Mustang Minerals Corp.
TSX VENTURE : MUM
FRANKFURT : NJF

Mustang Minerals Corp.

December 05, 2007 01:30 ET

Mustang Updates Prefeasibility Progress

New Drill Program Underway

TORONTO, ONTARIO--(Marketwire - Dec. 5, 2007) - Mustang Minerals Corp. (TSX VENTURE:MUM)(FRANKFURT:NJF) today announced the commencement of exploration drilling at its Maskwa Property, located in southeastern Manitoba. The Company also announced the results from drill holes completed earlier in 2007 as part of definition and resource drilling of the Maskwa deposit and provided an update on the progress of the prefeasibility study at Maskwa.

Prefeasibility Study

Mustang Minerals Corp. is currently completing a prefeasibility study for its Maskwa Nickel Project. The prefeasibility is proceeding with all phases of work progressing towards completion. The key components of the work are being completed by Wardrop Engineering Inc. (resource, geotechnical work and mine design), F. Wright Consulting Inc., (metallurgical testwork), Golders Associates Ltd.(tailings disposal) and Met-Chem Canada Inc. (metallurgy, process definition, ore processing facilities and mine site infrastructure). Micon International has been engaged to author the final prefeasibility study report.

Drilling Commences at Maskwa

The exploration drill program is targeting nickel mineralization located along the North Maskwa and Dumbarton horizons. Both horizons are coincident with GeoTech VTEM conductors and are associated with surface showings of copper-nickel mineralization. This mineralization has been mapped and shown to outcrop intermittently along strike for approximately 2 kilometers. The program is anticipated to last several months as a minimum of 10,000 feet has been contracted.

Included in the drill program will be drilling of the Maskwa North conductor to the north of where base metal values were encountered in geotechnical drilling. Significant elevated values from assays in the geotechnical holes not previously released include:

In MM07-90;

- 0.24 meters at 0.65% Ni, 1.52% Cu and 0.9 g/t PGM's (from 24.05 to 24.29 meters) and

- 1.44 meters at 1.49% Cu (from 205.04 to 206.48 meters) and

- 1.19 meters at 0.60% Cu and 0.5 g/t PGM's (from 210.19 to 211.38 meters) and

- 1.40 meters at 0.78% Cu (from 212.78 to 214.18 meters)

In MM07-91;

- 4.6 meters at 2.4 g/t PGM and

- 1.5 meters of 0.48% Ni and 0.55% Cu.

Results of Resource Drilling

Other drill holes at Maskwa not previously announced include MM07-93, MM07- 94 and MM07-95. These drill holes were drilled as part of resource definition and intersected multiple zones of lower grade nickel mineralization. Additional core from prospective holes previously drilled at Maskwa are currently being split and sent for assay to examine the continuity and extent of this lower grade mineralization.

MM07-93 was targeted to hit the Maskwa Zone 45 meters below the resource model. It intersected six zones of low grade nickel mineralization in the hole.

- 6.1 meters at 0.31% nickel (from 81.1 to 87.2 meters) and;

- 5.7 meters at 0.31% nickel (from 95.6 to 101.3 meters) and;

- 15.6 meters at 0.34% nickel (from 103.8 to 119.4 meters) and;

- 4.6 meters at 0.31% nickel (from 122.5 to 127.1 meters) and;

- 6.1 meters at 0.40% nickel (from 128.6 to 134.7 meters) and;

- 10.2 meters at 0.40% nickel (from 162.1 to 172.3 meters)

MM07-94 was an infill resource hole intersected two zones of mineralization.

- 19.1 meters at 0.40% nickel (from 121.7 to 140.8 meters) which included 3.7 meters at 1.36% nickel and 0.78% copper in a hanging wall zone and;

- 21.4 meters at 0.40% nickel (from 188.0 to 209.4 meters)

MM07-95 was targeted to intersect the Maskwa Zone 91.5 meters below the resource. It intersected:

- 1.2 meters at 2.5% Cu and 0.41% Ni (from 147.5 to 148.7 meters) and;

- 9.1 meters at 0.36% nickel (from 282.6 to 291.7 meters)


Assays were completed at Accurassay Laboratories and TSL Laboratories using standard assay techniques. Assay intervals are apparent width.

Carey Galeschuk P.Geo the VP Exploration of Mustang and Ernest J Marcotte P.Eng. are the Qualified Persons for Mustang Minerals Corp. and have reviewed the contents of this release.

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: 68,893,760

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

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