Mustang Minerals Corp.
TSX VENTURE : MUM

Mustang Minerals Corp.

November 04, 2005 08:00 ET

Mustang Announces Financing

TORONTO, ONTARIO--(CCNMatthews - Nov. 4, 2005) - Mustang Minerals Corp. (TSX VENTURE:MUM) (the "Company") today announced that it has entered into a private placement financing arrangement (the "Offering"), led by Octagon Capital Corporation ("Octagon") on an agency basis, for gross proceeds of up to $1,500,000 of flow-through shares plus an option for an additional $250,000 of flow-through shares at a price of $0.45 per flow-through share. Octagon will receive a commission fee of 8% in cash of the gross proceeds of the Offering and a compensation option of 8% of the number of offered securities exercisable for 2 years.

The Company will also conduct a concurrent non-brokered private placement of up to $1 million also at $0.45 per flow-through share.

Proceeds received from the private placements will be used to incur Canadian Exploration Expense ("CEE") and will be used to fund further exploration primarily at the Maskwa/Mayville Property in Manitoba as well as Mustang's Ontario exploration properties.

Securities issued will be subject to a hold period of four months and one day from date of closing. The private placements are subject to all applicable regulatory approvals including the TSX Venture Exchange.

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

Shares Outstanding: 46,321,633

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

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