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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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From: E. Charters	3/16/2007 4:07:09 PM
	of 78417

Mustang Commences Prefeasibility Study at Maskwa Nickel Project TORONTO, ONTARIO --- March 15, 2007) - Mustang Minerals Corp. MUM/TSXV today announced that it has engaged Wardrop Engineering Inc. (Wardrop) to complete work involved in completion of a prefeasibility study for the Maskwa Nickel Project located approximately 140 km northeast of Winnipeg Manitoba. Key components of the engagement are an updated resource estimation incorporating the results of the current drill program, a geotechnical program and an updated open pit mine design. The NI 43-101 compliant Preliminary Economic Assessment ("Scoping Study") for Maskwa announced January 23, 2007 and completed by Micon International outlined average annual nickel production of 10.4 million pounds of nickel and 2.4 million pounds of copper from an open pit mining operation over a nine year mine life. The initial capital cost of the project was estimated at C$64.5 million. The project generated a projected NPV of C$90 million using a 10% discount rate and US $7 pound nickel. Payback of capital was estimated at 2 years. The Scoping Study for the Maskwa Property is now posted online at www.sedar.com under the company filings (Technical Report) for Mustang Minerals Corp. A complete summary of the contents of the report is contained in the Mustang Minerals Corp. news release dated January 23, 2007. Wardrop Engineering has extensive experience with Manitoba mining projects and is well suited to assist with the Maskwa Project. The prefeasibility study will involve determination of the ore mining and treatment methods, refinement of the open pit plan, geotechnical data collection, review of the infrastructure requirements, and development of operating plans. Permitting for the project is already underway. A project team comprised of Mustang personnel with input from technical staff of Western Areas NL will continue to work on the project. Ernie Marcotte P.Eng. VP Operations for Mustang Minerals is the Qualified Person for Mustang for purposes of NI 43-101. To find out more about Mustang Minerals Corp. MUM/TSXV visit our website at mustangminerals.com

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