Issue of Shares and Warrants

Mercator Gold PLC
21 November 2005


For Immediate Release                                           21 November 2005

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

                          Issue of Shares and Warrants

The Company announces that pursuant to the invitation to exercise warrants early
announced on 5 August 2005 (the 'Offer') and Newland Resources Limited's
('Newland Resources') agreement to underwrite the Offer to the maximum extent,
the Company has issued to Newland Resources 9,938,094 fully paid ordinary shares
of 1p each and 9,938,094 warrants of 10p each expiring on 7 November 2006.

In addition, the Company has issued 20,000 fully paid ordinary shares of 1p each
and 10,000 warrants at 10p each expiring on 7 November 2006 pursuant to an
application to exercise warrants before the 8p warrant exercise period expired.



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