For Immediate Release Exchange: TSX Venture May 6, 2015

Toronto, Ontario

Symbol:MUM Shares Outstanding:256,475,301

Mustang Minerals Updates Exploration Activities at Makwa Mayville Nickel Copper Project

Mustang Minerals Corp. (TSXV:MUM) ("Mustang" or the "Company") today announced an exploration update regarding its Makwa Mayville Nickel-Copper-PGM Project ("the Project") in southeastern Manitoba. Follow up geophysical interpretation of survey data has identified additional target areas at its Mayville Property. The Company will be commencing a program of ground geophysics over the target areas.

Background

The Mayville Cu-Ni Deposit has a strike length of 1.2 kilometers and has been drilled to a maximum depth of ~370 vertical meters. A helicopter-borne Z-Axis Tipper Electromagnetic (ZTEM) and Aeromagnetic geophysical survey was flown over the deposit in 2010. The ZTEM survey provided a well-defined and correlated geophysical signature for the known mineral resource at Mayville. Recently, depth slices and 3D imaging were generated from the survey to assist in interpreting the potential for mineralization to depth past its known limits.

Target Areas

The Keel Target is the potential depth extension at the east end of the Mayville deposit where drilling encountered some of the best grade thickness profiles at Mayville. There may also be an offset to the mineralization. In order to further evaluate this area a ground EM survey is planned.
The Mayville South (Tanco) target is a ZTEM response coincident with an east-west trending gabbro/ultramafic package. The anomaly becomes prominent at approximately 300m vertical depth and continues to depth. The anomaly extends for approximately 700 meters in an east- west direction. No significant surface mineralization is associated directly with this anomaly with most of the area having no outcrop exposure. The target is hosted in a gabbro ultramafic complex with associated mineralization. A ground EM survey is also planned to further characterize this target.
A third target is a coincident VTEM/ZTEM anomaly at the north margin of the Mayville
Intrusion.

Trench and Sampling Program - Makwa

The Company has also tabulated the results of a trenching and sampling program at the former producing Dumbarton Mine located on the Makwa Property. Samples were taken from four trenches over an 1100m strike length to assess the at surface mineralized potential of the crown pillar along the Dumbarton Mine horizon. The sampling confirmed mineralization

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occurs at each the four trench sampling locations in disseminated and semi-massive sulfides. Based on the encouraging results further work is required to define the potential for the Dumbarton Mine horizon to add an incremental resource to the Makwa Mayville Project.
The trenching was undertaken as part of the recommendation from the Preliminary Economic
Assessment for the Project.
Details of the trench sampling program have been posted on the Mustang website. Mining at Dumbarton and the F Zone occurred from 1969-1974 during which time 1.8 Mt was mined at an average grade of 0.81% Ni and 0.30% Cu.

About the Makwa Mayville Area

The Canadian Federal government funded TG14 high-magnesium ultramafic to mafic systems subproject of the Targeted Geoscience Initiative has identified the Bird River domain (Mayville Makwa area) as part of a newly defined superdomain (the "BOUGE Superdomain") in the Superior Craton. The superdomain defines a major Cr-Ni-Cu-PGE-V metallotect which includes the McFaulds Lake (a.k.a. Ring of Fire) area.
Carey Galeschuk P.Geo. is the National Instrument 43-101 Qualified Person for Mustang Minerals Corp. and has approved the contents of this release. For more information online please view the Mustang website at www.mustangminerals.com

Western Areas Ltd (ASX:WSA) owns a ~19% equity interest in Mustang.

To find out more about Mustang Minerals Corp. (TSX-V: MUM)

visit our website at www.mustangminerals.com or: Telephone: 416-955-4773 email: [email protected]

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.

Neither the TSX Venture Exchange nor it Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

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