Mustang Completes Geophysical Survey at Mayville and Zeemel Properties

TORONTO, ONTARIO -- (Marketwire) -- 10/20/10 -- Mustang Minerals Corp. (TSX VENTURE: MUM)(FRANKFURT: NJF) is pleased to announce that it has completed an airborne geophysical survey over two recently acquired properties located in south eastern Manitoba. (Tanco Property and Zeemel Property) The geophysical surveys successfully outlined significant geophysical anomalies which are priority areas of interest for geological investigation and drilling. Mustang is focused on exploration targets close to its existing nickel copper platinum group metals deposits in the area.

Tanco Property

Mustang recently acquired an option on the Tanco Property from Tantalum Mining Corporation of Canada ('Tanco'), (see announcement dated July 13, 2010). The property is located adjacent to and immediately south of Mustang Minerals' Mayville Property, where the company has an existing open pit copper-nickel-platinum group metals (PGM) resource (see below). The Company flew a Geotech versatile time domain electromagnetic (VTEM) survey over the Property at 100 meter line spacing. The survey identified several areas of interest for follow up.

Previous geological mapping of the property by Tanco during the 1990's and early 2000's identified several packages of gabbroic and volcanic rocks on the Tanco Property. This is a similar package of rocks as hosts the Mayville resource. A prominent geophysical conductor was identified on the property and is interpreted to be situated on strike to the north of a previously mapped gabbro - volcanic contact. This area is a high priority target for future exploration.

The Tanco Property optioned by Mustang is located immediately south of Mustang's Mayville Property where Mustang has outlined a NI 43-101 open pit resource consisting of 9.2 million tonnes at 0.61% copper, 0.23% nickel and 0.43 g/t platinum group metals (PGM). The Mayville deposit is open along strike and at depth. The Company plans further exploration drilling at Mayville.

Zeemel Property

The Company also completed an airborne geophysical survey over the Zeemel Property, which has been optioned by the Company (see press release dated June 14, 2010). The survey identified a significant VTEM anomaly located on the property associated with a chromite bearing ultramafic unit that was previously drilled in 1955. Nickel values were noted in the core from this program. The area of the geophysical anomaly is considered a priority target for follow up exploration and drilling.

Mustang will complete the program of geological mapping and sampling on the two properties as soon as possible.

Project Update

The Company also announced that Ian Ward P. Eng. has left the Company to pursue other career interests. Mr. Ward was responsible for significant advancement of both Makwa and Mayville Properties over the last two years. Mustang thanks Mr. Ward for his contributions to the Company. The Company is actively looking for a replacement for Mr. Ward.

Commodity prices for nickel copper and platinum group elements, the major metals found at the projects have improved markedly in the past several months. The Board of Directors is reviewing development and financing options for the Makwa and Mayville Projects in light of improved metal prices and improving equity and credit markets.

About Mustang Minerals Corp.

Mustang Minerals is exploring and developing two open pittable deposits located in southeast Manitoba. 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 at the Makwa Project. The Mayville Project is located approximately 35 km to the north 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 (see April 15, 2010 news release).

Carey Galeschuk P.Geo is the Qualified Person for purposes of NI 43-101 for 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: 94,598,233

Contacts:

Mustang Minerals Corp.

David Black

Investor Relations

416-955-4773
info@mustangminerals.com
www.mustangminerals.com