February 7, 2008
Mustang Minerals Corp.: Nickel Resource Updated at Maskwa Project
TORONTO, ONTARIO--(Marketwire - Feb. 7, 2008) - The Board of Directors of Mustang Minerals Corp., (TSX VENTURE:MUM)(FRANKFURT:NJF) today announced the results of an updated resource estimate for the Maskwa Nickel Deposit. The resource was authored by Cliff Duke P.Eng. - Wardrop Engineering Inc. as part of National Instrument 43-101 compliant Prefeasibility study being completed. The Geological Resource was estimated to contain combined Measured and Indicated resources of 10.12 million tonnes grading 0.60% nickel, 0.12% copper, 0.015% cobalt, 0.38 grams/tonne palladium and 0.10 grams/tonne platinum. An additional 832,000 tonnes at 0.40% nickel and other associated metals were reported in the Inferred category. (see Table 1) The mineral inventory at Maskwa now contains a total of 133.8 million pounds of nickel in the Measured and Indicated categories.
Table 1
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Category Tonnes Ni(%) Cu(%) Co(%) Pt (ppm) Pd (ppm)
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Grade Grade Grade Grade Grade
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Total Measured 586,000 0.77 0.17 0.005 0.05 0.16
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Total Indicated 9,534,000 0.59 0.12 0.016 0.11 0.39
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Total Inferred 832,000 0.40 0.09 0.017 0.10 0.34
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The definitions for resource categories used are consistent with Canadian
Institute of Mining, Metallurgy and Petroleum (CIM) standards as of August,
2000 which is incorporated by reference in Ni 43-101. Mineral resources
which are not Mineral Reserves do not have demonstrated economic viability.
The previous most recent resource work on the Maskwa property was completed by Micon in January 2007. The current geological resource estimate was completed using a Gemcom data base supplied by Mustang Minerals along with additional information from the 2007 diamond drilling program.
Wardrop completed a comparison of the potentially mineable portion of the Micon Open Pit to the Wardrop Grade Model. A comparison is given in the table as follows:
Table 2
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Pt Pd
Micon Potentially Mineable Tonnes %Ni %Cu %Co (g/t) (g/t)
Open --------------------------------------------------
Pit Portion of Resource 9,048,200 0.62 0.13 0.02 0.15 0.58
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Wardrop Measured 584,000 0.77 0.17 0.01 0.05 0.16
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Micon Indicated 7,648,000 0.63 0.13 0.02 0.11 0.40
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Pit Inferred 107,000 0.42 0.14 0.02 0.04 0.12
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The mineable open pit resource for the prefeasibility study will be calculated using the Indicated and Measured portion of the resource from Table 2. The tonnage difference between the two models was noted as largely due to the different specific gravities used in the models. Wardrop used a lower specific gravity based on additional test work of 2.88 t/m(3) compared to a specific gravity of 3.05 t/m(3) by Micon.
Wardrop also noted that there were no known environmental, permitting, legal, taxation, socio-economic, marketing or other relevant issues known to the authors that may affect the estimate of mineral resources.
Wardrop suggested that additional assaying of the hangingwall could develop into cohesive zones. Mustang has implemented additional systematic assaying of hangingwall drill core to further this initiative.
Micon International Inc. is authoring the final prefeasiblity study at Maskwa.
Exploration
A drill program aimed at exploration targets in the immediate project area (Maskwa North and Maskwa West targets) is ongoing. Additional infill resource definition is also planned for the Maskwa deposit.
Mustang Minerals Corp. - Base Metal Resources
Mustang owns 100% of the mineral rights to Maskwa subject to a 1% Net Smelter Royalty with no obligations for offtake or back-in rights held by a third party. Mustang also owns the mineral rights to the Mayville Property which is located 35 km by road from Maskwa. The geological resource at Mayville M2 Zone consists of an open pit Indicated Resource of 21.9 million tonnes grading 0.20% nickel and 0.48% copper containing 94.3 million pounds of nickel and 232 million pounds of copper. The M2 resource was prepared by Scott Wilson Roscoe Postle Associates in January 2007.
Technical Notes:
1) Wardrop created a wireframe model of the Maskwa deposit using Gemcom version 6.04. The wire frame model was based on a minimum grade of 0.2% nickel.
2) Wardrop created a series of variograms for nickel, copper, cobalt, platinum and palladium along the principle axes of the mineralized zone and averaged to 200 feet down dip, 120 feet along strike and 75 feet across dip.
3) A block model was constructed that included rock type, density, interpolated grade and class- Measured, Indicated or Inferred.
4) Grades for the ore blocks were estimated using an inverse distance squared method with two passes.
5) The resource estimate is supported by 188 diamond drillholes. The drill hole intersections are typically on sections spaced approximately 30 meters apart and 30 to 60 meters apart vertically.
6) Wardrop as part of data verification sampled a set of six check samples from drill core from various locations throughout the deposit. The results showed good correlation between samples and the original database values. Samples were assayed at SGS, Lakefield Ontario.
Carey Galeschuk P. Geo is the Qualified Person for Mustang Minerals Corp. for purposes of National Instrument 43-101.
To find out more about Mustang Minerals Corp. (TSX-V: 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 nine month period ended September 30, 2006 and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.
This news release uses the terms "inferred resources", "indicated resources", "measured resources", and "mineral resources". The Company advises investors that although these terms are recognized and required by Canadian securities regulations (under National Instrument 43-101 "Standards of Disclosures for Mineral Projects"), the US Securities and Exchange Commission does not recognize these terms. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves and be economically feasible.
Shares Outstanding: 72,407,427
The TSX Venture Exchange has not reviewed and does not accept responsibility for the contents of this press release.
CONTACT INFORMATION:
Mustang Minerals Corp.
David Black
Investor Relations
(416) 955-4773
Email: info@mustangminerals.com
Website: www.mustangminerals.com
INDUSTRY: Manufacturing and Production - Mining and Metals
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