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

October 24, 2011 PGM Nickel Exploration Continuing at East Bull Lake TORONTO, ONTARIO--(Marketwire - Oct. 24, 2011) - Mustang Minerals Corp. (TSX VENTURE:MUM)(FRANKFURT:NJF) is pleased to announce that further exploration drilling is planned at the East Bull Lake Project which is located 80 km west of Sudbury, Ontario. Western Areas NL (TSX:WSA)(ASX:WSA) has the right to earn up to a 65% interest in the project and will fund the upcoming program. Previous surface sampling and drilling at East Bull has intersected significant, sulphide hosted nickel, copper and PGM mineralisation at shallow depth around the perimeter of the western and eastern intrusions. Notably, drilling completed at the Parisien Lake Deformation Zone intersected 1.1 meters assaying 9.2% copper and 12.5 g/t platinum group metals. (see press release dated July 3, 2008). Upcoming exploration will be focused on a number of geophysical anomalies. Interpretation of the geophysical anomalies suggests that mineralization may extend to depths of up to 1500m. The responses may represent conductive geological contacts at the base of the western and eastern lobes of the intrusion. A program of ground EM surveys will follow up on previous airborne geophysical surveys in order to prioritize targets for drilling. It is anticipated that 4-5 targets will be drill tested in the first phase of the program. About Mustang Minerals Mustang holds a highly prospective portfolio of properties for platinum group metals in Ontario and Manitoba - including: 1. The Makwa Project - which 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. Work on a feasibility study is ongoing. 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 made a new discovery of PGM mineralization earlier in 2011 at Mayville. (see press releases dated March 22 and May 5, 2011.) Western Areas NL, an Australian based nickel producer 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. 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: 157,511,174

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