Mustang Minerals Corp.
TSX VENTURE : MUM
FRANKFURT : NJF

Mustang Minerals Corp.

June 11, 2008 01:00 ET

Mustang Drills New Nickel Horizon with 487.2 Meters at 0.24% Nickel Drillhole Intercepts 3.8% Nickel

TORONTO, ONTARIO--(Marketwire - June 11, 2008) - Mustang Minerals Corp. (TSX VENTURE:MUM)(FRANKFURT:NJF) today announced a significant new drill intercept at the Maskwa Nickel Project. Drillhole MM08-128 was drilled in a new exploration horizon (the Southern Horizon) near the proposed Maskwa pit shell. Within a mineralized envelope of 487.2 meters assaying 0.24% nickel and 115 ppb pgm the interval contained multiple zones of nickel mineralization. Notably, the exploration hole intersected 29.7 meters (97.4 feet) at 0.30% nickel, 283 ppb pgm, and 0.02% cobalt near surface and 0.83 meters (2.7 feet) grading 3.88% nickel, 1000 ppb pgm and 0.19% cobalt from 348.3 meters downhole. Numerous zones of nickel and PGM mineralization were encountered throughout the entire length of the drill hole, as well as smaller high grade sections.

The results have positive implications for

1) significant expansion of the proposed open pit resources at Maskwa and

2) the potential delineation of high grade nickel sulfide resource at the project.



MM08-128 was collared to the south at 45 degrees. Results are as follows:

-------------------------------------------------------------
Drill
Hole From To Interval Nickel (Pt-Pd-Au) Cobalt
MM08-128 (m) (m) (m) % ppb %
-------------------------------------------------------------
17.83 505.05 487.22 0.24 115 0.013
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Subintervals are:
-------------------------------------------------------------
17.83 47.55 29.72 0.30 283 0.02
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Including 33.77 35.97 2.20 0.62 718 0.03
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And 50.90 69.19 18.29 0.21 300 0.01
-------------------------------------------------------------
And 74.98 81.38 6.40 0.43 185 0.03
-------------------------------------------------------------
Including 75.62 75.83 0.21 3.38 86 0.02
-------------------------------------------------------------
And 84.43 91.14 6.71 0.34 223 0.02
-------------------------------------------------------------
And 99.67 127.10 27.43 0.28 178 0.02
-------------------------------------------------------------
Including 113.39 119.48 6.09 0.32 208 0.02
-------------------------------------------------------------
And 133.2 156.06 22.86 0.28 214 0.02
-------------------------------------------------------------
Including 146.3 148.44 2.14 0.38 306 0.02
-------------------------------------------------------------
And 159.11 171.05 11.94 0.24 181 0.01
-------------------------------------------------------------
And 175.56 181.66 6.10 0.27 206 0.01
-------------------------------------------------------------
And 184.25 200.25 16.00 0.26 152 0.01
-------------------------------------------------------------
And 203.30 245.97 42.67 0.25 75 0.01
-------------------------------------------------------------
Including 225.67 225.95 0.28 0.90 110 0.06
-------------------------------------------------------------
Including 228.72 229.00 0.28 1.88 340 0.15
-------------------------------------------------------------
And 348.29 352.04 3.75 1.14 281 0.06
-------------------------------------------------------------
Including 348.29 349.12 0.83 3.88 1000 0.19
-------------------------------------------------------------
Intervals are apparent width. m equals meter ppb equals parts per billion


MM08-128 was drilled 500 meters to the east of the proposed Maskwa open pit defined in the recent National Instrument 43-101 prefeasibility study. It tested a broad flat lying ground loop EM conductor from a survey completed in 1998 by a previous company. The conductor has an interpreted strike length of over two kilometers. The horizon has not been previously drill tested by Mustang. MM08-129 was drilled 200 meters to the east and further south of MM08-128. It was angled 45 degrees to the south and intersected several zones of mineralization starting at surface. It is interpreted that MM08-129 may have been drilled too far to the south to intersect the entire zone noted in MM08-128.

Following are the results from MM08-129:



------------------------------------------------------------
Drill
Hole From To Interval Nickel (Pt-Pd-Au) Cobalt
MM08-129 (m) (m) (m) % ppb %
------------------------------------------------------------
17.5 180.4 162.9 0.23 113 0.01
------------------------------------------------------------
Subintervals are:
------------------------------------------------------------
Including 17.5 20.4 2.9 0.35 405 0.02
------------------------------------------------------------
And 23.1 46.0 22.9 0.25 176 0.02
------------------------------------------------------------
And 57.0 61.6 4.6 0.28 199 0.02
------------------------------------------------------------
And 73.8 87.4 13.6 0.27 159 0.01
------------------------------------------------------------
And 96.1 122.2 26.1 0.24 53 0.01
------------------------------------------------------------
Intervals are apparent width. m equals meter ppb equals parts per billion


The stratigraphy and mineralization encountered are similar to recent Mustang hole MM08-112 drilled 1.5 km to the west (see Mustang press release dated April 22, 2008). Assay results from several additional holes recently drilled by Mustang to test the Southern Horizon west of the Maskwa are pending. A map of the recently drilled holes is posted at http://www.mustangminerals.com/newmap.html.

Field mapping by Mustang geological crews have identified the horizon further to the east, as noted in historical assessment reports. The Southern Horizon is hosted by the Bird River sill and has been mapped intermittently for 7 kilometers on Mustang Minerals property. Historical exploration work on the Southern Horizon was primarily focused on chrome - pgm as opposed to nickel.

"We are looking for additional resource to add to our Proven and Probable open pit reserve of 7.11 million tonnes grading 0.64% nickel and other credits" said Robin Dunbar, President of Mustang. We are encouraged by these new exploration results at Maskwa in close proximity to our proposed open pit project" he added. " The Southern Horizon in the area of MM08-128 is now a high priority for follow up drilling. The Maskwa Property is now demonstrating potential for significantly larger tonnage open pit nickel-pgm sulfide resource and zones of higher grade mineralization." "It is also important to note that the project is located in an area of excellent infrastructure and low cost power."

Drill Program Update

In addition to exploration drill results from the Southern Horizon additional assays are pending from drilling in other areas of the Maskwa Property. These include:

1) Resource drilling to the east of Maskwa targeting an eastern extension of the pit resource (MM08-119 to MM08-123)

2) Resource drilling to further define the hangingwall at Maskwa and to the main resource to depth (MM08-130 to MM08-135)

3) Additional drill holes into the Southern Horizon (MM08-124, 126,127, 108)

4) Remaining exploration holes drilled to test the West Maskwa Horizon.

Results are also pending from an exploration phase drill program at the East Bull Lake Property west of Sudbury, Ontario.

QA/QC

The drill core from the drill program was processed and assayed at TSL Labs in Saskatoon, Saskatchewan. The core was split at the Maskwa site and a split of all the samples were retained as the other half was sent to the laboratory. Mustang Minerals carries out a QA/QC program on all its drill holes including the insertion of standards and blanks.

Carey Galeschuk P.Geo. is the Qualified Person for Mustang Minerals Corp. for the purposes of National Instrument 43-101.

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

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

Shares Outstanding: 72,407,427

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