Mustang Minerals Corp Provides Update at Maskwa Nickel Project Feasibility Study by 24hgold

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Mustang Minerals Corp.
TSX VENTURE:	MUM
FRANKFURT:	NJF

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December 1, 2008

Mustang Provides Update at Maskwa Nickel Project Feasibility Study

TORONTO, ONTARIO--(Marketwire - Dec. 1, 2008) - Mustang Minerals Corp., (TSX VENTURE:MUM)(FRANKFURT:NJF) today announced an update of corporate and project activities from the Maskwa Nickel Project located near Lac du Bonnet in southeast Manitoba. Mustang is progressing with key activities towards completion of a feasibility study for Maskwa. Micon International Limited ("Micon") has been retained to complete a National Instrument 43-101 compliant updated resource estimate as part of the feasibility study underway for the project. Priority project activities are completion of a new resource estimate (in progress) for the Maskwa Deposit and continuing metallurgical testwork to optimize metallurgical recoveries and concentrate grade. For the fiscal period ended September 30, 2008 Mustang had over $3 million in working capital which will be utilized to fund major project activities through 2009.

Resource Update

Micon will be completing a revised resource estimate for the project commencing this month. The new resource estimate will include results of new drilling completed since the last resource estimate of September 1, 2007 (Wardrop Engineering) and results from previously unsampled drill core. Four of the new resource drill holes (MM08-130 to 133) targeted near-surface intervals from sections in the resource base where spatially limited sampling from historic drill holes drilled in the 1970's resulted in a significant narrowing of the apparent mineralized zone. These holes were completed earlier in 2008 and results are tabulated below with comparative results from the historic holes. Holes were designed as duplicates of the historic holes, however some minor changes during drill set up were required due to ground surface conditions.

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Drill hole             From     To   Interval     Ni     Cu      Co     PGM
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 At 325655E              (m)    (m)        (m)    (%)    (%)     (%)    g/t
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MM08-130               11.1   23.5       12.4   0.32   0.07    0.02   0.301
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AND                   108.8  148.1       39.3   0.52   0.14    0.02   0.612
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including             133.4  145.1       11.7   0.91   0.16    0.03   1.144
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Historic Hole 74-46    96.9  134.3       37.4   0.46   0.14      NA      NA
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 At 325763E
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MM08-131               69.2  106.9       37.7   0.45   0.08    0.02   0.476
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including              86.0   96.0       10.0   0.82   0.11    0.03   0.903
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Historic Hole 74-68    38.9   56.4       17.5   0.63   0.14      NA      NA
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 At 325800E
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MM08-132               37.2   89.9       52.7   0.49   0.09    0.02   0.533
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including              74.7   86.7       12.0   1.01   0.20   0.031   1.293
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Historic Hole 74-49    69.0   93.8       24.8   0.48   0.15      NA      NA
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 At 325933E
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MM08-133               21.9   51.5       29.6   0.56   0.15    0.02   1.301
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Above Includes         26.2   35.0        8.8   0.74   0.12    0.03   3.007
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Historic Holes 74-45   70.3   81.7       11.4   0.43   0.11      NA      NA
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Note: holes are apparent and not true width.
(m) equals meters Ni equals Nickel Cu equals Copper Co equals Cobalt PGM
equals Au+Pt+Pd

The four holes above were drilled over a strike length of 278 meters in the east-central part of the deposit. The historic holes were not assayed for platinum group metals. There were significant platinum group metals values found in the holes drilled by Mustang. The new holes showed that mineralization extended well beyond the limit indicated by past logging and assay work of the historic holes.

Reassay Program

Mustang has completed a reassay program on a total of 42 holes. Previously unsampled intervals of drill core from holes in the eastern portion of the resource pit shell were assayed. Mineralized zones were interpreted either as hangingwall mineralization or lower grade mineralization proximal to the main mineralized zone at Maskwa. Several of the best intercepts from the reassay program are presented in tabular form below.

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Drill hole             From     To   Interval     Ni     Cu      Co     PGM
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                         (m)    (m)        (m)    (%)    (%)     (%)    g/t
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136                   189.9  203.6       14.6   0.48   0.11    0.02    0.56
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MM04-02                47.9   61.6       13.7   0.40   0.17    0.02    0.38
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MM04-21                64.6   75.3       10.7   0.39   0.08    0.02    0.53
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MM04-09                43.0   55.5       12.5   0.33   0.10    0.02    0.38
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MM04-04                31.1   38.7        7.6   0.55   0.14    0.03    0.43
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MM05-51                25.0   44.8       19.8   0.34   0.11    0.02    0.41
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All above intercepts are apparent not true width. Intervals are from
previously unassayed drill core and not included in previous resource
estimates.

Feasibility Study

Micon has been contracted as the lead consultant for a final feasibility study on the Maskwa Nickel Project. Other consultants will include Met-Chem Canada Inc., Wardrop Engineering and Golder Associates.

In addition to the update of the resource estimate, other activities underway currently include:

- Metallurgical testing on an average grade composite sample in order to finalize the process design has commenced with the laboratory of Xstrata Process Support;

- Metallurgical testing on a low grade material from the deposit hangingwall is also underway at a separate laboratory;

- Collection of samples from the recent drilling is commencing to allow metallurgical testing on material previously not examined, as a variability check;

- Preparing a site program to obtain detailed geotechnical design information for the open pit, processing area and the tailings containment system;

- Final details for the Environmental Impact Assessment report are being developed;

- Discussions have commenced with local utilities and services providers to establish final design parameters for the feasibility study.

Minesite Exploration

To further examine the immediate area of the proposed Maskwa pit, a 60 kilometer line grid is presently being cut. After completion a ground IP survey will be carried out to detect any potential near-pit mineralization.

Corporate

The Company is focused on enhancing project economics for the Maskwa Nickel Project. There is a strong anticipation that the currently depressed nickel prices and credit restrictions will improve and result in more favourable market conditions in the future. Maskwa combines simple mining and process techniques, modest capital cost, favourable infrastructure and jurisdiction and a project upside which Mustang believes makes the project unique in the Canadian junior nickel sector. Mustang remains sufficiently capitalized to complete important major project activities through 2009.

QA/QC

The drill core from the current drill program was processed and assayed at TSL Labs in Saskatoon, Saskatchewan. The core was split at the Maskwa site and a split of all the samples were retained as the other half was sent to the laboratory. Samples were analysed using a multi-acid digestion and assays presented are for total nickel. Mustang Minerals carries out a QA/QC program on all its drill holes including the insertion of standards and blanks.

Carey Galeschuk P. Geo and Ian Ward P. Eng., are the Qualified Persons for Mustang Minerals Corp. for purposes of National Instrument 43-101.

Disclaimer: The Company notes that assumptions and technical inputs used in the prefeasibility study may vary for the feasibility study. As such the results of a feasibility study will vary from those of the prefeasibility study.

To find out more about Mustang Minerals Corp. (TSX-V: 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 period ended December 31, 2007 and thereafter and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

Shares Outstanding: 81,228,239

The TSX Venture Exchange has not reviewed and does not accept responsibility for the contents of this press release.

CONTACT INFORMATION:

Mustang Minerals Corp.
David Black
Investor Relations
(416) 955-4773
Email: info@mustangminerals.com
Website: www.mustangminerals.com

INDUSTRY: Manufacturing and Production - Mining and Metals

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