Mustang Minerals Corp.
TSX VENTURE : MUM

Mustang Minerals Corp.

November 18, 2005 08:30 ET

Mustang Launches Drilling/Metallurgical Work at Mayville Project

TORONTO, ONTARIO--(CCNMatthews - Nov. 18, 2005) - Mustang Minerals Corp (TSX VENTURE:MUM) today provided a progress report from the Maskwa/Mayville Project located in the Bird River Greenstone Belt near Winnipeg Manitoba. The Company announced that a drill program has commenced to test several new exploration targets on the Mayville Property. The drilling is part of an ongoing program designed to assess the overall mineral potential of the project area. The Company also announced that a preliminary metallurgical study at the Mayville project has been initiated to define metal recoveries from the M2 Zone.

Geophysical Survey Outlines Multiple Drill Targets on North Arm of the Bird River Greenstone Belt.

Mustang controls a 24 km long property position over the north arm of the Bird River Greenstone Belt comprising the Mayville and Cat/Euclid Properties. A heliborne VTEM survey was completed over the properties earlier in 2005. Data from the survey has been further processed and interpreted by Condor Consulting of Denver Colorado to assist in identifying drill targets. Results have been integrated with a field program completed over the last two months. A total of 11 priority conductors have now been identified within the Mayville Cat/Euclid properties, one of which is the M2 Zone that has been the recent focus of work by Mustang.

Mayville Drill Targets Outlined / Metallurgical Study Commenced

The next phase of work will comprise a 2,000 meter drill program at the Mayville Property. The program is intended to further test the M2 Zone and the M4 and M5 and M6 conductors. With the exception of the M2 Zone no mineralized outcrops were located to explain these conductors.

At the M2 Zone the drill program will test two new areas of high conductivity located at the far east and far west end of the 1.3 km long M2 conductor. A preliminary metallurgical study has been initiated on the M2 Zone to test its nickel/copper recoveries.

The M4 conductor has a strike length of 800 meters and was previously drilled in the 1980s. Copper mineralization was encountered in the historical drilling. Two areas of the conductor will be tested in the current program at widely spaced intervals in areas where no previous drilling was completed.

The M5 conductor has a strike length of approximately 900 meters and has no previous documented drilling. There are several areas of strong conductivity outlined on the M5 conductor. The M6 conductor has a strike length of 400 meters and also is a new target with no previous documented drilling.

Development of Bird River Greenstone Belt

During 2006 Mustang will proceed with the preliminary economic assessment of the Maskwa Nickel Deposit. The deposit presently contains a National Instrument 43-101 compliant open pit resource of 5.23 million tonnes @ 0.68% nickel and 0.15% copper classified as Indicated and an underground resource immediately below the open pit of 0.79 million tonnes @ 1.1% nickel and 0.14% copper classified as Indicated. The evaluation of the overall mineral potential of the belt through the regional exploration program is now underway.

"We look forward to enhancing the economic potential of our projects located in the Bird River Greenstone Belt" said Robin Dunbar, President of Mustang. "We believe that our Manitoba projects have a unique combination of existing resource, unexplored mineral potential and access to excellent mining infrastructure" he added.

Ontario Property Update

The Company has elected not to proceed with any additional exploration at the Manchester Lease Property, covering an offset dyke located near Sudbury, Ontario and has relinquished any further rights to exploration on this project.

Ken Lapierre P.Geo (ON), VP Exploration of Mustang is the qualified person for Mustang Minerals Corp. and has reviewed the contents of this release.

The Company will post additional information on the drill targets on its website. To find out more about Mustang Minerals Corp. (TSX-V:MUM) visit our website at www.mustangminerals.com .

Shares Outstanding: 45,884,133

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

Contact Information