Mustang Minerals

Mustang Minerals Corp.: Prefeasibility Study Update for Maskwa Nickel Project

TORONTO, ONTARIO--(Marketwire - July 5, 2007) -

Mustang Minerals Corp. (or the "Company") (TSX VENTURE:MUM)(FRANKFURT:NJF) today announced an update to the Maskwa Nickel Project prefeasibility study. The prefeasibility study in progress at Maskwa is for an open pit mining operation targeting annual production of approximately 10.4 million pounds of nickel in concentrate with other metal credits. The project is located approximately 150 km northeast of Winnipeg Manitoba and enjoys excellent project infrastructure.

Wardrop Engineering Inc. is completing a resource model, geotechnical work and mine design for the project. Resource and geotechnical drilling have been completed. An updated resource will be completed along with a modified mine design of the open pit.

Golders Associates Ltd. has been awarded the contract for tailings disposal for the project. Their mandate will comprise site selection, design and costing, development of a preliminary water management plan for the site and geotechnical evaluation of the tailings facility. Golders is a leading international consulting firm for the design of tailings management facilities.

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Met-Chem Canada Inc. has been awarded the contract for Metallurgy and Process Definition, Ore Processing Facilities as well as Mine Site Infrastructure. Micon International will assist Met-Chem and provide expertise in Metallurgy and Process Definition. Mine Site Infrastructure will cover definition of infrastructure including offices, service buildings, maintenance shops, access roads, as well as power lines and distribution. Capital cost estimation, operating costs estimates and financial analysis will also be prepared as part of this contract.

F. Wright Consulting Inc. is providing management for the metallurgical test work on the project to the completion of the prefeasibility study. Mr. Frank Wright is a professional Metallurgical Engineer with extensive experience in process development for bulk tonnage sulfide nickel ores.

Wardrop Engineering Inc. is providing professional environmental services to support the permitting of the the project. The work includes all aspects of environmental planning, environmental baseline studies, public consultation and communication and preparation of an Environmental Act proposal and other permit applications to enable full permitting of the project.

Ernest J. Marcotte P. Eng., the VP Operations of Mustang is the Qualified Person for purposes of NI 43-101 and is responsible for the management of the project.

To find out more about Mustang Minerals Corp. (TSX-V:MUM) visit our website at www.mustangminerals.com.

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