Mustang Drilling Update-Mayville Project

Mustang Minerals Corp, (TSX VENTURE:MUM)(FRANKFURT:NJF) ("Mustang" or the
"Company") today announced an update on its drilling activities at the Mayville
Property in southeast Manitoba approximately 2 hours northeast of Winnipeg.
Recent drilling below the Mayville M2 Zone has produced further encouraging
indications with 8 of 9 drill holes encountering a zone of disseminated sulphide
mineralization similar to that previously intersected at the M2 Zone. A total of
8,052 meters in 31 holes were completed in the drill program designed to test
extensions to the M2 Zone, the PGM Zone and other exploration targets at
Mayville. 


M2 Zone Drill Holes

A total of 9 holes (3876 meters) were drilled in March and April 2012 to test
for the down-dip depth extension to the M2 Zone. The holes were drilled at
approximately 100-150 meter centers below previous drill holes and were targeted
to intersect the potential mineralized zone between 200 meters and 400 meters in
vertical depth. A long section showing the location of past and current drill
holes has been posted on the Mustang website under the Mayville Property section
at http://www.mustangminerals.com/projects/mayville/. The program also included
one deep hole drilled to a depth of greater than 800 meters. 


The drill holes at M2 were designed partly on recent results from down-hole
borehole EM geophysics carried out by contractors Crone Geophysics and Koop
Geophysics. The down-hole geophysical surveying was conducted across the 1.1
kilometer M2 Ni-Cu horizon. All recently completed drill holes into the M2
encountered zones of disseminated to localized rare semi-massive sulphides of
chalcopyrite and pyrrhotite similar to historical M2 Zone drilling. Assays are
pending for the first several holes in the M2. The remainder of the M2 are
currently being split and sent to the assay lab. Follow up down-hole geophysical
work is now been completed on the M2 Zone Mayville to probe the recently drilled
holes to assist in targeting further follow up drilling.


PGM Zone Drill Holes 

Drilling was also completed at the PGM Zone. A total of 10 drill holes (2788
meters) were drilled to follow up on PGM mineralization intersected in 2011.
(Mustang NR 03/03/2011 and 05/05/2011). The recent drillholes tested the
prospective horizon of an ultramafic package of rocks over a 740 meter strike
length. Assays have been received from 4 holes to date with the best results
returning 1.0 g/t Au+Pt+Pd over 16.0 meters (including 2.37 g/t Au+Pt+Pd over
2.0 meters) from MAY-12-31 and 1.05 g/t Au+Pd+Pt over 13.0 meters (including
3.14 g/t Au+Pd+Pt over 2.0 meters) in MAY-12-32. Both holes were from the same
collar location and tested the PGM potential to the east of the original
Mayville PGM Zone and were previously released (Mustang NR 03/03/2012). Assays
from the rest of the holes will be split and sent for assaying as soon as
possible following the completion of the splitting of the M2 holes.


Other Targeted Areas

A total of 12 holes were drilled into other geophysical anomalies in the project
area. No significant zones of mineralization were observed and further work is
required into these prospective areas. The areas that were drill tested include
the Hititrite occurrence and the historical Copper Contact Zone. 


QAQC Program

All core samples are sent to Accurassay Laboratories in Thunder Bay, Ontario.
Analysis is 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 is
employed. Drill core is logged and split on the Makwa site by Mustang personnel
with half the core retained and stored. Mustang implements a QA/QC program on
drill core including inserting blanks, duplicates and commercial standards at
regular intervals with all sample submissions to the laboratory.


About Mustang Minerals Corp

Mustang Minerals has two near surface deposits located in southeast Manitoba as
well as a several exploration properties in Ontario; 




1.  The Makwa Ni-Cu Deposit has a NI 43-101 outlined reserve estimate
    completed in February 2010 by Micon International Limited of 9.86
    million tonnes in the Probable Ore Reserve category containing 0.541%
    nickel, 0.113% copper 0.433 g/t PGM at the Makwa Project. 
2.  The Company's Mayville Project 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.
    Mustang is completing additional exploration at Mayville and on its
    surrounding mineral claims. 



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


Western Areas NL, (ASX:WSA)(TSX:WSA) an Australian based nickel producer owns
19% of the common shares of Mustang. 


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


Shares Outstanding: 198,160,658
Mustang Minerals Corp. (TSXV:MUM)
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