Mustang Minerals Corp.
TSX VENTURE : MUM
FRANKFURT : NJF

Mustang Minerals Corp.

March 03, 2008 08:00 ET

Mustang Minerals Corp.: Drill Update at Maskwa North and Maskwa West

TORONTO, ONTARIO--(Marketwire - March 3, 2008) - Mustang Minerals Corp., (TSX VENTURE:MUM)(FRANKFURT:NJF) today announced the results of drilling from the Maskwa North Target and outlined the progress of drilling at the Maskwa West target. Both exploration targets are within 1 km of the existing Maskwa Nickel Deposit. Widely spaced drilling at North Maskwa encountered base metal and cobalt values from holes drilled over a 1 km strike length. Assay results are now pending from the West Maskwa target area where the exploration target is the same ultramafic volcanic contact that hosts the Maskwa Nickel Deposit. A total of 19 holes have now been drilled at the two targets.

The mineral inventory at Maskwa now contains a total of 133.8 million pounds of nickel in the measured and indicated categories. The Measured category contains 586,000 tonnes grading 0.77% nickel and the indicated category contains 9,534,000 tonnes grading 0.59% nickel. There is an additional 832,000 tonnes at 0.40% Ni in the inferred category.

North Maskwa Intersects 7.5m at 0.51% nickel, 0.68% copper and 0.05% cobalt.

Results from four of the eight drill holes contained base metal values and are included herein. Drilling tested a prominent VTEM conductor trending parallel to the Maskwa Zone of mineralization. The holes were drilled at widely spaced stepouts over a strike length of 1 kilometer. Downhole geophysics is planned to further define the potential of the Maskwa North Target for significant sulfide zones as results to date do not adequately explain the strong geophysical signature of the target.

- MM07-96 intersected

-- 1.95 meters at 0.16% nickel, 1.65% copper and 0.03% cobalt at 2.4 meters downhole at a granite and ultramafic contact and

-- 7.56 meters at 0.51% nickel, 0.68% copper, 0.05% cobalt at 204 meters downhole. in an altered ultramafic

- MM07-97 intersected

-- 1.5 meters at 1.25% Cu and 0.03% cobalt at 103.5 meters downhole in an altered ultramafic and

-- 1.55 meters at 2.58% copper and 0.01% cobalt at 120.9 meters downhole in an altered ultramafic at a volcanic contact and

-- 2.4 meters at 0.33% nickel, 0.10% copper and 0.02% cobalt at 193 meters downhole in an altered ultramafic

- MM07-98 intersected

-- 1.4 meters of 0.23% nickel, 0.23% copper, 0.12% cobalt and 1090 ppb PGM's at 96.3 meters downhole in a mafic volcanic at a gabbro contact and

-- 1.2 meters of 0.44% nickel, 0.18% copper and 0.08% cobalt at 215.6 meters downhole in a peridotite

- MM07-99 intersected

-- 0.82 meters at 0.24% nickel, 1.24% copper and 0.03% cobalt at 111.2 meters downhole in an altered gabbro

Note: widths above are apparent widths

West Maskwa Drilling

Mustang is currently completing widely spaced drilling on the western portion of the Bird River Sill which continues for approximately 1.5 kilometers to the west from the Maskwa Deposit. Drilling is testing the north margin of the sill at approximately 150 metre step outs and two holes have also been completed on the south margin of the sill. Limited historical drilling has been completed in this area and Mustang drilled four holes in the eastern portion of the area in 2005. Manitoba assessment files for the area cite elevated platinum group metals values up to 1506 ppb combined platinum palladium. Also reported are elevated gold and silver values up to 4385 ppb gold and 9475 ppb silver. These values are associated with the north and south margin of the ultramafic unit being drilled. (quote government assessment file number 71890)

Logging of the core from the north margin has revealed several sections of disseminated sulphides with small patches of net textured to massive sulphides in host talc-carbonate-serpentine ultramafic rocks - a similar host rock to the Maskwa Deposit. Sulphides noted in core proximal to the chromite horizon on the south contact will also be assayed for nickel and associated metals. Assays are pending and will be reported when received by the Company.

Incentive Options

Subject to the approval of the TSXV the Company has granted a total of 350,000 incentive stock options to non-executive staff members. Options have an exercise price of $0.80 per common share for a period of five years.

Assays reported in this press release were completed at TSL Laboratories Inc. in Saskatoon, Saskatchewan using standard assay techniques. Mustang employs an ongoing QA/QC program.

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

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

Shares Outstanding: 72,407,427

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

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