MISTANGO CLOSES NON-BROKERED PRIVATE PLACEMENT OF UNITS

Mistango River Resources Inc. (CNSX: MIS) (?Mistango?) reports that it has closed its previously announced non-brokered private placement pursuant to which it has issued 6,200,000 units of securities (each, a ?Unit?) issued on a ?flow-through? basis at a price of $0.25 per Unit for gross proceeds of $1,550,000 (the ?Offering?).  Each Unit comprises one Class A Voting Common Share of the Corporation and one half of one Class A Voting Common Share purchase warrant of the Corporation (each whole Common Share purchase warrant, a ?Warrant?), with each Warrant being exercisable to acquire one Class A Voting Common Share (each, a ?Warrant Share?) at an exercise price of $0.35 per Warrant Share for a period of two years after the Closing Date. In addition, in connection with the Offering, the Corporation issued an additional 600,000 Units (the ?Additional Units?) for additional proceeds of $150,000, on a non-flow-through basis, to Queenston Mining Inc. in connection with its existing right to maintain its equity position in Mistango.

In connection with the Offering, the Corporation paid to Primary Capital Inc. (the ?Finder?) a finder?s fee of $91,750 in cash in respect of the sale of Units (other than the Additional Units) to subscribers introduced to the Company by the Finder.  As additional compensation the Corporation issued to the Finder 367,000 non-transferable compensation options (each a ?Compensation Option?).  Each Compensation Option entitles the holder thereof to acquire one unit of securities of the Company (each, a ?Finder?s Unit?) at a price of $0.25 per Finder?s Unit for a period of two years after the date hereof.  Each Finder?s Unit comprises one Common Share and one-half of one Warrant.

All securities issued in this Offering are subject to a statutory four (4) month hold period expiring on February 14, 2012.

The gross proceeds from the sale of the Units will be used to incur Canadian Exploration Expenses for the purposes of the Income Tax Act (Canada) on Mistango?s Omega gold property.  Such Canadian Exploration Expenses will be renounced with an effective date of no later than December 31, 2011. Proceeds from the Additional Units will be used for general corporate purposes and for exploration activities.

Mistango is a Canadian-based junior mining and exploration company focused on existing projects in Ontario and Quebec. For additional information about Mistango and its mining properties, please visit Mistango?s regulatory filings at www.sedar.com or at www.cnsx.ca.