Mustang Minerals Corp.
TSX VENTURE : MUM
FRANKFURT : NJF

Mustang Minerals Corp.

January 08, 2008 08:00 ET

Mustang Flow Through Financing Completed

TORONTO, ONTARIO--(Marketwire - Jan. 8, 2008) - Mustang Minerals Corp. (TSX VENTURE:MUM)(FRANKFURT:NJF) is pleased to announce the closing of a non-brokered private placement of 3,513,667 flow through common shares ("Shares") of the Company at $0.65 per Share for gross proceeds of $2,283,883. The allotment of flow through common shares was increased from 3 million to 3,513,667. Funds will be used for exploration of the Company's properties primarily in Manitoba. This financing is non-brokered and a finder's fee of 6% cash paid to eligible finders. All of the securities issued in the financing have a hold period expiring four months and one day after the closing date.

The exploration activities of the Company will complement the ongoing development of the Maskwa Nickel Deposit. A National Instrument 43-101 compliant prefeasibility study for an open pit nickel mine, concentrator and related infrastructure is being completed by independent consultants to the Company.

Drilling will recommence at the Maskwa North Horizon the week of January 7, 2008. Widely spaced drilling will attempt to trace this zone over an approximate strike length of 1,000 meters. The Maskwa North Horizon has been traced by geophysics running approximately parallel to the proposed pit shell at Maskwa.

Carey Galeschuk P. Geo is the Qualified Person for Mustang Minerals Corp.

To find out more about Mustang Minerals Corp. (TSX-V: MUM) visit our website at www.mustangminerals.com.

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, "forward-looking statements"). Such forward-looking statements may include the Company's plans for its mineral projects in Manitoba, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company's operations, uncertainty of production and costs estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of nickel and other metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company's Management Discussion and Analysis for the year ended December 31, 2006 and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

Shares Outstanding: 72,407,427

The TSX Venture Exchange has not reviewed and does not accept responsibility for the contents of this press release.

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