Mustang Minerals Corp.
TSX VENTURE : MUM

Mustang Minerals Corp.

August 10, 2005 09:20 ET

Mustang Minerals Corp.: Mayville M2 Exploration Program Update

TORONTO, ONTARIO--(CCNMatthews - Aug. 10, 2005) -

Maskwa Deposit Metallurgical Study Initiated

Mustang Minerals Corp. (TSX VENTURE:MUM) today announced results from holes 9-12 in the ongoing exploration program at the Mayville Property, part of the Maskwa/Mayville Bird River Ni-Cu-PGE Project. All four holes intercepted the M2 Zone with comparable grades to the first eight holes drilled including the higher grade basal core at the bottom of the sulphide zone.

Results from holes May-09 to 12 are as follows:



---------------------------------------------------------------------
Hole Interse- Width Nick- Copp- Ni + Co- Pt-Pd- Zone
# ction (meters) el(%) er(%) Cu(%) balt Au
(meters) (%) (ppb)
---------------------------------------------------------------------
May-09 9.6-47.0 37.4 0.30 0.60 0.90 0.02 345 M2-
envel-
ope
---------------------------------------------------------------------
includes 39.5-47.0 7.5 0.45 1.00 1.45 0.03 466 M2 main
---------------------------------------------------------------------

---------------------------------------------------------------------
May-10 20.4-68.7 48.3 0.28 0.74 1.02 0.02 338 M2-
envel-
ope
---------------------------------------------------------------------
includes 57.0-68.7 11.7 0.50 1.15 1.65 0.03 512 M2 -
main
---------------------------------------------------------------------

---------------------------------------------------------------------
May-11 116.4-143 26.6 0.32 0.61 0.93 0.02 373 M2-
envel-
ope
---------------------------------------------------------------------
includes 125.7-139.9 14.2 0.49 0.84 1.33 0.03 510 M2-main
---------------------------------------------------------------------

---------------------------------------------------------------------
May-12 150-186.2 36.2 0.21 0.47 0.68 0.02 270 M2-
envel-
ope
---------------------------------------------------------------------
includes 150-165.2 15.2 0.30 0.60 0.90 0.02 328 M2-main
---------------------------------------------------------------------

---------------------------------------------------------------------
Estimated true widths of the above noted M2-envelope intercepts are:
35 meters in May-09; 30 meters in May-10; 20 meters in May-11 and 30
meters in May-12. Ni equals nickel, Cu equals copper, Co equals
cobalt, Au equals gold, Pt equals platinum, Pd equals palladium, %
equals percentage, ppb equals parts/billion.


Drill Program Update

M2 Zone:

The drill program at the Mayville Property M2 Zone is ongoing. To date, four holes (13-16) have been completed on a fence 60 meters to the east of the first 12 holes recently announced. Sulphide mineralization was encountered in each hole. Of significance is the estimated true thickness of the disseminated to net textured sulphides and local massive sulphide veins encountered in May-16(see www.mustangminerals.com for pictures of May-16). The M2 Zone-envelope started at a down the hole depth of 237.5 meters and continued to 405.4 meters with an estimated true width of at least 100 meters.

Additional drilling of the 4,000 meter long program will concentrate along strike of holes 1 to 16 across a minimum strike length of 300 meters.

M3 Zone:

A second objective of the current phase of drilling is preliminary investigation of the M3 geophysical conductor located north of the M2 Zone. To this end trenching will be initiated at the M3 Zone within the next 10 days. Exploratory drill holes are expected to follow pending results of the trenching.

Other geophysical targets identified through the airborne VTEM geophysical program will be the subject of future drilling including the M4 Zone to the south of the M2. A geophysical compilation map of the major late time geophysical conductors is currently being prepared and will be posted on the Mustang website.

Initial results from the current drilling are expected to be available by early September 2005.

Metallurgical Study-Maskwa Deposit:

In other developments, Mustang has initiated preliminary metallurgical work at the Maskwa Deposit to determine recoveries and concentrate grades. Micon International has been engaged to supervise the metallurgical study. Preliminary results from this work are expected to be available in September 2005.

The Company is currently updating its website with additional geological information including sections from the first four fences of drill holes.

Mustang adheres to a strict QC/QA program which was in effect on the Mayville drill program. Secured drill core was examined, diamond sawed at lengths between 0.1 meters and 1.5 meters, with the majority of all samples at 1.5 meters. One half of the core was then bagged, tagged, stapled and completely sealed before being transported by bus to a commercial laboratory, Laboratoire Expert in Rouyn-Noranda, Quebec for analytical work according to standard industry practice and analyzed for Ni, Cu, Co, Au, Pt, and Pd. The insertion of blanks and four commercial nickel sulphide reference standards was used as part of the QC/QA program on the samples. Additionally, pulps have been sent to ALS Chemex as external checks on Laboratoire Expert analysis.

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

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

Shares Outstanding: 46,389,133

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

Contact Information