Mustang Minerals Corp.
TSX VENTURE : MUM

Mustang Minerals Corp.

February 03, 2006 09:13 ET

Mustang Minerals Corp.: Exploration Update at the M2 Cu-Ni Zone

TORONTO, ONTARIO--(CCNMatthews - Feb. 3, 2006) - Mustang Minerals Corp. (TSX VENTURE:MUM) is pleased to announce an update on its 2005/06 exploration program on the M2 Cu-Ni Zone of the Mayville property located near Winnipeg, Manitoba. A total of 15 holes have now been completed at the M2 Zone focusing on its potential as an open pit bulk tonnage target. Metallurgical studies on a composite sample from the M2 Zone are nearing completion. Additional drilling in this phase will determine the source of untested airborne VTEM conductors throughout the Mayville Property.

Two drills are currently in operation at the M2 Zone. One drill is reconnaissance testing the M2 mineralization along its 1.4 km long strike length at 100 meter centers and to a 150 meter vertical depth. The second drill is completing resource-spaced drilling centered on Mustang's previous drilling in 2005. The anticipated initial resource-based drill area is along a strike length of 400 meters and to a vertical depth of 300 meters.

Fifteen (15) NQ-sized drill holes have now been completed and a further 20 holes are anticipated to be completed at the M2 Zone. Further drilling after the M2 drill phase will target 6-8 untested geophysical conductors located on throughout the Mayville property. The targets were identified by a VTEM airborne geophysical survey completed by Mustang in the summer of 2005.

An updated longitudinal section showing the pierce points of the completed drill holes and the anticipated pierce point locations of the remaining holes have been posted on the Mustang website (see M2 Longitudinal section on front page).

Preliminary metallurgical studies are nearing completion from drill core samples of the M2 Zone. The studies will determine open cycle bulk rougher and scavenger flotation recoveries and the potential for producing a copper concentrate and a separate nickel-copper concentrate.

Results from both the initial drilling and preliminary metallurgical studies from the M2 Cu-Ni Zone are anticipated to be reported by mid-February.

Ken Lapierre P.Geo (ON), Mustang's VP of Exploration, is the Qualified Person (QP) for National Instrument 43-101 and has reviewed the contents of this news release.

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

Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. . This news release does not constitute an offer to sell or a solicitation of an offer to purchase securities in the United States.

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