Western Areas-Mustang JV Commences Drilling at East Bull Lake

Western Areas-Mustang JV Commences Drilling at East Bull Lake

Mustang Minerals Corp. announced that a drill program at the East Bull Lake Project located 80 km west of Sudbury is commencing. The East Bull Lake Project is a joint venture with Western Areas NL, designed to investigate nickel-copper-platinum group metal (PGM) targets identified in the geophysical program. It is expected that three targets will be drilled in the current program.

At East Bull Lake an apparent 20 km long mafic intrusive complex consists of two separate zoned intrusions joined by a 5 km long feeder dyke. The intrusion evidences widespread base metal and PGM mineralization. Recent drilling at East Bull Lake (refer to Mustang Minerals news release July 3, 2008) intersected 1.1m @ 9.3% copper and 12.5 g/t PGM from 89 m down hole depth.

Recent exploration work completed at the project by the joint venture included a ground electromagnetic (EM) survey which was successful in identifying a large, moderately deep, EM target located in a favourable geological setting. The EM target is coincident with an anomaly identified with a Geotech heliborne VTEM survey flown in 2007 by Mustang.

Two other targets which were identified by the VTEM survey are planned to be tested in the current drill program.

East Bull Lake is part of Mustang’s prospective Ontario property package which includes a significant property position in the River Valley intrusion and the Bannockburn Nickel Project near Matachewan.

Mustang is primarily focused on its Maskwa Nickel Project in southeast Manitoba where a feasibility study is underway. A revised resource and mine plan is anticipated to be completed at Maskwa in the third quarter of 2009. Recent activities conducted towards completion of the feasibility study include the geotechnical work for site infrastructure, tailings and pit design and in-depth metallurgical testing.

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