Mustang Minerals Corp. TSX VENTURE: MUM Other Recent News

February 2, 2011 Mustang Purchases Bouchard Hebert Mill for Makwa Project TORONTO, ONTARIO--(Marketwire - Feb. 2, 2011) - Mustang Minerals Corp. (TSX VENTURE:MUM) ("Mustang" or the "Company") is pleased to announce it has entered into an agreement to purchase the mill equipment which was formerly used at the Bouchard Hebert Mine near Rouyn-Noranda, Quebec. The equipment comprises substantially all of the grinding and milling equipment required to construct a nickel concentrator for Mustangs Makwa Nickel Project. The purchase price of the mill equipment is $2 million payable in installments over the next 4 months and the issuance of 2.5 million common shares of the Company. The purchase is subject to regulatory approval. All securities issued will be subject to a hold period of four months. Mustang plans to complete a feasibility study incorporating the mill during 2011. Mustang completed a prefeasibility study in 2008 which incorporated the use of all new equipment for the nickel concentrator. The purchase of the Bouchard Hebert mill equipment is expected to provide potential for significant reduction in capital cost for the Makwa Nickel Project. Robin Dunbar, the President of Mustang stated:" With the acquisition of the mill equipment, Mustang will be in a position to build a concentrator for the Makwa Nickel Project as soon as a production decision is made. The acquisition of the mill equipment is another significant step in building a mine at the Makwa Nickel Project." About Mustang Minerals Corp. Mustang Minerals has two open pit deposits located in southeast Manitoba. At the Makwa Project 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. The Companys Mayville Project is located approximately 35 km 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. Western Areas NL an Australian based nickel producer owns 19.9% of the common shares of Mustang. Carey Galeschuk P. Geo. is the Qualified Person for NI 43-101. To find out more about (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 Companys 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 Companys 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: 154,718,233

CONTACT INFORMATION: Mustang Minerals Corp. David Black Investor Relations 416-955-4773 www.mustangminerals.com INDUSTRY: Manufacturing and Production - Mining and Metals