Mustang Minerals Corp.

Mustang Minerals Corp.

April 19, 2007 01:00 ET

Mustang Minerals Corp.: Deep Hole Intercepts Nickel Zone at Depth Heliborne EM Survey Underway

TORONTO, ONTARIO--(CCNMatthews - April 19, 2007) - Mustang Minerals Corp. (TSX VENTURE:MUM)(FRANKFURT:NJF) today is pleased to announce that a drill hole underneath the Maskwa Open Pit Resource has intersected a wide zone of disseminated nickel mineralization with an intercept length of 41.15 meters at 0.63% nickel with a core interval of 4.5 meters grading 1.58% nickel and 1.8 g/t PGM. The Company also announced that it is underway with a heliborne EM program to complete coverage over its extensive land holdings in the Bird River Greenstone Belt.

Drill hole MM07-78 was drilled underneath the current open pit resource and at the bottom limit of the known mineralization at Maskwa. The drill hole returned both a wide disseminated zone of mineralization and a higher grade zone within the wider interval. The hole is evidence of the potential for further resource development below the open pit resource at Maskwa. Assay results are as follows:

MM07-78 West beneath Pit Shell
Intervals Nickel Copper Cobalt Pt+Pd+Au
From (m) To (m) Length (i)(m) % % ppm
300.84 341.99 41.15 0.63 0.07 247 690 Whole Zone
300.84 311.17 10.33 0.64 0.11 265 674 Hanging Wall
316.08 335.89 19.81 0.84 0.07 297 947 Maskwa Zone
328.27 334.37 6.10 1.39 0.14 427 1519 Including
328.27 332.84 4.57 1.58 0.17 483 1808 Including

(i) Length is apparent length m equals meters

Drill Program Ongoing

The ongoing diamond drilling program consists of resource definition and geotechnical drill holes to be incorporated into the current prefeasibility study on the Maskwa deposit as well as exploration targets previously untested. Resource definition drilling targeting the margins and the periphery of the resource, is approximately 90% complete with no material changes anticipated to the limits of the resource. Currently, Mustang is drill testing geophysical targets within a potential feeder structure to the west of the resource; only minor sulfides have been intersected to date and assays are pending.

Mustang will post the all the results of the resource drilling on its website.

Geotech VTEM Survey

Mustang has commissioned Geotech Ltd. to perform heliborne geophysical surveys, utilizing their proprietary VTEM(C) system, over its land position along the southern limb of the Bird River Greenstone Belt. This includes staked ground to the west of the Maskwa deposit and claims to the east that were purchased by Mustang from Falconbridge Limited in 2005. The survey consists of 652 line kilometres to be flown mostly at 100m line spacing, however, line spacing will be reduced to 50 m over the area immediately to the west of the Maskwa pit in an effort to locate the source of high grade nickel and PGM-bearing massive sulfides. Assays of massive sulfides from the Maskwa waste dump and from drill core drilled near the western margin of the Maskwa deposit have returned values greater than 8% nickel and 10 g/t PGM.

The VTEM survey will also cover the Anson Lake claim block which was staked by Mustang in 2005 based on a large magnetic anomaly and potential favourable geology for Ni-bearing sulfides. The Anson Lake claims have not been subject to modern geophysical and exploration techniques. Exploration to date has consisted of historical regional aeromagnetic surveys and limited prospecting.

Robin Dunbar, President of Mustang commented "Recently announced mergers and acquisitions activity in the nickel sector globally have confirmed the value of open pit nickel mining operations grading in the 0.6% nickel range - a similar grade to Maskwa. This enforces the Mustang strategy of focusing on advancing the Maskwa project through feasibility. In addition Mustang is focused on conducting targeted exploration in the project area to enhance the Company value. The potential for higher grade underground resources to extend the mine life will also enhance the value of the Maskwa Property" he added.

Ernest J. Marcotte P. Eng., VP Operations of Mustang Minerals is the QP for purposes of National Instrument 43-101 and has reviewed the contents of this release.

To find out more about Mustang Minerals Corp. (TSX VENTURE:MUM) visit our website at

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 risks involving the Company's operations in a foreign jurisdiction, 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 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

This news release uses the terms "inferred resources" and "indicated 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. In addition, "inferred resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility of pre-feasibility studies, or economic studies except for a Preliminary Assessment as defined under National Instrument 43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.

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