| August 5, 2008 |
| Mustang Builds Project Development Team |
TORONTO, ONTARIO--(Marketwire - Aug. 5, 2008) - The Board of Directors of Mustang Minerals Corp. (TSX VENTURE:MUM) (FRANKFURT:NJF) is pleased to announce the appointment of Ian Ward P.Eng as Senior Vice President of Mustang. Mr. Ward's primary role, commencing in September 2008 will be to oversee the completion of a positive feasibility study for the Maskwa Nickel Project located near Lac du Bonnet Manitoba, and subsequently to drive the project financing and development effort.
Ian Ward is currently President and Principal Metallurgist with Micon International Limited, mineral industry consultants. In his current position at Micon, Mr. Ward has been involved in the completion of feasibility studies for mining projects worldwide as a principal consultant for the primary resources sector as well as senior level review of project feasibility studies as technical advisor to financial institutions providing project financing.
Mr. Ward gained plant operating experience with four Canadian mining companies and has been engaged in consulting since 1979, when he joined Kilborn Engineering Ltd. (now SNC-Lavalin), with which firm he remained until joining Micon in April, 1996. Since commencing consulting, he has held responsibilities for projects throughout Canada, the United States and Latin America, Britain, Spain, Tunisia, Russia and Saudi Arabia.
Mustang Minerals Corp. recently completed a prefeasibility study for an open pit nickel project in southeastern Manitoba approximately 140 km northeast of Winnipeg. Current project activities underway involve additional metallurgical testwork, assaying of recently drilled resource holes leading towards an updated resource calculation, baseline environmental studies and commencement of community and First Nations engagement.
Grant of Incentive Options
A total of 600,000 incentive options (300,000 exercisable @ $0.80 and 300,000 exercisable at $1.00) will be granted to Mr. Ward as part of his compensation upon commencement of his employment with Mustang Minerals. The options are subject to the approval of the TSXV and will vest over a period of one year. A further 520,000 incentive options are to be granted to non-executive directors of the Company at an exercise price of $0.80.
To find out more about Mustang Minerals Corp. (TSX-V: MUM) visit our website at www.mustangminerals.com.
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, 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 risks involving the Company's operations, uncertainty of production and 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 parametres 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 year 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
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