TORONTO, ONTARIO -- (Marketwire) -- 12/10/12 -- Mustang Minerals Corp. (TSX VENTURE:MUM)(FRANKFURT:NJF) ("Mustang" or the "Company") is excited to announce significant assay results from a step out hole located approximately 250 metres east of the Mayville Cu-Ni Deposit.

The drill hole successfully intersected Mayville M2 type copper-nickel mineralization in favourable Mayville Intrusion host rocks and highlights potential for further mineralization along a one kilometre geophysical trend extending to the east.

Significant Results from May 12-143:

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                                                                         Au+
               From      To  Interval      Cu      Ni      Ag      Co  Pt+Pd
Hole            (m)     (m)       (m)     (%)     (%)   (g/t)   (g/t)  (g/t)
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MAY-12-143   174.47  193.00     18.53    0.56    0.16    0.90  140.58   0.21
Including     179.0   189.0     10.00    0.73    0.22    1.15   184.8   0.23
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Interval width = apparent width.                                            

MAY-12-143 was drilled approximately 250 metres eastward and along the interpreted strike of the Mayville M2 copper-nickel deposit. The hole was collared with a 360 degree azimuth and a 45 degree core angle targeting a coincident airborne EM anomaly and magnetic trend.

The 18.53 metre sulphide mineralized zone occurs within a broad sequence of gabbro to ultramafic rocks interpreted as an extension of the main Mayville Intrusion. Mineralization occurs near the base of the gabbro contact, similar to the Mayville deposit.

The geophysical signature targeted in MAY12-143 is interpreted to continue approximately 400 meters eastward from the drill hole. Potential along this horizon may extend up to another 600m further eastward to include a large geophysical anomaly which is currently untested. This area will be one of the priority targets for the next phase of diamond drilling.

The Company is proceeding with a National Instrument 43-101 compliant resource estimate for the Mayville Deposit to incorporate drilling completed in 2012. The 'Mayville East' target offers the potential for further expansion of copper-nickel resources at Mayville.

The Company has added an updated graphic of the Mayville east target area and of drill core from the MAY-12-143 at www.mustangminerals.com/projects/mayville/.

Mayville is located 35 km by road from the Company's Makwa Nickel Deposit. Currently, the outlined mineralization at the two properties is detailed below.

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 Mayville (M2) Cu-Ni Deposit has a present NI 43-101 Indicated
    Resource of 9.227 million tonnes containing 0.61% copper, 0.23% nickel
    and 0.174 g/t palladium. 

QA/QC 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 core sample submissions to the laboratory.

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

Western Areas NL (ASX: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

Contacts:
Mustang Minerals Corp.
David Black
Investor Relations
416-955-4773
[email protected]
www.mustangminerals.com

Source: Marketwire (December 10, 2012 - 7:30 AM EST)