Mustang Minerals Corp.
TSX VENTURE : MUM
FRANKFURT : NJF

Mustang Minerals Corp.

April 10, 2012 08:30 ET

East Bull Lake Drill Program Commences

TORONTO, ONTARIO--(Marketwire - April 10, 2012) - "Mustang Minerals Corp. (TSX VENTURE:MUM)(FRANKFURT:NJF) and Western Areas NL (TSX:WSA)(ASX:WSA) have initiated a drill program at Mustang Mineral's East Bull Lake property located west of Sudbury and near Massey, Ontario. A minimum of seven (7) drill holes and two thousand (2,000) meters are planned to be drilled. These drill holes will test the Ni-Cu-PGE potential of a number of interesting geophysical anomalies (including TDEM and ZTEM anomalies) associated with the East Bull Lake mafic-ultramafic intrusive complex.

"Three drill holes will be drilled at each of the Parisien and Bullfrog grids where previous drilling has intersected sulphide mineralisation. Additional drill holes will test deep ZTEM targets, one of which was recently refined with Quantec's Titan 24 magnetotelluric (MT) system. The drilling will be carried out by Denis Crites Drilling Ltd. of Porcupine, Ontario. In addition to this drilling, Mustang and Western Areas are conducting further ground geophysical surveys (TDEM) at two areas, known as the Sables West and Savage grids, to refine anomalies identified from airborne geophysical surveys."

East Bull Lake is an interpreted 20 km long mafic intrusive complex consisting of two separate zoned intrusions joined by a 5 km-long feeder dyke. Numerous occurrences of base metal and PGM mineralization have been identified in outcrop and shallow drilling around the margins of the interpreted intrusive complex. Under the terms of the East Bull Lake Agreement (as amended) Western Areas retains a right to earn up to 65% interest in the East Bull Lake Property by electing to fund exploration payments of $3.5 million over a period of 3 years.

Mustang is also continuing with exploration drilling at the Mayville Cu-Ni-PGM Property in Manitoba. A thirty hole drill program is ongoing with two drill rigs. Targets include extensions of the PGM Zone and on strike and depth extensions of the M2 Zone (Cu-Ni-PGM).

Western Areas NL owns 19.9% of the common shares of Mustang Minerals.

David Stevenson M.Sc. P.Geo. is the National Instrument 43-101 Qualified Person for Mustang Minerals Corp.

To find out more about Mustang Minerals Corp. (TSX VENTURE: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 most recent financial period and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

Shares Outstanding: 198,160,658

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