Mustang Minerals Corp.
TSX VENTURE : MUM
FRANKFURT : NJF

Mustang Minerals Corp.

June 22, 2009 08:30 ET

Western Areas-Mustang JV Commences Drilling at East Bull Lake

TORONTO, ONTARIO--(Marketwire - June 22, 2009) - Mustang Minerals Corp. (TSX VENTURE:MUM)(FRANKFURT:NJF) today announced that a drill program at the East Bull Lake Project located 80 km west of Sudbury is commencing. The East Bull Lake Project is a joint venture with Western Areas NL, designed to investigate nickel-copper-platinum group metal (PGM) targets identified in the geophysical program. It is expected that three targets will be drilled in the current program.

At East Bull Lake an apparent 20 km long mafic intrusive complex consists of two separate zoned intrusions joined by a 5 km long feeder dyke. The intrusion evidences widespread base metal and PGM mineralization. Recent drilling at East Bull Lake (refer to Mustang Minerals news release July 3, 2008) intersected 1.1m @ 9.3% copper and 12.5 g/t PGM from 89 m down hole depth.

Recent exploration work completed at the project by the joint venture included a ground electromagnetic (EM) survey which was successful in identifying a large, moderately deep, EM target located in a favourable geological setting. The EM target is coincident with an anomaly identified with a Geotech heliborne VTEM survey flown in 2007 by Mustang.

Two other targets which were identified by the VTEM survey are planned to be tested in the current drill program.

East Bull Lake is part of Mustang's prospective Ontario property package which includes a significant property position in the River Valley intrusion and the Bannockburn Nickel Project near Matachewan.

Mustang is primarily focused on its Maskwa Nickel Project in southeast Manitoba where a feasibility study is underway. A revised resource and mine plan is anticipated to be completed at Maskwa in the third quarter of 2009. Recent activities conducted towards completion of the feasibility study include the geotechnical work for site infrastructure, tailings and pit design and in-depth metallurgical testing.

Ian Ward P. Eng., and John Smolen P. Geo. are the Qualified Persons for Mustang Minerals Corp. for purposes of National Instrument 43-101.

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

We seek safe harbour.

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 risk, uncertainty of production and capital 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 period ended December 31, 2008 and thereafter and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

Shares Outstanding: 81,228,239

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