Stingray Copper Inc., a wholly owned subsidiary of Mercator Minerals Ltd. (TSX:ML) announced that it has initiated a sale process to divest of its El Pilar copper development project. Stingray and its wholly owned subsidiaries have negotiated a mutually acceptable forbearance arrangement with their creditor, RMB Australia Holdings Limited to allow Stingray to complete sale process. It is the current intention of Stingray not to disclose developments with respect to the sale process until a specific transaction has been approved or otherwise determines that disclosure is necessary or appropriate.

Stingray cautions that there are no assurances or guarantees that the sale process will result in a transaction or, if a transaction is undertaken the terms or timing of such a transaction. RBC Capital Markets has been engaged as financial advisor to conduct the sale process and Deloitte Corporate Finance Inc. has been engaged as strategic advisor to Stingray.