issue will be 62,674,911.

For further information please contact:

Mercator Gold plc
Patrick Harford, Managing Director         Tel: [phone]

Email: [e-mail]
Website: www.mercatorgold.com

Bankside Consultants Ltd                   Tel: [phone]
Simon Rothschild
Keith Irons
Oliver Winters

AIM: MCR






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