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TORONTO,
ONTARIO--(Marketwire - March 1, 2009) - Mustang Minerals Corp., (TSX
VENTURE:MUM)(FRANKFURT:NJF) today announced an update to its
exploration and drilling program at the Maskwa Nickel Project. Mustang
completed and announced the results of an NI 43-101 compliant
prefeasibility study for the Maskwa project in May 2008. ( see press
release dated May 8, 2008 ) Part of the ongoing project development is
a near-mine exploration drilling program focused on increasing the
existing resource and identifying new nickel-copper-PGM resources. The
Maskwa project is located near Lac du Bonnet in southeast Manitoba.
Maskwa Exploration - Drilling
Following completion of a TDIP\Resistivity survey (Time Domain Induced
Polarization) and magnetic survey over the Bird River Sill in the
Maskwa Project area in January 2009, Mustang commenced exploration
drilling to follow up on interesting targets in the project area. A
total of 9 drill holes are planned totalling approximately 2,500
meters. Drilling is expected to be completed by early March.
The primary focus of drilling is in an area to the east of the proposed
Maskwa open pit mine. Seven of the holes are being drilled over a
strike length of approximately 300 meters with two drill holes on
section 10-400; three drill holes on section 10-600 ( two hundred
meters east of section 10-400 ) and two on section 10-700. The drilling
on section 10-700 is near where previous hole MM08-128 intersected
elevated nickel values including 0.82 meters which averaged 3.88%
nickel.
A map showing the planned location of drilling is now posted on the
Mustang website. Mustang anticipates that assay results from the drill
program will be received and announced sometime during March.
Comment
Mustang is attempting to build on the existing nickel resource and
defined project economics outlined to date at Maskwa. Although nickel
prices are now lower that those used in the prefeasibility study in
early 2008, the global shortage of quality nickel sulphide projects
with manageable capital costs in OECD jurisdictions presents an
opportunity for Mustang. Mustang intends to progress the project
through final feasibility at a pace commensurate with global economic
conditions and funding availability.
Mustang at PDAC
Mustang is an exhibitor at the PDAC in Toronto March 1 to March 4 at
Booth 2147 in the Investors Exchange and the Company is looking forward
to meeting with its shareholders and industry participants during that
period.
Carey Galeschuk P. Geo and Ian Ward P. Eng., are the Qualified Persons
for Mustang Minerals Corp. for purposes of National Instrument 43-101.
To find out more about Mustang Minerals Corp. (TSX VENTURE: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.
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