Mustang Minerals Corp.
TSX VENTURE : MUM
FRANKFURT : NJF

Mustang Minerals Corp.

March 02, 2009 08:00 ET

Mustang Completing Drilling at Manitoba Nickel Project

TORONTO, ONTARIO--(Marketwire - March 1, 2009) - Mustang Minerals Corp., (TSX VENTURE:MUM)(FRANKFURT:NJF) today announced an update to its exploration and drilling program at the Maskwa Nickel Project. Mustang completed and announced the results of an NI 43-101 compliant prefeasibility study for the Maskwa project in May 2008. ( see press release dated May 8, 2008 ) Part of the ongoing project development is a near-mine exploration drilling program focused on increasing the existing resource and identifying new nickel-copper-PGM resources. The Maskwa project is located near Lac du Bonnet in southeast Manitoba.

Maskwa Exploration - Drilling

Following completion of a TDIP\Resistivity survey (Time Domain Induced Polarization) and magnetic survey over the Bird River Sill in the Maskwa Project area in January 2009, Mustang commenced exploration drilling to follow up on interesting targets in the project area. A total of 9 drill holes are planned totalling approximately 2,500 meters. Drilling is expected to be completed by early March.

The primary focus of drilling is in an area to the east of the proposed Maskwa open pit mine. Seven of the holes are being drilled over a strike length of approximately 300 meters with two drill holes on section 10-400; three drill holes on section 10-600 ( two hundred meters east of section 10-400 ) and two on section 10-700. The drilling on section 10-700 is near where previous hole MM08-128 intersected elevated nickel values including 0.82 meters which averaged 3.88% nickel.

A map showing the planned location of drilling is now posted on the Mustang website. Mustang anticipates that assay results from the drill program will be received and announced sometime during March.

Comment

Mustang is attempting to build on the existing nickel resource and defined project economics outlined to date at Maskwa. Although nickel prices are now lower that those used in the prefeasibility study in early 2008, the global shortage of quality nickel sulphide projects with manageable capital costs in OECD jurisdictions presents an opportunity for Mustang. Mustang intends to progress the project through final feasibility at a pace commensurate with global economic conditions and funding availability.

Mustang at PDAC

Mustang is an exhibitor at the PDAC in Toronto March 1 to March 4 at Booth 2147 in the Investors Exchange and the Company is looking forward to meeting with its shareholders and industry participants during that period.

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

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 period ended December 31, 2007 and thereafter and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

Shares Outstanding: 81,228,239

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

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