TORONTO, ONTARIO--(Marketwire - March 5, 2012) - Mustang Minerals Corp. (TSX VENTURE:MUM)(FRANKFURT:NJF) ("Mustang" or the "Company") today provided an update on its exploration activities at the Company's Mayville Property which is located northeast of Winnipeg, Manitoba. The Company is drilling approximately 30 exploration and resource development holes at its Mayville Property. Mayville hosts an open pit copper nickel resource outlined by Mustang in 2005-2006 and also is the site of a new drill discovery of platinum-palladium mineralization announced in March 2011.

PGM Zone

Results from the first two holes on the PGM Zone are tabulated below. These two holes were drilled at a set up 40 meters to the east of the last drill intercept from the 2011 drill program. The results of these holes indicate the continuation of the PGM mineralization to the east. Assay results from four more holes that were drilled to the west of the PGM Zone are pending. These holes were drilled approximately 600 meters west of the holes reported above. A map showing the drill hole locations is at www.mustangminerals.com. Further holes are planned to further examine the western and eastern extension of the PGM mineralization along the plus one kilometer favourable stratigraphic horizon.

The drill program commenced in January of 2012. To date 14 drill holes have been completed. The first hole was drilled to intersect the Cu-Ni mineralization at depth of the historic Hititrite Cu-Ni showing. Low grade values were encountered. The best mineralized zone was 22.60 meters of 0.27% Cu and 0.10% Ni was encountered starting at 191.04 meters downhole. Other sporadic assays values occurred throughout the hole. Several holes are planned to test the east and west potential of the Hititrite Cu-Ni horizon.

M2 Zone

Two drill holes have been completed to date and have targeted Cu-Ni mineralization at depths below the existing Mayville M2 Open Pit resource. The drill holes are presently being processed at the company's logging facility. Target depth of the holes is from 300 to 450 meters vertical depth. In addition several holes aimed at expanding M2 resource along strike are planned for later in the program.

Copper Contact and Feeder Targets

Several other targets have been generated by geological mapping, geophysical programs and geochemical sampling completed during the latter part of 2011. These targets are in the historic Copper Contact area and a mapped feeder dyke from an intrusive sub-chamber. Five holes have been drilled into this area to date to test several of the ground IP geophysical anomalies. These holes are in the process of being split and soon will go out for assay.

QA/QC

Drill core from the Mayville Project is logged and split on site at Makwa site with half the core retained and stored. Mustang conducts an ongoing QA/QC program on drill core including inserting blanks, duplicates and standards at regular intervals with all sample submissions to the laboratory.

All drill core samples were sent to Accurassay Laboratories in Thunder Bay, Ontario. Analysis was completed for nickel, copper, cobalt and silver using an Aqua Regia digestion followed by AAS/ICP finish. For gold, platinum and palladium, fire assay of 30g aliquots followed by combination fire assay and AAS finish was employed.

PDAC

Mustang will be exhibiting at PDAC 2012 from March 4-7 (March 7 till noon) at Booth 2147 in the Investors Exchange and the Company looks forward to meeting shareholders and the public at the booth.

About Mustang Minerals

Mustang Minerals has two open pit deposits located in Southeast Manitoba.

1. The Makwa Project has 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 and 0.433 g/t PGM.

2. The Company's 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.

Western Areas NL owns 19.9% of the common shares of Mustang Minerals.

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

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: 198,130,658