Mustang Minerals Corp.

Mustang Minerals Corp.

October 13, 2005 08:30 ET

Mustang Minerals Corp.: Maskwa/Mayville Project Update

TORONTO, ONTARIO--(CCNMatthews - Oct. 13, 2005) -

Drilling Expands Mayville M2 Zone-Mineralogical Study Initiated Preliminary Metallurgical Assessment Completed at Maskwa Nickel Deposit

Mustang Minerals Corp. (TSX VENTURE:MUM) today announced an update from its Maskwa/ Mayville exploration project in Manitoba. Highlights include exploration results from drilling at the Mayville Property M2 Zone which doubled the potential strike length of the mineralized zone to over 600 meters. In addition, Mustang also received results from a preliminary metallurgical assessment for nickel from the Maskwa Deposit. Testwork was completed by G&T Metallurgical Services Ltd. under the supervision of Micon International. The Maskwa Nickel Deposit contains an Open Pit Indicated resource of 5.23 million tonnes grading 0.68% nickel and 0.15% copper and an Underground Indicated resource of 790,000 tonnes grading 1.11% nickel and 0.14% copper.

M2 Zone Expanded - Mineralogical Study Commenced

Drill results from two additional fences of holes are reported. Reconnaissance drill holes 19 and 20 were drilled 60 meters to the west of previously reported holes. Hole 26 and 27 were in turn drilled 300 meters west of 19 and 20 and extended the strike length of the M2 Zone to over 600 meters. The zone remains open in all directions. Notable intercepts from the recently completed drilling included:

60 meters west of Holes May-9 to May-12:

- May-19 20.1m @ 0.15% nickel; 0.61% copper; 0.02% cobalt and 233 ppb tpm(i)
and 19.2m @ 0.24% nickel; 0.47% copper; 0.02% cobalt and 286 ppb tpm

- May-20 4.2m @ 0.21% nickel; 1.25% copper; 0.02% cobalt and 581 ppb tpm
and 16.0m @ 0.32% nickel; 0.61% copper; 0.02% cobalt and 324 ppb tpm

(i) tpm equals total precious metals (gold-platinum-palladium)

Three hundred meters to the west of May-19 and 20:

- May 26 17.7m @ 0.24% Nickel; 0.72% Copper 0.02% cobalt and 439 tpm

- May 27 3.5 m @ 0.46% nickel; 1.06% copper;0.03% cobalt and 444 ppb tpm
and 2.0 m @ 0.35% nickel; 0.52% copper; 0.03% cobalt and 326 ppb tpm

To date, the M2 Zone is associated with a large copper-nickel rich envelope, has been intersected for a minimum strike length of 600 meters and to a vertical depth of 300 meters. The average true thickness is approximately 40 metres. Higher grade mineralization is associated at the basal contact of the M2 Zone. A mineralogical study has commenced on samples from the M2 Zone as the first step towards determining potential metal recoveries.

Metallurgical Test Work Completed at Maskwa Nickel Deposit

Flotation testwork to test for recoveries and concentrate grade on samples from Maskwa drill core were completed at G&T Laboratories under the supervision of Micon International. Initial test results indicated the potential for nickel recoveries in the range of 70-80% with concentrate grades in the range of 8%. Further test work was recommended with the potential to increase recoveries and concentrate grades.

Other work in process at Maskwa over the course of the summer has included an active program of drill core analysis and additional assaying of drill core for platinum group metals. Results from this work are nearing completion with initial results to be announced shortly. The Maskwa Deposit contains an Open Pit Indicated resource of 5.23 million tonnes grading 0.68% nickel and 0.15% copper and an Underground Indicated resource of 790,000 tonnes grading 1.11% nickel and 0.14% copper.

Geological Mapping Sampling and Prospecting Program at Mayville Property

The geological mapping prospecting and sampling program at other priority conductors on the 22 km long Mayville Property is ongoing with field crews investigating the source of several prominent VTEM conductors associated with magnetic highs. Sulphide mineralization with initial anomalous copper values (up to 0.5% copper) have been detected in samples from a late time, 1 km long, VTEM conductor to the southeast of the M2 Zone. Additional mapping and sampling from this conductor and other conductors are ongoing.

Ken Lapierre P.Geo ( ON ) is the qualified person for Mustang and has reviewed the information contained in this release.

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

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