Mustang Minerals

Project operating profit pre-tax                $CDN000              322,980
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Project operating profit after tax              $CDN000              263,286
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Pre-production capital                          $CDN000              129,449
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Project IRR pre-tax                             %                       18.9
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Project IRR after tax                           %                       14.6
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Project NPV 7% pre-tax                          $CDN000               76,210
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Project NPV 7% after tax                        $CDN000               43,883
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 Drill Program

Mustang recently completed several drill holes at the Makwa Project including two holes designed to test the depth potential of the eastern portion of the deposit beneath the previously known shallower sections. Results follow from these two holes which showed the existence of wide zones of both the hangingwall and main zone of the deposit. Metallurgical testwork completed during the previous year has indicated that the nickel recovery from low grade material within the pit outline is in the range of 50% and that this material exhibits good upgrading to a final concentrate.


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   Drill hole   Collar   From   To  Interval(i)    Ni   Cu     Co   Au+Pt  
               Location                                               +Pd  
--------------------------------------------------
                Easting  (m)    (m)   (m)           %   %      %      g/t  
--------------------------------------------------
--------------------------------------------------
MM10-146        325750  119.5  158.5  39.0       0.24  0.07   0.01   0.29  
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            and         259.0  283.0  24.0       0.40  0.07   0.02   0.45  
--------------------------------------------------
                                                                           
--------------------------------------------------
MM10-148        325750  134.4  146.5  12.1       0.29  0.09   0.01   0.35  
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            and         164.5  242.5  78.0       0.32  0.07   0.02   0.40  
--------------------------------------------------
      including         212.5  239.5  27.0       0.49  0.10   0.02   0.76  
--------------------------------------------------
                                                                           
(i)Drilled width.

 Exploration drilling also included two holes to examine the potential for near surface mineralization in the area of the adjacent Dumbarton and Dumbarton F zone mines which were operated in the 1970's as underground mines only, producing nickel-copper-PGM ore. Results from these two holes are pending.

Mayville Exploration

The Company has recently received its exploration work permit for the Mayville Property which is located approximately 35 km north of Makwa. Mustang is evaluating the potential to co- process a near surface core of Mayville mineralization with the Makwa deposit. Exploration at Mayville is planned to commence shortly.

Drill core is logged and split on the Makwa site facility by Mustang staff, with half core sent to the laboratory. Mustang conducts an ongoing QA/QC program on the drill core including inserting blanks, duplicates and standards with the samples. Assays noted above were completed at Accurassay Laboratories in Thunder Bay Ontario. For nickel, copper and cobalt assays, aqua regia digestion followed by AA determination was used. For gold, platinum and palladium, fire assay of 30g aliquots followed by AA finish was employed.

Ian Ward P.Eng, Senior Vice President of the Company, is the Qualified Person for the Makwa project information and this press release.

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

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 most recent financial period and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

Shares Outstanding: 94,498,233
  CONTACT INFORMATION:
Mustang Minerals Corp.
David Black
Investor Relations
416-955-4773
info@mustangminerals.com

category  '000      %       %      g/t      g/t     Nickel (t)  Palladium  
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Probable  9,855   0.541   0.113   0.094    0.339      53,276     137,194  
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g/t=grams per tonne     Note: includes estimated mining dilution

 Mayville Resource Estimate

Highlight of the Scott Wilson RPA updated resource estimate for Mayville is the 9.227 million tonnes above a cut-off value of $CDN30.00 net smelter return (NSR) in the indicated category, within an economic Whittle pit shell, containing 0.61% copper, 0.23% nickel and 0.17g/t palladium. Additional indicated material between NSR cut-off values of $CDN 18.00-30.00 amounts to over 2.4 million tonnes. See following Table 2 for complete details.


Table 2 - Mayville Property Mineral Resources by Cut-off Value, March 2010
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Category           Cut-off  Tonnes    Ni     Cu     Au     Pt     Pd    NSR
NSR                $CDN     x1,000    (%)    (%)  (ppb)  (ppb)  (ppb) ($CDN)
--------------------------------------------------
Indicated                                                                  
  greater than 50           2,626  0.29   0.86     87     63    214     63
  greater than 30           9,227  0.23   0.61     65     55    174     46
  greater than 18          11,637  0.21   0.55     60     53    161     42
Inferred                                                                    
  greater than 50              33  0.25   0.75     52     37    157     54
  greater than 30             188  0.22   0.59     41     29    127     44
  greater than 18             237  0.20   0.55     41     28    121     41
--------------------------------------------------

Notes:

1.  CIM Definition Standards have been followed for classification of
   Mineral Resources.
2.  Mineral Resources are not Mineral Reserves and do not have demonstrated
   economic viability.
3.  A minimum horizontal thickness of two metres was applied.
4.  Mineral Resources were constrained by a preliminary open pit shell.
5.  NSR values were calculated using the metal prices and recoveries listed
   in Table 3, plus assumed costs.
6.  Mineral Resources were estimated to a minimum NSR cut-off value of
   C$18/tonne, which represents a pit discard value.
7.  Totals may not add correctly due to rounding.

