Directors

D. Bruce McLeod, P.Eng., President, CEO & Director⁽⁴⁾

Bruce McLeod is a Mining Engineer with over 25 years experience in the mining business. Prior to becoming the President & CEO of Mercator, Mr. McLeod served as President & CEO of Creston Moly Corp. He was a founder of Stornoway Diamond Corporation and founder and Executive Chairman of Sherwood Copper Corp., which in 2008 completed a business combination with Capstone Mining Corp. His professional associations include; chair of the TSXV Exchange's Local Advisory Committee, member of the TSXV National Advisory Board, membership in the Canadian Institute of Mining & Metallurgy, the Association for Mineral Exploration British Columbia, and the Association of Professional Engineers of BC. Mr. McLeod also sits a Co-Chair of the Prospectors and Developers Association of Canada Securities Committee and is involved with several non-profit groups including sitting as a director of Science World in Vancouver, BC.

Robert J. Quinn, Director and Non-Executive Chairman⁽⁵⁾

Robert J. Quinn has been a director of the Company since September 2005. Mr. Quinn is a lawyer and a founding partner of the Houston law firm Quinn & Brooks LLP.

Mr. Quinn has more than 30 years of legal and management experience, including serving as the vice-president and general counsel of Battle Mountain Gold Co., a New York Stock Exchange listed precious metals mining company, and as an attorney with Hecla Mining Company in Idaho. Mr. Quinn's legal and management experience includes due diligence, negotiation and documentation of mergers and acquisitions, project and corporate financings, and engineering and construction contracts. Mr. Quinn also has extensive experience with transactions, corporate governance, public disclosure, governmental affairs, and environmental and land management issues, with in-depth exposure to mining projects in North America, South America, Australia and Papua New Guinea.

Mr. Quinn earned a B.S.B.A in economics from the University of Denver, a J.D. from the University of Denver College of Law and completed two years of graduate work in mineral economics at the Colorado School of Mines.

Mr. Quinn is presently a director of a number of other public mining companies.

Ron Vankoughnett, Lead Director^(1,2,3,5)

Mr. Vankoughnett has a JD in law, a graduate diploma in finance from UCLA and over 40 years management experience in the Canadian and International mining industry. Currently, Mr. Vankoughnett is CEO of OCRA Investments Ltd.

Mr. Vankoughnett was the founding Chairman of the Mine Suppliers Contractors and Consultants Association (Elk Valley BC Branch).

Colin K. Benner, P. Eng., Director⁽³⁾

Mr. Benner is an experienced mining executive with more than 40 years in the mining industry in senior management and executive roles in Canada and internationally.

Prior to joining Mercator he was the Executive Chairman of Creston Moly Corp., a position he held from March, 2009 to June 2011. He was the Chairman of Capstone Mining Corp., the Executive Chairman of PBS Coals Ltd., Vice Chairman and CEO of Skye Resources and previously was Vice Chairman and CEO of Lundin Mining Corporation and EuroZinc Mining Corporation.

Colin has also served on several public company boards in the mining industry in Canada. He currently sits on the Boards of Lundin Mining Corporation and Troon Ventures Ltd., He is a member of the Association of Professional Engineers of Ontario, the Canadian Society of Professional Engineers as well as a member of the Association of Professional Engineers and Geoscientists of British Columbia, the Association of Professional Engineers and Geoscientists of Nunavut, the Society of Mining Engineers of the AIME and the Canadian Institute of Mining. Mr. Benner is also a Registered ICD.

