MUSTANG MINERALS CORP V.MUM

PP

[Almelinda]

December 12, 2007

Mustang Exploration Funding

TORONTO, ONTARIO--(Marketwire - Dec. 12, 2007) - Mustang Minerals Corp. (TSX VENTURE:MUM)(FRANKFURT:NJF) today announced it is arranging a non-brokered private placement financing for the sale of up to 3.0 million flow-through common shares at $0.65 per share and 1,000,000 non-flow through shares at $0.60 cents per share for a total of $2,550,000 in total private placement financing. The financing is subject to regulatory approval. The funds will be used to explore the Companys' properties primarily in Manitoba and in the case of the non-flow through shares for working capital purposes.

The Company may pay finder's fees in the event qualified agents are used to source subscriptions which fees will be equal to up to 6 per cent of the gross proceeds as a result of the efforts of such agents.

Mustang is currently completing a National Instrument 43-101 compliant prefeasibility study on the Maskwa Nickel Project located in southeastern Manitoba. The Company is currently drilling in the Maskwa project area and a regional exploration program is planned in southeastern Manitoba in 2008.

Exploration Update

Drilling is proceeding at the Maskwa North Horizon. Two holes have been completed spaced 200 meters apart. A zone of disseminated mineralization has been intersected in each hole with varying amounts of chalcopyrite, sphalerite, pyrrhotite, pyrite and arsenopyrite. Mineralization is located at a sheared peridotite volcanic contact and a granite ultramafic contact. The zone of mineralization has been intersected between 600-725 ft downhole in the two holes. The initial phase of the drill program will test the Maskwa North horizon along a 1,000 meters strike length approximately parallel to the proposed pit shell for the Maskwa Deposit.