Mustang Minerals Corp. TSX VENTURE: MUM FRANKFURT: NJF Other Recent News

March 3, 2011 Mustang Drills New Surface Zone of Copper Nickel Mineralization at the Mayville Project in Southeast Manitoba TORONTO, ONTARIO--(Marketwire - March 3, 2011) - Mustang Minerals Corp. (TSX VENTURE:MUM)(FRANKFURT:NJF) ("Mustang" or the "Company") today announced positive results from exploration drilling at the Mayville Property located in southeast Manitoba. Drilling on the historical Hititrite Showings has shown that the new zone of copper-nickel-pgm mineralization begins at surface and extends to depth. The showing has not been previously drilled. The mineralization zone is located approximately one kilometer southeast of the Mayville M2 Deposit. Assays are pending from two other holes drilled along the strike of the mineralized zone and from drilling to the north in an ultramafic unit. One of the step out holes is located approximately 300 meters to the east. Based on geophysical signatures, the potential strike length of the new zone is in excess of one kilometer. Results from the first three holes are as follows: ---------------------------------------------------------------------------- Hole From To Interval Interval Copper Nickel Au+Pt+Pd Silver (ft) (ft) Feet Meters % g/t g/t ---------------------------------------------------------------------------- MAY11-01 30.9 93.6 62.7 19.11 0.34 0.11 0.30 2.0 ---------------------------------------------------------------------------- and 107.3 177.0 69.7 21.25 0.41 0.15 0.33 2.8 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- MAY11-02 67.0 116.0 49.0 14.94 0.34 0.17 0.32 4.0 ---------------------------------------------------------------------------- and 189.7 203.0 13.3 4.05 0.44 0.13 0.31 4.5 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- MAY11-03 516.5 577.0 60.5 18.44 0.46 0.14 0.28 3.9 ---------------------------------------------------------------------------- and 592.0 653.0 61.1 18.62 0.18 0.08 0.18 2.9 ---------------------------------------------------------------------------- Widths are drilled widths. "The current drill program on the Mayville property is focused on identifying new areas on the property that could hold significant bulk tonnages of copper-nickel-pgm mineralization." said Robin Dunbar President of Mustang. "The drill results announced today illustrate the significant potential for growth of the overall resource at the Mayville Property which is currently 9.227 million tonnes at 0.61% copper, 0.23% nickel and 0.3 g/t pgm using $8.50 nickel and $3 copper." (Scott Wilson RPA April 15, 2010) Drill holes MAY11-01 to MAY11-03 were drilled along a section fence underneath the historic Hititrite Showing where surface mineralization had been sampled by Mustang late in 2010 (see press release dated January 24, 2011). The mineralization is contained in a gabbroic unit which is located at a geological contact with andesite to the south and an ultramafic unit to the north. Mineralization has been identified from surface to 653 feet (199.03 meters). The zone is open to depth and along strike. The mineralogy appears similar to that of the Mayville M2 Deposit which is situated one kilometer to the northwest of the new mineralized zone. Good copper and nickel recoveries were obtained in metallurgical test work completed by Mustang on the M2 Zone (see Mustang press release dated September 1, 2009). Several other mineralized horizons and geophysical anomalies are scheduled to be drill tested in the current drill program. Additional targets include the anomalies on the recently optioned Tanco Property, the Zeemel Property and the western extension of the Mayville M2 Deposit. The targets have been generated through airborne EM geophysical surveys, field mapping by Mustang and an Induced Polarization survey completed by Mustang in 2010. All core samples were sent to Activation Laboratories in Thunder Bay, Ontario. Analysis was 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 was employed. Drill core is logged and split on site at Makwa site with half the core retained and stored. Mustang conducts an ongoing QA/QC program on drill core including inserting blanks, duplicates and commercial standards into the sample series. About Mustang Minerals Mustang Minerals has two open pit deposits located in southeast Manitoba. 1. The Makwa Project has 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. A feasibility study is planned for Makwa during 2011. 2. 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. Mustang Minerals will have a booth at the upcoming PDAC, March 6th to 9th, 2011. Company representatives will be available to answer questions about the company. Western Areas NL (TSX:WSA)(ASX:WSA), an Australian based nickel producer and explorer, owns 19.9% of the common shares of Mustang. Carey Galeschuk, P.Geo is the National Instrument 43-101 Qualified Person for Mustang Minerals Corp. To find out more about Mustang Minerals Corp. (TSX VENTURE:MUM)(FRANKFURT:NJF) 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: 157,218,233

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