Mustang Exploration Update
TORONTO, ONTARIO -- (Marketwire) -- 06/14/10 -- The Board of Directors of Mustang Minerals Corp. (TSX VENTURE: MUM)(FRANKFURT: NJF) today provided an exploration update for its Manitoba properties. Exploration is continuing as part of an overall effort to expand project resources in its southeastern Manitoba project area. Mustang has two deposits amenable to open pit mining and containing copper, nickel and platinum group metals (PGM) in the south eastern Manitoba project area.
Mayville Property
The Company has completed a ground geophysical survey (Induced Polarization - Resistivity) to further assist in defining drill targets at the Mayville Property. The survey was successful in identifying a target zone along strike of the Mayville deposit for up to one kilometre to the west. The area of elevated chargeability occurs along the geological contact (mafic volcanic - gabbro) that hosts the Mayville deposit. Fieldwork is currently being conducted to further assess the potential of the area. The geophysical survey was completed in an area with no previous drilling. The Company plans a series of drill holes to test the potential of the area outlined by the geophysical survey in the coming months.
Mustang recently announced a NI 43-101 compliant Mineral Resource Estimate at Mayville of 9.2 million tonnes at 0.61% Copper and 0.23% Nickel (within a conceptual Open Pit) above a cut-off NSR value of $30 per tonne. The Company looks to expand the tonnage at Mayville along strike and also to test for potential high grade extensions to the mineralization at depth.
As part of the Mayville evaluation, the Company is conducting metallurgical testing to assess the potential of combined processing of Mayville and Makwa average grade mineralization, with final results expected in the coming weeks.
Rumble Lake Property
The Company completed two diamond drill holes at the Rumble Lake Property. Drilling intersected a zone of sulphide mineralization but no significant values were encountered. No further work is contemplated on the property.
Property Option Agreement
The Company has entered into a property option agreement to acquire a mining lease in the Euclid Lake area. Compensation for the property is $10,000 and 100,000 common shares of the Company in the first year. For the option to vest over the next two years the Company must pay $15,000 in year 2 and $20,000 in year 3 and issue the vendor an additional 200,000 shares over that period.
The Property covers a known ultramafic series of rocks containing chromite and some nickel mineralization. (source: Manitoba assessment files). The option acquisition is part of the Mustang strategy to look for nickel-copper-PGM mineralization in the Bird River Belt in SE Manitoba.
Ian Ward P.Eng, Senior Vice President of the Company, is the Qualified Person for the Mayville and Makwa project information and this press release.
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: 94,498,233
Contacts:
Mustang Minerals Corp.
David Black
Investor Relations
416-955-4773
info@mustangminerals.com
www.mustangminerals.com