Mustang Minerals Corp.

Mustang Minerals Corp.

March 21, 2006 08:30 ET

Mustang Provides Project Update

TORONTO, ONTARIO--(CCNMatthews - March 21, 2006) - Mustang Minerals Corp. (TSX VENTURE:MUM) today provided an update of the exploration program at the Maskwa Mayville Project located in the Bird River Greenstone Belt located 150 km from Winnipeg Manitoba. The current phase of drilling at the M2 is nearing completion with exploration drilling on regional targets scheduled to commence shortly.

M2 Zone Drilling

To date a total of 67 drill holes have been completed on the M2 Zone over a strike length of approximately 1,200 meters. Drill results up to hole 58 have been announced and drill core from holes 59 to 67 have been sent for assay. The drill hole locations of the pending holes are noted on M2 Long Section map at the Mustang website. Results will be released when available. An additional 7 holes are planned to complete the current phase of drilling at M2. Proposed drill hole locations are shown on the Mustang website (see M2 Long Section link on home page). The deepest hole drilled in the next phase will be at approximately 300 meters vertical. It will be located west of hole May-16 which returned 76.3 meters grading 0.75% copper and 0.26% nickel including 33.4 meters grading 1.06% copper and 0.33% nickel.

Regional Exploration Drilling

Following the completion of the holes at M2 an exploration phase of drill holes are planned to test regional exploration targets identified by a Geotech VTEM survey flown by Mustang in 2005. Several prominent EM conductors have been identified and are planned to be tested in the current phase. No previous drilling has been completed on any of these airborne targets.

Additional Geophysical Surveys Planned.

Mustang controls an extensive land position in the Bird River Greenstone Belt including the north limb of the belt which contains the M2 Zone and the south limb of the belt which includes the Maskwa Deposit. A heliborne EM survey is planned to be flown over areas not previously covered by modern geophysics, including the Anson Lake Property that has a prominent EM conductor from an airborne survey flown in the 1970's.

Bird River Project

The Bird River Project remains highly prospective for open pit bulk tonnage and higher grade nickel, copper and pgm mineralization. To date exploration at the M2 Zone has encountered wide zones of near surface copper nickel mineralization and high grade occurrences of copper nickel and pgms in drill core. Mustang controls the project 100% subject to NSRs and a minority interest in Mustang's subsidiary, Maskwa Nickel Chrome Mines Limited, which owns an interest in the Mayville Property.

Ken Lapierre P.Geo.(ON), Mustang's VP of Exploration is the Qualified Person for national Instrument 43-101 and has reviewed the content of this news release.

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. This news release does not constitute an offer to sell or a solicitation of an offer to purchase securities in the United States.

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