 The updated Mayville resource estimate is based on the drilling completed at Mayville by Mustang during 2005 and 2006. Scott Wilson RPA included existing PGM values in the updated block model and developed new NSR values and operating costs (including an estimated trucking cost to the proposed Makwa mill ) in order to establish the economic pit parameters for the Whittle optimization.

The reported mineral resources are contained within several shallow open pit shells covering the economic portions of mineral lenses and are comprised as noted in Table 3. The deposit is open along strike at both the east and west ends.


 Table 3 - Mayville Property Mineral Resources by Lens at C$18/t NSR cut  
                             off, March 2010                              
--------------------------------------------------
Category               Tonnes     Ni      Cu      Au     Pt     Pd      NSR
                      x1,000     (%)     (%)   (ppb)  (ppb)  (ppb)   ($CDN)
--------------------------------------------------
Indicated                                                                  
    CZ_A               9,719   0.21    0.55      58     52    162       42
    EZ_B                 512   0.26    0.85     130     89    213       60
    WZ_B                 394   0.23    0.55      34     23    121       42
    WZ_C               1,011   0.18    0.43      56     62    145       34
Total Indicated        11,637   0.21    0.55      60     53    161       42
                                                                           
Inferred                                                                    
    CZ_A                  69   0.19    0.60      52     36    128       43
    WZ_B                 146   0.21    0.55      33     22    116       41
    WZ_C                  22   0.15    0.37      54     46    127       29
Total Inferred            237   0.20    0.55      41     28    121       41
--------------------------------------------------

 This Mineral Resource estimate comprises the near surface portion of the previous estimate, prepared by Scott Wilson RPA in January 2007 and disclosed in the NI 43-101 Technical Report filed on SEDAR. New parameters applied include a lower assumed nickel recovery (based on recent testwork results) and the application of current estimated operating costs including trucking costs to Makwa. Table 4 lists the prices and recovery estimates used in the NSR calculation.


   Table 4 - Mayville Metal Price and Recovery Assumptions  
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   Metal             Price                   Recovery        
--------------------------------------------------
    Ni             US$8.50/lb                  50%          
    Cu            US$ 3.00/lb                  95%          
    Au            US$1,000/oz                  55%          
    Pt            US$1,400/oz                  32%          
    Pd             US$400/oz                   80%          
  Exchange Rate US$0.90 = C$1.00                            
--------------------------------------------------

 The drill hole database includes 72 diamond core holes totalling 15,957 metres. A set of cross sections and plan views were interpreted to construct three-dimensional wireframe models using a minimum NSR value of $CDN 20.00/tonne as a guide and a minimum horizontal thickness of two metres. Block grades were estimated using inverse distance squared (ID2). Blocks are 10 m by 10 m by 10 m size. A density value of 3.00 t/m3 was used to convert estimated volume to tonnes. A preliminary open pit shell using Whittle Four-X was used to constrain the open pit resources. Mineralization occurs below the pit shell but was not included as part of the Mineral Resource. Classification into the Indicated and Inferred categories was guided by the drill hole spacing, zone thickness, and the apparent continuity of the mineralized zones.

The Mayville Mineral Resource information has been read and approved by David A. Ross, M.Sc., P.Geo, Senior Consulting Geologist at Scott Wilson Roscoe Postle Associates Inc. who is a "qualified person" as defined under National Instrument 43-101.

Metallurgical Testwork

Metallurgical testwork with Mayville core sample composites, completed by Process Research Associates at the Richmond, B.C. laboratory, has produced an excellent copper concentrate in the range of 30% copper content and copper recovery of 88-90%, and shows that a separate nickel concentrate grading 9-11% nickel and containing copper for additional 5% recovery, is attainable.

Testwork to examine the characteristics of co-processing the Makwa and Mayville resources is in progress and is scheduled for completion in the coming weeks. The Company continues to evaluate the best route for development of the Makwa project for which a final feasibility study and permitting process are ready to start.

Mayville Exploration Commences

The Company has commenced an exploration program at the Mayville property. A program of linecutting, ground geophysics and drilling will not only focus on expanding the near surface resource but also will test for extensions of the higher grade mineralization at depth. The Mayville deposit is open at depth and along strike.

Grant of Incentive Options

For the fiscal 2010 year the board of directors has approved pursuant to the Company's Stock Option Plan a total of 2,250,000 incentive options to be granted to executive officers, directors, consultants and employees of the Company. The options are subject to the approval of the TSXV.

Ian Ward P.Eng, Senior Vice President of the Company, is the Qualified Person for the Mayville and Makwa project information and this press release.

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

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 most recent financial period and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

Shares Outstanding: 94,498,233
  CONTACT INFORMATION:
Mustang Minerals Corp.
David Black
Investor Relations
416-955-4773
info@mustangminerals.com
www.mustangminerals.com
   INDUSTRY: Manufacturing and Production - Mining and Metals

www.marketwire.com/press-release/...SX-VENTURE-MUM-1155025.htm

Apr 28, 2010 08:30 ET
Mustang Exploration Update

TORONTO, ONTARIO--(Marketwire - April 28, 2010) - The Board of Directors of Mustang Minerals Corp. (TSX VENTURE:MUM)(FRANKFURT:NJF)today provided an exploration update for its Manitoba properties. Exploration is continuing as part of an overall effort to expand project resources and make new discoveries in its southeastern Manitoba project area. Mustang has two pit deposits containing copper, nickel and platinum group metals in the south eastern Manitoba project area.

