The board of directors of Mustang Minerals Corporation has announce the results of an updated National Instrument 43-101 compliant Mineral Resource estimate for the Mayville Copper Nickel Project located in southeast Manitoba.

The resource update was completed by Scott Wilson Roscoe Postle Associates Inc and incorporated recently developed metallurgical recoveries, platinum group metals content and updated operating costs. The purpose of the update to the resource estimate is to evaluate the prospects for economic potential of the Mayville deposit as a second open pit mine in joint development with the Makwa Nickel Project. Mayville and Makwa are located approximately 35km apart by existing roads.

Highlight of the Scott Wilson RPA updated resource estimate for Mayville is the 9.227 million tonnes above a cut off value of CAD 30 net smelter return in the indicated category, within an economic Whittle pit shell, containing 0.61% copper, 0.23% nickel and 0.17 grams per tonne palladium. Additional indicated material between NSR cut off values of CAD 18 to CAD 30 amounts to over 2.4 million tonnes.

The updated Mayville resource estimate is based on the drilling completed at Mayville by Mustang during 2005 and 2006. Scott Wilson RPA included existing PGM values in the updated block model and developed new NSR values and operating costs (including an estimated trucking cost to the proposed Makwa mill ) in order to establish the economic pit parameters for the Whittle optimization.

This Mineral Resource estimate comprises the near surface portion of the previous estimate, prepared by Scott Wilson RPA in January 2007 and disclosed in the NI 43-101 Technical Report filed on SEDAR. New parameters applied include a lower assumed nickel recovery and the application of current estimated operating costs including trucking costs to Makwa.