Mustang Minerals Corp.
TSX VENTURE : MUM
FRANKFURT : NJF

Mustang Minerals Corp.

April 04, 2007 02:00 ET

Mustang Minerals Corp.: Maskwa Open Pit Drill Results Include 47 Meters at 0.85% Nickel

TORONTO, ONTARIO--(CCNMatthews - April 4, 2007) - Mustang Minerals Corp. (TSX VENTURE:MUM)(FRANKFURT:NJF) today announced an update to the drilling currently being conducted as part of the prefeasibility study for an open pit nickel operation at the Maskwa Nickel Project. Maskwa is located 150 km northeast of Winnipeg Manitoba.

The drill holes, which were targeted at the inferred portion of the resource, intersected significant mineralized intercepts. The highlight was MM07-67 which intersected 47 meters (154 ft) of 0.85% nickel. Included in MM07-52 was an intercept of 0.15 meter of 8.86% nickel in MM07-52. This is the highest grade nickel intercept encountered by Mustang at Maskwa to date. While narrow this result highlights the potential for high grade massive sulphides within the large Maskwa nickel system. The results of the current drilling will be incorporated into a future resource calculation.

A recent resource estimate at Maskwa (Micon International Limited January 2007) estimated 8,055,700 tonnes at 0.64% nickel and 0.13% copper in the indicated category and 992,500 tonnes at 0.49% nickel and 0.09% copper in the inferred category. Mustang owns 100% of the mineral rights to the project, subject only to a 1% underlying net smelter royalty.



Resource Definition Holes

-------------------------------------------------------------------------
Hole # From To Length(i) Nickel Copper Pt+Pd+Au Cobalt
-------------------------------------------------------------------------
(metres) (metres) (metres) % % (g/t) ppm
-------------------------------------------------------------------------
West Pit
-------------------------------------------------------------------------
07-52 86.26 103.33 17.07 1.08 0.35 1.32 327
-------------------------------------------------------------------------
includes 100.43 103.33 2.90 1.02 0.21 2.79 246
-------------------------------------------------------------------------
includes 101.50 103.65 0.15 8.86 0.08 6.37 1787
-------------------------------------------------------------------------
includes 103.18 103.33 0.15 3.38 0.12 32.7 1078
-------------------------------------------------------------------------
07-53 46.33 53.80 7.47 0.78 0.14 1.51 289
-------------------------------------------------------------------------
07-54 53.95 61.57 7.72 0.74 0.20 1.16 192
-------------------------------------------------------------------------
07-55 57.45 75.44 17.98 0.45 0.04 0.65 173
-------------------------------------------------------------------------
East Pit
-------------------------------------------------------------------------
07-66 38.86 72.24 33.38 0.65 0.13 0.58 227
-------------------------------------------------------------------------
includes 50.90 55.47 4.57 1.34 0.14 1.11 414
-------------------------------------------------------------------------
07-67 34.14 81.15 47.01 0.85 0.17 0.87 329
-------------------------------------------------------------------------
includes 57.00 70.71 13.71 1.43 0.24 1.28 508
-------------------------------------------------------------------------
Centre Pit
-------------------------------------------------------------------------
07-68 201.78 233.78 32.00 0.58 0.13 0.58 225
-------------------------------------------------------------------------
07-69 235.61 261.21 25.60 0.86 0.19 0.89 242
-------------------------------------------------------------------------
includes 248.02 259.69 11.67 1.35 0.30 1.19 351
-------------------------------------------------------------------------
(i) apparent length


In exploratory drilling conducted to the west of the existing pit resource, four of five holes intersected nickel values. Results appear to have defined the limits of the wide disseminated zone at the resource grade but included narrower high grade intersections of nickel warranting follow up. Significant results from the test holes to the west of the current resource are:



--------------------------------------------------------------------
Hole # From To Length(i) Nickel Copper Pt+Pd+Au Cobalt
--------------------------------------------------------------------
(metres) (metres) (metres) % % (g/t) ppm
--------------------------------------------------------------------
07-59 70.77 105.99 35.22 0.27 0.11 0.39 143
--------------------------------------------------------------------
07-60 46.63 46.86 0.23 2.07 0.18 1.22 1174
--------------------------------------------------------------------
and 81.23 81.38 0.15 2.27 3.57 2.27 1343
--------------------------------------------------------------------
07-61 148.21 148.68 0.47 2.91 0.35 0.57 1224
--------------------------------------------------------------------
07-62 163.68 168.25 4.57 0.67 0.46 0.59 532
--------------------------------------------------------------------
(i) apparent length


Drilling Continues

Two new exploration drill holes have now been completed underneath the current resource. These holes were drilled to a vertical depth of 300 and 350 meters respectively with results pending. The drill has now been moved to test for extensions of mineralization to the northwest in a potential feeder structure. There are three untested surface EM targets in the area that will be the target of drilling. The exploration program is being completed under the supervision of Senior Geologist Dave Benson P.Geo MB.

Pre-feasibility Study

Development work required for the prefeasibility study is now well underway at the project. Mustang has formed a technical team to steer the project including technical assistance from Western Areas NL.

Split drill core from the program are being sent to Accurassay Labs in Thunder Bay Ontario for sample preparation and assaying using conventional assaying techniques.

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 www.mustangminerals.com.

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 www.sedar.com.

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.

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

Contact Information