TORONTO, ONTARIO -- (Marketwire) -- 11/07/12 -- Mustang Minerals Corp. (TSX VENTURE:MUM)(FRANKFURT:NJF) ("Mustang" or the "Company") today announced that it has completed the drill program that was announced on September 12, 2012. The nine drill holes totalled 3,177 meters. Drilling was designed to test the known copper nickel horizon beneath previous holes and in addition up to 250 meters along strike east of previous drilling. Assay results from the initial holes of the current program are now pending. Following compilation of drill data an updated NI-43-101 resource estimate is planned.

Resource Drilling

Five of the drill holes in the current program (MAY-12-135 to MAY-12-139) were designed to provide additional data for an updated resource estimate. The strike length covered by these holes was 720 meters. Several of the holes intersected intercepts of disseminated to net textured pyrrhotite - chalcopyrite mineralization typical of the Mayville Deposit. MAY12-140 was targeted at a strong BHEM target 66 meters west of MAY-12-57 which previously intersected a strong zone of mineralization (43.1m @ 0.76% Cu and 0.32% Ni which included a sub-interval of 25.0m @ 1.04% Cu and 0.45% Ni).

Logging and splitting of these holes is now substantially completed with assay results expected during the month of November. Half split core has been submitted for assay analysis at Accurassay Laboratories in Thunder Bay, Ontario.

East Extension Drilling

Three holes in the program MAY-12-141 to 143 were drilled to test the eastward strike extension potential of the Mayville Ni-Cu deposit. Drill hole MAY-12-143 was collared 250 meters to the east of the last fence of drilling (2005-2006) at the Mayville Deposit and intersected approximately a 17 metre zone of sulfide mineralization starting at 174 m down hole. Mineralization was near the favourable mafic volcanic/gabbro geological contact typical of many drill holes into the Mayville Deposit. MAY-12-141 (50m east of previous drilling had a sulfide zone proximal to the volcanic/gabbro contact). MAY-12-142 was collared into gabbro and did not intersect the volcanic/gabbro contact.

This drilling shows that the potential exists for additional mineralization and potential resource tonnage along the favourable contact on strike to the east of the known Mayville Deposit. The zone remains open to the east and appears to coincide with a magnetic and EM geophysical trend that extends approximately 1 kilometre further to the east. The area will be a priority target for the next phase of drilling pending receipt of favourable assays. The favourable volcanic/gabbro also extends to the west of the Mayville Deposit for several kilometres with only inconclusive sporadic shallow drilling previously completed in this area.

"The objective of the 2012 Mayville Deposit drilling has been to expand the potential bulk mineable resource at Mayville targeting an enhanced resource update. We believe there is excellent potential for mineralization along strike of the Mayville Deposit and that there is upside for more resource to be defined at depth and along strike to Mayville in the future," said Robin Dunbar, President of Mustang.

Resource Estimate Update

Mustang has engaged Roscoe Postle Associates Inc. to complete a resource estimate update for the Mayville Deposit which is expected to commence in December 2012. The resource update will incorporate the results of the 2012 drilling at the Mayville Deposit along with historical drill information.

A long section showing the approximate location of recently drilled holes at Mayville and a geophysical compilation map showing the prospective geophysical trend at Mayville along with the recent drill hole locations has been posted on the Mustang website at www.mustangminerals.com.

Mayville is located 35 km by road from the Company's Makwa Nickel Deposit. Currently, the outlined mineralization at the two properties is detailed below.

1.  The Makwa Ni-Cu Deposit has a NI 43-101 outlined reserve estimate
    completed in February 2010 by Micon International Limited of 9.86
    million tonnes in the Probable Ore Reserve category containing 0.541%
    nickel, 0.113% copper 0.433 g/t PGM at the Makwa Project.  
2.  The Mayville Cu-Ni Deposit has a present NI 43-101 Indicated Resource of
    9.227 million tonnes containing 0.61% copper, 0.23% nickel and 0.174 g/t
    palladium. 

QA/QC Program

All core samples are sent to Accurassay Laboratories in Thunder Bay, Ontario. Analysis is 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 is employed. Drill core is logged and split on the Makwa site by Mustang personnel with half the core retained and stored. Mustang implements a QA/QC program on drill core including inserting blanks, duplicates and commercial standards at regular intervals with all sample submissions to the laboratory.

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

Western Areas NL (ASX:WSA), an Australian based nickel producer, owns 19% of the common shares of Mustang.

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: 198,160,658

Contacts:
Mustang Minerals Corp.
David Black
Investor Relations
416-955-4773
info@mustangminerals.com
www.mustangminerals.com

Source: Marketwire (November 7, 2012 - 7:00 AM EST)