Mustang Completes Financing With Western Areas 7500m Drill Program Underway at the Mayville Property

Mustang Minerals Corp. (TSX VENTURE:MUM)(FRANKFURT:NJF) ("Mustang" or the "Company") is pleased to announce it has completed the final closing of a non-brokered private placement financing (the "Offering") raising a total of $4,631,467.

The Company issued 8,543,552 common shares at a price of $0.10 per share to Western Areas NL (TSX:ASX) ("WSA") for gross proceeds of $854,355. No finders fees or commissions were paid in connection with the WSA placement. In addition to the current tranche of common shares the Company issued 31,475,931 flow-through shares for gross proceeds of $3,777,112. The Company has paid eligible finders fees of $297,369, and issued 2,478,074 finders warrants pursuant to the offering. All securities issued under the Offering are subject to a hold period of four months and one day from date of issuance.

WSA is Australia's 2nd largest nickel sulphide producer with its two operating mines being the highest grade and lowest cash cost in the country. Outside Australia, Western Areas has active exploration and development interests in Finland and Canada. After issuance of the current tranche of financing, Western Areas will maintain its 19.9% ownership of the outstanding common shares of Mustang.

With the fund raising now complete, Mustang has re-commenced an exploration drilling at its Mayville Property which is located in southeast Manitoba. Mayville has a NI 43-101 Cu-Ni open pit resource at the M2 Zone and hosts the PGM Zone where in 2011 it announced significant intercepts of platinum- palladium mineralization. Over the last 8 months Mustang has completed extensive geological mapping, geochemical and geophysical surveys at Mayville and based on the results has recently commenced a 30 hole - 7500m drill program to test the down-dip and on-strike extents of the PGM Zone, Hititrite Cu-Ni Zone, Copper Contact and several deep targets on the M2 Cu-Ni Zone.

Robin Dunbar President of Mustang commented "through the excellent work of our geological team we have significantly increased our knowledge and database of the Mayville Property which covers much of the Mayville Intrusive Complex. We anticipate a productive exploration program at Mayville in 2012."