MUSTANG MINERALS CORP V.MUM

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Very encouraging ..... wally . . . . . . . - - - - - ./ . . . . 09:00 EST Thursday, December 09, 2004 TORONTO, ONTARIO--(CCNMatthews - Dec. 9, 2004) - Mustang Minerals Corp. (TSX VENTURE:MUM) today announced drill results and developments from the Maskwa Nickel Project located 140 km northeast of Winnipeg, Manitoba. Drilling identified significant nickel mineralization within the area of the historical resource and anomalous nickel mineralization in reconnaissance holes below the deposit and in two other mineralized horizons. In another positive development, assay results from 11 massive sulphide rock samples from the property averaged 7.95% nickel, 0.23% cobalt and 6.60 grams/tonne platinum-palladium. The discovery of high grade nickel, platinum-palladium and cobalt in massive sulphides of the Bird River Sill represents a new exploration target within the Maskwa Property. Drill Results-Significant drill results from the current program were as follows: --------------------------------------------------------------------- Inter- Drill section- Interval- Ni- Cu- Co- Pt- Pd- PGMs- Zone Hole feet feet % ppm ppm ppb ppb ppb --------------------------------------------------------------------- MM-20 722-737 15.00 1.05 1089 85 300 1328 1631 Hw 6 --------------------------------------------------------------------- 762-807 45.00 1.24 1033 174 401 1357 1761 Maskwa --------------------------------------------------------------------- includes 777-802 25.00 1.64 1250 265 480 1690 2173 Maskwa --------------------------------------------------------------------- includes 772-772.25 0.25 5.37 821 763 1108 4460 5574 Vein --------------------------------------------------------------------- MM-21 274.5-327.0 52.50 1.24 1607 337 240 969 1212 Maskwa --------------------------------------------------------------------- MM-22 548.5-548.8 0.30 0.79 2.14% 1060 nsv nsv nsv Vein --------------------------------------------------------------------- MM-24 117-122 5.00 0.44 440 102 49 89 155 Maskwa --------------------------------------------------------------------- MM-31 527.6-529 1.40 1.10 755 257 58 270 331 Dumbarton --------------------------------------------------------------------- Terminology: Ni equals Nickel, Cu equals Copper, Co-Cobalt, Pt equals Platinum, Pd equals Palladium, % equals per cent, ppm equals parts/million, ppb equals parts/billion, intersection/interval equals core length, PGMs equals Pt-Pd-gold, 10,000ppm equals 1%, 1,000ppb equals 1g/t, nsv equals no significant values, imperial measurement used for historical contimuity. Infill drilling (MM-20, 21) of the Maskwa Deposit has now been completed. The independent firm of Roscoe Postle Associates are presently finalizing a National Instrument 43-101 resource estimate on the Maskwa Deposit to a vertical depth of 1,000 feet. Drill holes 22 and 23 intersected anomalous nickel mineralization below the Maskwa Deposit near the favorable ultramafic-mafic contact of the Bird River Sill. Shallow drill holes targeting the Maskwa Horizon 1,000 feet east of the Maskwa Deposit intersected 0.44% across 5.0 feet (MM-24). The Maskwa Deposit remains open along strike and at depth. Additional holes targeting the Dumbarton Horizon 300 feet west of the Dumbarton Deposit intersected 1.10% nickel across 1.40 feet. High Grade Nickel Massive Sulphides-A New Exploration Target Results from eleven (11) select rock samples of massive sulphides taken from blasted muck throughout the Maskwa waste pile have been received by the Company. The samples averaged 7.95% nickel, 6.60 g/t platinum-palladium and 0.23% cobalt. The three highest samples graded 8.4%, 8.5% and 9.0% nickel and 7.45 g/t, 7.12 g/t and 8.36 g/t platinum-palladium respectively. The massive sulphides are thought to be located stratigraphically above the Maskwa Deposit within the hangingwall ultramafics of the Bird River Sill. This discovery of high nickel, cobalt, and platinum group metal grades associated with massive sulphides represents a new high priority exploration target within the Bird River Sill located on the Maskwa Property. 2005 Drill Program The drilling at Maskwa will resume early in January 2005. The drill program will attempt to locate additional resources below the known limits of the deposit between 1,000 feet and 1,600 feet vertical. An historical drill hole, 600 feet below the deposit's known limits, intersected 1.80% nickel and 0.89% copper across 10.95 feet at a vertical depth of 1,600 feet within ultramafic rocks of the Bird River Sill. This intersection represents the potential continuation of the Maskwa Deposit at depth. Additional drilling will target 10 untested near surface Transient Electromagnetic (TEM) geophysical conductors located throughout the property. The 10 TEM conductors are interpreted to be associated with zones of massive sulphides within the Bird River Sill and represent the Company's new high priority massive sulphide exploration targets. A map showing the location of the recently drilled holes will be posted to the Mustang Minerals website. Assays for the above reported results were completed at Expert Laboratories in Rouyn, Noranda utilizing industry standard conventional assay techniques. Ken Lapierre P.Geo. (ON) is the Qualified Person for Mustang Minerals Corp. for purposes of National Instrument 43-101. Shares Outstanding: 40,585,745 FOR FURTHER INFORMATION PLEASE CONTACT: Mustang Minerals Corp. David Black Investor Relations 1 [phone] [e-mail] www.mustangminerals.com The TSX Venture Exchange has not reviewed and does not accept responsibility for the contents of this press release.