Mustang Minerals Corp.

Mustang Minerals Corp.

November 22, 2006 08:30 ET

Mustang Minerals Financing Announcement

TORONTO, ONTARIO--(CCNMatthews - Nov. 22, 2006) - Mustang Minerals Corp. ("Mustang" or the "Company") (TSX VENTURE:MUM) today announced a non-brokered private placement financing of up to 545,455 flow-through units ("Units") at a price of $0.55 per Unit for gross proceeds of $300,000 (the "Offering"). Each Unit will consist of one flow-through common share and one half of one share purchase warrant. Each whole warrant will entitle the holder to purchase one common share or one flow-through common share of the Company (at the sole discretion of the Company) at a price of $0.65 for a period of 18 months from the date of issuance.

Proceeds of the Offering will be used to fund exploration activities of the Company at its Canadian mineral properties.

The private placement is subject to regulatory approval. The securities issued will be subject to a hold period of four months and one day from the date of closing. A finder's fee of 6% in cash of the gross proceeds of the Offering will be paid to qualified selling agents.

Mustang recently announced an initial private placement financing (see Mustang press release dated November 15, 2006 for details) with Australian based Western Areas NL. Western Areas recently commenced production at its Flying Fox Nickel Mine located in Western Australia.

"Our primary objective for 2007 is to complete a successful bankable feasibility study at the Maskwa Nickel Project" said Robin Dunbar, President of Mustang. "Upon completion of the recently announced financings Mustang will have sufficient funds for a feasibility study and will also be able to aggressively continue targeted exploration at its projects" he added.

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

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. The securities being offered have not and will not be registered in the United States under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws, and may not be offered or sold within the United States or to or for the account of benefit of U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This news release does not constitute an offer to sell or a solicitation of an offer to purchase securities in the United States.

Shares Outstanding: 52,600,186

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

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