Mustang Geothermal Corp.
OTC Bulletin Board : URXE

Mustang Geothermal Corp.

November 08, 2010 13:12 ET

Mustang Geothermal Corp. Completes Purchase of Andean Geothermic Energy S.A.C. of Peru

RENO, NEVADA--(Marketwire - Nov. 8, 2010) - Mustang Geothermal Corp. (the "Company" or "Mustang") (OTCBB:URXE) reports that it has completed the purchase of Andean Geothermic Energy S.A.C., a Peruvian Corporation which controls four geothermal exploration applications consisting of 3600 hectares (8896 acres) in the provinces of Puno and Arequipa.

The Share Purchase Agreement provides for the Company to pay 15 million shares of common stock along with a $25,000 cash payment as per an agreement dated November 5, 2010.

As a part of an ongoing reorganization of the Company's business activity, the decision to diversify internationally into the geothermal energy field is aligned with the Company's long-term strategy to add shareholder value.

About Mustang Geothermal Corp.

Mustang is a geothermal exploration and development company that is in the business of discovering geothermal energy resources and building renewable energy electrical power plants. The Company owns a 100% interest in 15,262 acres of geothermal leases in the State of Nevada. It also owns the La Jara Mesa Extension uranium property consisting of 137 unpatented mining claimsin the Grants Mining District, Cibola County, New Mexico.

Notice Regarding Forward Looking Statements

This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.

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