Mustang Minerals Corp.
TSX VENTURE : MUM

Mustang Minerals Corp.

October 24, 2005 08:30 ET

Mustang Minerals Corp.: Maskwa/Mayville Project Update Drilling to Commence

TORONTO, ONTARIO--(CCNMatthews - Oct. 24, 2005) - Mustang Minerals Corp. (TSX VENTURE:MUM) today announced future plans for exploration and project development at the Maskwa/Mayville Bird River project in Manitoba. In addition to focusing on the advancement of the Maskwa Deposit, Mustang is continuing exploration focused on discovery of additional resources within its extensive land position in the Bird River Greenstone Belt. Mustang also reported drill intervals from the Maskwa Nickel Deposit that were incorporated in the February 2005 Resource Estimate but not previously released.

Ongoing Exploration and Drilling Program

Further exploration to assess the overall mineral potential of the project area is ongoing with a drill program planned to commence shortly. In May 2005, Mustang completed a VTEM heliborne EM survey over the north limb (Mayville /Cat Euclid Properties) of the project area which identified a total of 9 continuous late time geophysical conductors. The data from the survey is currently being evaluated and interpreted by Condor Consulting of Denver Colorado which is assisting in drill target generation. Ground proofing the conductors is ongoing using the preliminary data received from the survey. Excluding the M2 Zone, only one other geophysical target on the north limb, the M4 Zone, is known to have been previously drilled, yielding a best result of 4.84% copper across a down the hole thickness of 2.75 meters. This target is associated with a 600 meter long late time VTEM conductor and represents a priority target.

Drill targets on the south limb of the project area (Maskwa/Dumbarton) include the area below the Maskwa Deposit Resource and former Dumbarton Mine located 1000 meters east of the Maskwa Deposit. Additional targets include several untested surface TEM geophysical conductors along strike of both deposits.

Following completion of the data interpretation, fieldwork and target generation, Mustang intends to recommence drilling of an initial set of priority targets. Drilling is expected to commence in mid November. Further information on specific targets will be announced prior to the commencement of the drill program.

Maskwa Nickel Deposit

The Company is completing a sampling program of historical drill core from the Maskwa Nickel Deposit for nickel-copper-cobalt and platinum group metals. To date a total of 20 historical holes have been sampled. The assaying of the historical holes could provide additional information which will allow for a more complete enhanced resource calculation at Maskwa. Results from these holes are being assayed, compiled and will be reported when completed shortly.

Drill holes noted below were drilled by Mustang in 2004 and were incorporated in the February 2005 open pit resource estimate by Roscoe Postle Associates Inc. RPA utilized a cut-off grade of 0.20% nickel for the Maskwa open pit resource. Previously, only narrower intercepts from the holes noted below were reported (Mustang press releases dated September 9, 13 and 20, 2004). For reference the average true width of the open pit resource at Maskwa is 24 meters.

Highlighted holes with wider intervals incorporated in the open pit resource include:



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True Pt-
Hole Intersection Width(i) Width Ni Cu Co Pt Pd Pd
Number (meters)(meters)(meters) (%) (%) (%)(g/t)(g/t) (g/t)
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M04-04 38.7 - 71.6 32.9 25.9 0.77 0.14 0.03 0.14 0.60 0.74
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M04-06 68.9 - 124.7 55.8 41.2 0.77 0.19 0.03 0.15 0.59 0.74
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M04-09 113.9 - 145.4 31.5 14.9 0.87 0.15 0.02 0.18 0.76 0.94
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M04-10 134.8 - 174.1 39.3 18.9 0.86 0.13 0.02 0.19 0.75 0.94
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M04-15 125.3 - 148.2 22.9 17.7 1.18 0.16 0.03 0.27 1.15 1.42
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M04-19 131.4 - 160.7 29.3 18.9 0.88 0.16 0.02 0.23 1.02 1.25
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M04-21 75.3 - 107.3 32.0 23.8 0.72 0.10 0.02 0.15 0.63 0.78
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(i)Width represents down the hole length not true thickness, Ni equals nickel, Cu equals copper, Co equals cobalt, Pt equals platinum, Pd equals palladium, % equals percent, g/t equals grams per tonne,

The National Instrument 43-101 Indicated resource reported by RPA for the Maskwa open pit deposit stands at 5.23 million tonnes grading 0.68% nickel and 0.15% copper.

Mustang adheres to a strict QC/QA program which was in effect on its Maskwa drill programs. Secured one half sawed drill core was sent to Laboratoire Expert in Rouyn-Noranda, Quebec for analytical work according to standard industry practice and analyzed for Ni, Cu, Co, Au, Pt, Pd. The insertions of blanks and standards were used as part of the QC/QA Program. Rejects were then sent to SGS Lakefield and ALS Chemex as external checks on Laboratoire Expert analysis.

About Mustang Minerals

Mustang Minerals is an exploration company focused on the development of the Maskwa Mayville Project located within the Bird River Greenstone Belt in southern Manitoba. The Company's exploration program is focused on discovery of additional mineral resources in the Bird River Greenstone Belt project area.

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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