Mustang Minerals Corp.

Mustang Minerals Corp.

April 22, 2008 08:30 ET

Mustang Tests Chromite Horizon at Maskwa Property

VTEM Survey Outlines new Nickel Copper Targets at Fox and Aileen Properties

TORONTO, ONTARIO--(Marketwire - April 22, 2008) - Mustang Minerals Corp., (TSX VENTURE:MUM)(FRANKFURT:NJF) today announced initial drill results from a new exploration horizon on the Maskwa Property. Elevated nickel-pgm-cobalt values were found in the Chromite horizon. Follow up holes have now been drilled.

Also, preliminary results from a Geotech VTEM survey at the nearby Fox and Aileen exploration properties have identified significant new exploration targets there. In particular two anomalies have been identified at the Fox Property both associated with historical nickel copper mineralization.

West Maskwa Drilling

As part of the systematic testing of the Maskwa Property several drill holes have been drilled to test the east - west trending Chromite horizon on the property. The Chromite Horizon has been mapped intermittently across the east west extent of the Maskwa Property.

Results from the first hole assayed (MM08-112) testing the Chromite Horizon at west Maskwa have now been received and returned the following values. Width is apparent width.

MM08-112 26.5 meters (86.9 feet) of 0.28% nickel; 0.02% cobalt and 0.3 g/t
pgm from 105.8 meters
Including 10.1 meters (33.2 feet) of 0.35% nickel; 0.02% cobalt
and 0.4 g/t pgm

The highest 1 meter section assayed in MM08-112 returned 2.2 g/t pgm.

Holes MM08-128 and MM08-129 have tested the Chromite horizon a further 1.5 km to the east where geological mapping had historically documented chromite showings. The ultramafic host rocks to the chromite horizon and the chromite bearing rocks intersected in MM08-128 are similar to the stratigraphy in MM08-112, Several zones of disseminated sulfides were noted in MM08-128 and will be assayed for nickel, cobalt and platinum group metals. MM08-129 has been drilled 200 meters to the west of MM08-128 to test the same horizon.

VTEM Survey Highlights attractive Drill targets at Fox and Aileen Properties

Mustang has been actively advancing its other exploration projects in southeast Manitoba and has now completed and received the preliminary data from Geotech VTEM surveys over prospective ground at the Fox and Aileen Projects. Significant discrete anomalies were identified closely associated with historical nickel-copper-PGM values and recent sampling completed by Mustang at both properties.

At the Fox Property an over four kilometre long coincident magnetic and EM anomaly has been identified (the F2 Anomaly). This anomaly is significant as historical assessment records indicate that the nickel-copper mineralization is associated with the anomaly in drill core and surface trenches. Assessment records indicate that drilling on a part of the property was last completed in 1958. The Fox Property and F2 Anomaly will be the subject of field investigation by Mustang and the Company has received a work permit to begin field work at the Fox Property.

A smaller anomaly is associated with historical drilling at the Fox Property that Manitoba government assessment records indicate returned values of up to 5% nickel in drilling. Surface grab sampling by Mustang yielded a high value of 0.7% nickel and 0.7 g/t platinum associated with the second anomaly which is also a priority target for follow up.

Several significant geophysical conductive anomalies were identified by the Geotech VTEM survey at the Aileen Property which is located south of the Maskwa Project. Additional field investigation is warranted as one of the anomalies is associated with elevated copper nickel and pgm values. Numerous gabbro bodies are associated with the geophysical anomalies.

A graphic showing the Fox anomaly has been posted on the Mustang Mineral Corp. website.

Prefeasibility Study

Mustang is in the final stages of completing a National Instrument 43-101 compliant prefeasibility at the Maskwa Project and concurrently is completing exploration drilling in the immediate project area. The target date for the announcement of the results of the prefeasibility is May 9, 2008.

Assays reported in this press release were completed at TSL Laboratories Inc. in Saskatoon, Saskatchewan using standard assay techniques. Mustang employs an ongoing QA/QC program.

Carey Galeschuk P. Geo is the Qualified Person for Mustang Minerals Corp. for purposes of National Instrument 43-101.

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

We seek safe harbour.

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 risk, uncertainty of production and capital 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 period ended December 31, 2007 and Material Change Reports filed with the Canadian Securities Administrators and available at

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