MUM Mustang Minerals Corp (delisted)

Mustang Minerals Corp. (TSX VENTURE: MUM)(FRANKFURT: NJF) ("Mustang") today released a corporate, exploration and project development update. The Company is progressing with a feasibility study for the Makwa Nickel Project and continuing with exploration at its Mayville Property. Mayville has a NI 43-101 resource of open pit copper nickel and is the site of new platinum-palladium mineralization found at the property earlier in 2011.

PGM Exploration Update

The Company has now completed geological mapping and sampling over a recently cut grid area of the favourable stratigraphy hosting the PGM Zone at Mayville. Mapping has identified a heterolithic breccia prospective for copper nickel mineralization and a melagabbro prospective for PGM mineralization which extends for approximately 1 km in an east west direction. Rock chip sampling as part of the mapping program returned anomalous values in the 250 ppb range combined platinum/palladium which are similar values to those seen peripheral to the higher grade PGM intercepts in drill core announced earlier in the year. Data from the geological mapping program is currently being integrated with the geophysical programs completed over the area. The Company will soon receive results of a geochemical (tree bark and humus) orientation survey recently completed over the PGM and Mayville zones. Contingent on results this program will be expanded to be completed over the PGM Zone favourable stratigraphy. Future drilling for PGM is expected to focus along the general trend of the favourable stratigraphy now outlined.

The Company drilled three widely spaced drill holes at the Road Anomaly which is 620 meters to the east of the PGM Zone. Drilling intercepted barren disseminated and massive sulfides in a different stratigraphic package than that hosting the PGM Zone. This area was drilled first due to its accessibility from road infrastructure.

Makwa Feasibility Study

The Company has completed the purchase of the Bouchard Hebert mill equipment and will store the equipment pending the completion of the process design scope of work. The flow sheet for the mill will be designed pending the completion of the feasibility level metallurgical testwork which is being conducted at SGS Laboratories in Perth, Australia. Golder Associates is proceeding with the geotechnical scope of work for the project which is focusing on the hydrology around the proposed open pit mine. Golders has also been awarded the contract for the tailings and waste management associated with the project.

Personnel

The Company is pleased to announce several personnel changes. Rodger Roden has been appointed Chief Financial Officer of Mustang. Mr. Roden has many years experience at mid-size private and public companies in various financial roles. The Company thanks Mr. Alex Falconer for his tenure as CFO at Mustang. The Company also announced the appointment of Carey Galeschuk as Vice President Exploration for the Company and David Stevenson as Vice President Corporate Development. Mr. Galeschuk will be responsible for exploration and site activities in Manitoba while Mr. Stevenson will oversee all exploration and corporate development activities within the Company. Mr. Stevenson is a geologist with over 30 year's experience in grassroots to advance stage exploration properties and has held continually increasing roles of responsibilities with junior and major mining companies, most recently with MMG Canada Inc. (Minerals and Metals Group) as their Principal Geologist responsible for Ni-Cu-PGE exploration in Canada.

Performance Options

The Company also announced that it is issuing a total of 2.1 million incentive stock options to officers directors and employees of the Company pursuant to the existing stock option plan of the Company. The term of the options is for 5 years. The exercise price of the options are a minimum of $0.30 per share and are subject to regulatory approval.

Annual Meeting - Election of Directors

The Annual Meeting was held September 7, 2011 in Toronto. Gerald Harper did not stand for reelection to the Company Board of Directors. Dr. Harper was a valued member of the Mustang Board and the Company thanks him for his years of service on behalf of shareholders.

QAQC

All rock samples were sent to Accurassay Laboratories in Thunder Bay, Ontario. Analysis was completed for nickel, copper, cobalt and silver using an Aqua Regia digestion followed by AAS/ICP finish. For gold, platinum and palladium, fire assay of 30g aliquots followed by combination fire assay and AAS finish was employed. The tree bark and humus samples were sent to Acme Analytical Laboratories in Vancouver, British Columbia for multi-element analysis by ICP-MS method. Mustang conducts an ongoing QA/QC program including inserting blanks, duplicates and standards at regular intervals with all sample submissions to the laboratory.

About Mustang Minerals

In addition to conducting exploration at the Mayville Property for platinum group metals Mustang Minerals has two open pit deposits located in Southeast Manitoba. Both have excellent infrastructure.

1. The Makwa Project has a NI 43-101 reserve estimate completed in Feb. 2010 by Micon International Limited outlined 9.855 million tonnes in the Probable category containing 0.541% nickel, 0.113% copper and 0.433 g/t PGM. Work on a feasibility study is ongoing and the permitting process is beginning with operations planned to start in late 2012.

2. The Mayville Project's M2 Deposit is located approximately 35 km by road from Makwa and has a NI 43-101 Indicated Resource of 9.227 million tonnes containing 0.61% copper, 0.23% nickel and 0.174 g/t palladium.

Western Areas NL, an Australian based nickel producer owns 19.9% of the common shares of Mustang.

Carey Galeschuk P.Geo. is the National Instrument 43-101 Qualified Person for Mustang Minerals Corp.

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 most recent financial period and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

Shares Outstanding: 157,481,174

Contacts: Mustang Minerals Corp. David Black Investor Relations 416-955-4773 info@mustangminerals.com www.mustangminerals.com