TORONTO, ONTARIO--(Marketwire - Feb. 20, 2013) - Mustang Minerals Corp. (TSX VENTURE:MUM)(FRANKFURT:NJF) ("Mustang" or the "Company") today announced the results of a National Instrument 43-101 compliant resource estimate for its Mayville Deposit located in southeastern Manitoba. Indicated resources increased significantly from the resource estimate announced April 15, 2010. The indicated resource announced in 2010 was 11.6 million tonnes at 0.55% copper and 0.21% nickel which increased to 24.3 million tonnes at 0.45% copper and 0.19% nickel (0.69% copper equivalent). Inferred resources increased from 0.2 million tonnes at 0.55% copper and 0.2% nickel in 2010 to 4.1 million tonnes at 0.45% copper and 0.18% nickel (0.68% copper equivalent). The updated resource estimate was reported at a $20 NSR cut-off.

A substantially larger mineral resource at Mayville provides a positive catalyst for development of the Makwa and Mayville Deposits. The Company has announced that it plans to complete a Preliminary Economic Assessment based on co-development of the two deposits. The Mayville Property in particular has excellent exploration potential and remains open at depth and along strike. The Mayville and Makwa deposits are located within Mustang's mineral tenements in the highly prospective Bird River Greenstone Belt - an emerging area prospective for nickel, copper and platinum group metals.

Details of the resource estimate are as follows:

MINERAL RESOURCE ESTIMATE SUMMARY

In the area of the M2 deposit, the Mayville drill hole database includes 103 diamond core holes totalling 24,138 m. Drill sections are spaced 50 m apart along strike with intercepts on each section averaging 50 m apart down dip. A set of three-dimensional wireframe models of the mineralized zones were interpreted in cross section and plan views using the descriptive logs, a minimum NSR value of C$15 per tonne, and a minimum true thickness of two metres. Prior to compositing to two metre lengths, assays were capped to 2.5% Cu, 1.5% Ni, 0.40 g/t Au, 0.35 g/t Pt, and 0.70 g/t Pd. Block grades were estimated using the inverse distance squared interpretation algorithm. A global density of 3.0 t/m3 was assigned to the material contained within the wireframe models. Mineral Resources are reported within a preliminary pit shell generated in Whittle software.

Within the updated resource block model, the low concentrations of the precious metals (Au, Pt, and Pd) are such that they do not contribute to the NSR value due to typical treatment and refining terms and penalties. While they have no influence on the cut-off value and reported resource tonnage, they are estimated on the assumption that local higher grade zones may be present within the resource area. These higher grade areas do contribute to the Whittle pit optimization process using the assumed treatment and refining terms and conditions and may potentially offer revenue enhancement at some future point.

Exploration

Mustang will shortly commence drilling along strike of the Mayville Deposit to follow up on a recent step out hole approximately 200 meters east of the resource that intersected 18.53 meters of 0.56% copper and 0.16% nickel (see press release dated December 12, 2012). The objective of future drilling will be to look at the potential for on strike incremental tonnage at Mayville. Targets along an approximately one kilometer strike extension will be tested.

Current mineral reserves and mineral resources at Mustang's two deposits are:

Makwa Ni-Cu Deposit

NI 43-101 Probable Mineral Reserve Estimate of 9.86 million tonnes containing 0.541% nickel, 0.113% copper 0.433 g/t combined PGM. (reserve estimate completed February 2010 by Micon International Limited)

Mayville Cu-Ni Deposit

NI 43-101 Indicated Mineral Resource estimate is 24.3 million tonnes containing 0.45% copper, 0.19% nickel. Inferred mineral resource estimate is 4.1 million tonnes containing 0.45% copper and 0.18% nickel. (Feb. 2013 RPA Inc.)

Carey Galeschuk P.Geo. is the National Instrument 43-101 Qualified Person for Mustang Minerals Corp. and has approved the contents of this release. David Ross, P. Geo. of RPA Inc. was the Qualified Person for the February 2013 resource estimate at Mayville.

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.

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