Mustang Minerals Corp.
TSX VENTURE : MUM

Mustang Minerals Corp.

March 15, 2007 08:30 ET

Mustang Commences Prefeasibility Study at Maskwa Nickel Project

TORONTO, ONTARIO--(CCNMatthews - March 15, 2007) - Mustang Minerals Corp. (TSX VENTURE:MUM) today announced that it has engaged Wardrop Engineering Inc. (Wardrop) to complete work involved in completion of a prefeasibility study for the Maskwa Nickel Project located approximately 140 km northeast of Winnipeg Manitoba. Key components of the engagement are an updated resource estimation incorporating the results of the current drill program, a geotechnical program and an updated open pit mine design.

The NI 43-101 compliant Preliminary Economic Assessment ("Scoping Study") for Maskwa announced January 23, 2007 and completed by Micon International outlined average annual nickel production of 10.4 million pounds of nickel and 2.4 million pounds of copper from an open pit mining operation over a nine year mine life. The initial capital cost of the project was estimated at C$64.5 million. The project generated a projected NPV of C$90 million using a 10% discount rate and US $7 pound nickel. Payback of capital was estimated at 2 years. The Scoping Study for the Maskwa Property is now posted online at www.sedar.com under the company filings (Technical Report) for Mustang Minerals Corp. A complete summary of the contents of the report is contained in the Mustang Minerals Corp. news release dated January 23, 2007.

Wardrop Engineering has extensive experience with Manitoba mining projects and is well suited to assist with the Maskwa Project. The prefeasibility study will involve determination of the ore mining and treatment methods, refinement of the open pit plan, geotechnical data collection, review of the infrastructure requirements, and development of operating plans. Permitting for the project is already underway.

A project team comprised of Mustang personnel with input from technical staff of Western Areas NL will continue to work on the project. Ernie Marcotte P.Eng. VP Operations for Mustang Minerals is the Qualified Person for Mustang for purposes of NI 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 risks involving the Company's operations in a foreign jurisdiction, 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 nine month period ended September 30, 2006 and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

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