Director's Shareholding

Mercator Gold PLC
22 July 2005


FOR IMMEDIATE RELEASE                             22 July 2005



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

                       Issue of Share Options to Director

Following on from the appointment of Dr Susan Vearncombe as a Director of the
Company, the Company has agreed to issue Dr Susan Vearncombe with 750,000 new
share options. The share options are exercisable at any time within the next 10
years at an exercise price of 10p per Ordinary Share.

Following the issue of these new share options, the interests of Dr Susan
Vearncombe in the Ordinary Share capital of the Company are as follows:

Number of    Ordinary Shares as a    Number of Warrants   Number of share
issued       Percentage of issued    to subscribe for new options to subscribe
Ordinary     Ordinary Share          Ordinary Shares      for new Ordinary
Shares       capital                                      Shares

 1,700,000*  1.95 per cent           400,000*             1,500,000

The total number of Ordinary Shares, Warrants and share options to subscribe for
new Ordinary Shares held by Dr Susan Vearncombe is 3,600,000 which represents
4.13% of the Company's issued share capital.

* Dr. Susan Vearncombe's interest in Ordinary Shares includes Dr. Julian
Vearncombe's interest in 200,000 Ordinary Shares and 400,000 warrants which are
held in the Vearncombe Superannuation Fund.

For further information, please contact:

Patrick Harford           Tel: [phone]
Managing Director
Mercator Gold

Roland Cornish            Tel: [phone]
Chairman
Beaumont Cornish




                      This information is provided by RNS
            The company news service from the London Stock Exchange