John Bowles, FCA, FCIM, Director⁽¹⁾

Mr. Bowles was a partner in the audit and assurance group of PricewaterhouseCoopers LLP (an accounting firm), where his practice focused on the mining industry, from April, 1976, until his retirement in June, 2006. Mr. Bowles has served as treasurer for the Mining Suppliers Association of British Columbia (an association of providers of equipment, products and related services to the British Columbia mining industry) since May, 1999, and director emeritus, Ducks Unlimited Canada (a national, private, non-profit wetland conservation organization) since March, 1996. He has also served as a director of HudBay Minerals Inc. (a zinc, copper, gold and silver mining company), and is currently a director of Boss Power Corp. (a mineral exploration company) and Hecla Mining Co. (a silver mining company). Mr. Bowles was appointed a fellow of the British Columbia Institute of Chartered Accountants in December, 1997, and a fellow of the Canadian Institute of Mining and Petroleum in May, 2003.

Joseph M. Keane, P.E., Director^(2,4)

Joseph M. Keane has been a director of the Company since the acquisition of Stingray Copper Inc. on December 21, 2009.

Mr. Keane is a Registered Professional Metallurgical Engineer and fulfills the requirements of a Qualified Person as defined in Canadian National Instrument 43-101. He has 49 years of experience in the mineral processing industry and is currently the President of Keane Mineral Engineering LLC, a mineral processing consulting organization. In 1982 Mr. Keane founded and was president of both KD Engineering and Metcon Research Inc. of Tucson Arizona until their sale in 2006

Mr. Keane is also a director of other public mineral exploration companies.

Stephen P. Quin, P.Geo., Director^(1,3,4,5)

Stephen P. Quin has been a director of Mercator since February 2005. Mr. Quin is currently president, chief executive officer and a director of Midas Gold, Corp. (.Midas.) an advanced exploration company focused on the Golden Meadows project in Idaho. Prior to joining Midas, Mr. Quin served as president and chief operating officer of Capstone Mining Corp. ("Capstone") and, before that, as president and chief executive officer of Sherwood Copper Corporation ("Sherwood"). Sherwood was amalgamated into Capstone in November 2008. As president and chief executive officer of Sherwood, he lead the company through the exploration, feasibility, permitting, mine financing and construction of its Minto Mine and Minto's subsequent operations, resource increases and production expansions. In 2009, Mr. Quin was co-recipient of the E.A. Scholz Award for excellence in mine development. During his tenure at Sherwood, he also successfully led Sherwood through its acquisition of Western Keltic Mines, Inc. and its high-grade Kutcho copper project in British Columbia, and Sherwood's amalgamation with Capstone. Prior to Sherwood Copper, Stephen was Executive VP at Miramar Mining Corporation, where he was responsible for exploration, business development and investor relations for 18 years, and notable milestones included the acquisition of the Con Mine in NWT, the acquisition and exploration of the Hope Bay Project in Nunavut and the creation of Northern Orion Exploration and its acquisition and advancement of the Agua Rica copper-gold-molybdenum porphyry copper project and the San Jorge copper project, both in Argentina.

Mr. Quin is a graduate of the Royal School of Mines, London, with a B.Sc. (Honours) in Mining Geology and has over 30 years of experience in exploration, feasibility, mine development, financing and operations, as well as corporate development and general corporate affairs. He is a Professional Geoscientist registered with the Association of Professional Engineers and Geoscientists of BC, a Fellow of the Geologic Association of Canada and the Society of Economic Geologists, and a member of the Canadian Institute of Mining & Metallurgy and the Institute of Materials, Minerals and Mining. Mr. Quin is also a director of several other public exploration companies.

Daniel Tellechea, Director

Mr. Tellechea is currently the President, CEO and Director of Dia Bras Exploration Inc (TSX-V: DIB), a TSX Venture listed company with gold, silver, lead, copper and zinc operations and projects in northern Mexico and Peru, and is also a Director of El Tigre Silver Corporation (TSX-V: ELS). Daniel is the former President and CEO of Asarco LLC (Asarco) and also held various progressively senior financial positions with Grupo Mexico (Grupo), Asarco's parent company, including duties as Asarco's CFO and also as Vice-President of Finance for Southern Peru Copper Corporation, which was majority owned by Grupo. Mr. Tellechea has a BSc in Accounting and Master's Degree in Business Administration from Tecnologico de Monterrey (Mexico).