'As for Iorich, his exit from Mercator Minerals, which has been plagued by operating and liquidity problems, might be a case of “good riddance” for the tycoon. He’s lost a small fortune on Mercator – tens of millions of dollars

Iorich has not exited Mercator:  He recently bought 13.7 million shares from one of the Underwriters so He now directly owns 16.4million ML shares.  He owns 43%  Nevada Gold which he sold 46milion of His ML shares so indirectly he owns 19.78 m ML shares, this gives him 36.18m ML shares .  He can now try to pick up 26.6 m more ML shares & not be in violation ML's shareholders (poison pill)  Currently with Nevada's 46m shares & Iorich's 16.4 million they together own 62.4 m shares > add to this the 26.6 m shares then together they would  own 89 m ML shares or 28%. 

As for the relationship between Iorich & McLeod , IMO in a Take over by Neva copper of ML , McLeod would be the first to be let go.  McLeod was the CEO ML when the `` poison pill ``  was instituted.. 

Remember  `` it`s not over till the fat lady sings``