Mustang Minerals Corp.
TSX VENTURE : MUM

Mustang Minerals Corp.

January 16, 2007 08:30 ET

Mustang Minerals Updates Activities

Scoping Study to Include Revised Resource Estimate

TORONTO, ONTARIO--(CCNMatthews - Jan. 16, 2007) - The Board of Directors of Mustang Minerals Corp., (TSX VENTURE:MUM) today reported that the National Instrument 43-101 Preliminary Assessment ( "Scoping Study" ) for the Maskwa Nickel Deposit is nearing completion. The report is being prepared by Micon International Limited with input from Met-Chem Canada Inc. Mustang has been advised by Micon that, as a result of revised technical and economic assumptions being incorporated, a revised National Instrument 43-101 compliant resource estimate for Maskwa will be completed by Micon and will form part of the Scoping Study. The new resource estimate will contain a revised and increased open pit nickel resource. The target date for the release of the results of the Scoping Study is the week of January 22, 2007.

For clarification, the Mayville M2 Resource Estimate will not be incorporated into the Maskwa Scoping Study. This resource estimate will be released separately.

Drill Program at Maskwa Underway

Mustang also announced that drilling has commenced at the Maskwa Nickel Project. Maskwa is located approximately 150 km from Winnipeg, Manitoba.

The drill program will include exploration targets at the western and eastern limits of the known open pit mineralization as well as holes designed to upgrade certain inferred mineralization. A minimum of 3,000 meters of drilling has been contracted.

"We look forward to progressing targeted exploration at the Maskwa Property and also to continuing work through the upcoming year to advance the Maskwa Nickel Project towards production" said Robin Dunbar, President of Mustang. "We look forward to building on the considerable merits of the project and enhancing its value in a forecast period of very strong nickel prices" he added.

Ernest J. Marcotte, P.Eng., is the Qualified Person for Mustang Minerals Corp. and has reviewed the contents of this release.

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

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