Mustang Minerals Corp.
TSX VENTURE : MUM
FRANKFURT : NJF

Mustang Minerals Corp.

May 12, 2008 08:00 ET

Mustang Drilling at East Bull

TORONTO, ONTARIO--(Marketwire - May 12, 2008) - Mustang Minerals Corp.(TSX VENTURE:MUM)(FRANKFURT:NJF) today announced that it has commenced drilling and has encountered mineralization at the East Bull Lake Property west of Sudbury Ontario. The Company is targeting platinum group metals-nickel-copper mineralization at the Property. A program of 1,000 meters of diamond drilling is planned in the first phase.

Mustang has held unpatented mining claims through option agreements covering the East Bull Lake Intrusion since 1998. The East Bull Lake Property has been the source of considerable fieldwork and drilling by Mustang and other exploration companies as well as work completed by the Ontario Geological Survey. Previous work by Mustang has concentrated primarily on disseminated platinum group metal mineralization along the contact of the intrusion. A 1993 Ontario Geological Survey Report (Open File Report 5849. Peck, James Chubb et al) concluded that the "potential exists for extremely large tonnages of sulphide mineralization, perhaps even massive sulphides (along the floor of the intrusion), which have platinum-group element-enrichment levels equating to reef environments."

Mustang completed a Geotech VTEM heliborne geophysical survey over the East Bull Lake Property in 2007. In March 2008 Mustang had geophysical analysis and interpretation of the VTEM data completed, supervised by Caracle Creek Consulting of Sudbury Ontario. The interpretation of the VTEM data identified several priority targets for drilling including several large deep seated EM conductors which are of interest in light of the geological target of sulphide accumulations along the margins of the intrusion.

The current program will target a geophysical VTEM conductor located near an area of near surface mineralization at the Parisien Lake Deformation Zone ("PLDZ"). The VTEM targets coincide with targets generated by a ground IP survey previously completed by Mustang but which were not previously drilled. Maximum metal concentrations noted in Open File Report 5849 collected from forty-three select grab samples of sulphide mineralization from surface exposures at the PLDZ contained maximum 2890 ppb Palladium, 1060 ppb Platinum, 860 ppb Gold, 14.5% copper and 1.6% nickel.

Multiple meter scale bands of disseminated mineralization were encountered in the second hole of the present drill program. Also present in the core was net textured sulphides and a meter of massive sulphide. Assays will be reported as soon as possible from the program. Additional information about East Bull and photographs of the mineralized drill core are available at www.mustangminerals.com.

Rationale

Mustang views the East Bull Lake Property as a high potential property for platinum group metals, nickel and copper. This view is based on academic work completed on the East Bull Lake Property by the Ontario Geological Survey, exploration results demonstrating a well mineralized layered intrusion and interest in the property from major mining companies in the past.

A recently completed VTM airborne geophysical survey has identified new drill targets within the intrusion that could represent the accumulation of massive sulphides along the margins of the intrusion. Mustang is of the view these high potential targets should be drill tested as they are part of a series of broad VTEM conductors that could possibly represent semi-massive to massive sulphide accumulations along the margins of the intrusion.

After completion of exploration drilling targeting the near surface target at the PLDZ Mustang intends to find a joint venture partner to fund a significant drill program to test the deeper targets at East Bull.

Mustang's priority both for project development and exploration remains its Manitoba properties notably the Maskwa Nickel Project where a prefeasibility study has recently been released. Drill results from several "blue sky" exploration holes at Maskwa are pending.

Carey Galeschuk P. Geo is the Qualified Person for Mustang Minerals Corp. for purposes of National Instrument 43-101. Joerg Kleinboeck P.Geo., a consultant with Caracle Creek International Consulting Inc., will be supervising the drilling program.



To find out more about Mustang Minerals Corp. (TSX-V:MUM)
visit our website at www.mustangminerals.com or contact:
David Black, Investor Relations
Telephone 416-955-4773 email: info@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 nine month period ended September 30, 2006 and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

This news release used the terms "indicated resources" and "measured resources ". The Company advises investors that although these terms are recognized and required by Canadian securities regulations (under National Instrument 43-101 "Standards of Disclosures for Mineral Projects"), the US Securities and Exchange Commission does not recognize these terms. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves and be economically feasible.

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