Mayville Property

The Company has commissioned a ground geophysical survey to pinpoint drill targets for an upcoming drill program. The survey will target the on strike extension of the Mayville deposit and several other targets in the Mayville Project area. Mustang recently announced a NI 43-101 compliant Mineral Resource Estimate at Mayville of 9.2 million tonnes at 0.61% Copper and 0.23% Nickel (Open Pit) with an average NSR value of $46 per tonne.

Rumble Lake

Drilling has commenced at Mustangs Rumble Lake Property which is part of the Owyhee Property Option. A previously completed heliborne geophysical survey outlined a coincident magnetic and EM anomaly that has a strike extent of approximately 700 meters on the property. The Company plans a minimum of 300 meters of drilling to test the anomaly. The property location is approximately 10 km east of the Makwa deposit.

Ian Ward P.Eng, Senior Vice President of the Company, is the Qualified Person for the Mayville and Makwa project information and this press release.
To find out more about Mustang Minerals Corp. (TSX VENTURE:MUM)
visit our website at www.mustangminerals.com or contact:
David Black, Investor Relations
Telephone 416-955-4773 email: info@mustangminerals.com

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 most recent financial period and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

Shares Outstanding: 94,498,233

For more information, please contact
Mustang Minerals Corp.
David Black
Investor Relations
416-955-4773
info@mustangminerals.com
www.mustangminerals.com
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Mustang can earn a 100% interest in the base and precious metal rights (subject to Net Smelter Return Royalty) to the Property by completing option payments totalling $45,000. ($10,000 on signing) and making expenditures of $300,000 over a period of three years. In the first year, work expenditures of $12,600 are required.

About Mustang Minerals Corp.

Mustang Minerals is exploring and developing two open pittable deposits located in southeast Manitoba. A NI 43-101 reserve estimate completed in Feb. 2010 by Micon International Limited outlined 9.855 million tonnes in the Probable category containing 0.541% nickel, 0.113% copper 0.433 g/t PGM at the Makwa Project. The Mayville Project is located approximately 35 km by road from Makwa and has a NI 43-101 Indicated Resource of 9.227 million tonnes containing 0.61% copper, 0.23% nickel and 0.174 g/t palladium (see April 15, 2010 news release).

Ian Ward P.Eng, Senior Vice President of the Company, is the Qualified Person for the Mayville and Makwa project information and this press release.

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

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 most recent financial period and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

Shares Outstanding: 94,598,233
  CONTACT INFORMATION:
Mustang Minerals Corp.
David Black
Investor Relations
416-955-4773
info@mustangminerals.com

Der NPV (Net Present Value) belaufe sich auf 90 Millionen Kanadischer Dollar (CAD) bei einem Nickelpreis von 7 USD (aktuell 21 USD) nach Steuern.

Ferner habe sich der australische Nickelkonzern Western Areas bereits 15% der Anteile als strategisches Investment gesichert und garantiere technische Unterstützung.

Neben diesen individuellen Kaufargumenten, wie der drastischen fundamentalen Unterbewertung, dem Management und der Projektqualität, die für Mustang Minerals sprächen, gefalle den Experten derzeit besonders die Tatsache, dass sich wohlhabende Privatpersonen, Private Equity Investoren und sogar eine heimlich, still und leise seit Wochen im Markt aktive Nickel-Beteiligungsgesellschaft bei den besten Nickel-Explorern, wie Castillian Resources, Crowflight Minerals oder eben Mustang Minerals, einkaufe.

Alles andere als eine Kursverdopplung bei Mustang Minerals in den nächsten zwölf Monaten wäre bei heranziehen des gesunden Menschenverstandes ein Witz. Und dies selbst dann, wenn sich der Nickelpreis in dieser Zeit halbieren würde. Dies sei wohl auch die konservative Annahme, welche die kanadischen Analysten von Jennings bei ihrer jüngsten Studie mit aktuell schon einen fairen Wert für Mustang Minerals von 2,15 CAD (Kursziel 1,95 CAD) herangezogen hätten. Das erste Kursziel der Experten liege ebenfalls sehr konservativ bei 2,15 CAD (1,40 Euro). Sollte sich Mustang Minerals fundamental so weiter entwickeln wie zuletzt und das Maskwa-Projekt zügig in Richtung Produktion führen, würden die Experten dieses Kursziel aber im Laufe des Jahres mit Sicherheit deutlich erhöhen müssen.

Mit Mustang Minerals empfehlen die Experten von "Rohstoffraketen.de" einen Nickelexplorer, der alles mitbringt, um sich im Kurs in den nächsten 12 bis 24 Monaten zu vervielfachen. Das erste Kursziel sehe man bei 1,40 Euro. (Ausgabe vom 28.03.2007) (29.03.2007/ac/a/a)