Press Release Source: Mustang Minerals Corp.
Mustang Minerals Corp.: Fox Property Acquisition Announcement
Thursday July 12, 1:30 am ET
TORONTO, ONTARIO--(MARKET WIRE)--Jul 12, 2007 -- Mustang Minerals Corp. (CDNX:MUM.V - News)(Frankfurt:NJF.F - News) today announced it has purchased the mineral rights to mining claim FOX for $50,000 and the issuance of 50,000 common shares of the Company subject to regulatory approvals. The Vendor will retain a 2.5% net smelter royalty interest in the property. Mustang has the right to buy down the royalty to 1% for $1.25 million. The mining claim consists of 256 hectares located in the Rice Lake Greenstone Belt of southeastern Manitoba, in the Bissett area.
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A sample of one of the historical trenches on the property, taken by Mustang personnel, returned an assay value of 0.7% nickel, 0.5% copper, 0.76 g/t platinum and 0.31 g/t palladium. Mineralization was contained in a ultramafic rock unit. Historical drilling in the trenched area has outlined a well mineralized ultramafic sill or gabbroic unit. Records for those drill holes in the trenched area are recorded in the Province of Manitoba literature as containing high grade nickel intervals up to 5.2%. Further compilation work, airborne geophysics and ground work will be required to confirm the nickel potential of the area.
The FOX property is located 135 kilometers from and connected by road with Mustang's Maskwa nickel copper deposit which is the subject of a pre-feasibility study by Mustang.
Assays were completed at Accurassay Laboratories in Thunder Bay, Ontario using conventional assay techniques.
Carey Galeschuk, P.Geo, the VP Exploration of Mustang, is the Qualified Person for purposes of NI 43-101 and is responsible for the contents of this release.
To find out more about Mustang Minerals Corp. (CDNX:MUM.V - News) visit our website at www.mustangminerals.com.
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 Company's 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 risks involving the Company's operations, uncertainty of production and 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 Company's Management Discussion and Analysis for the year ended December 31, 2006 and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.
Shares Outstanding: 63,898,859
The TSX Venture Exchange has not reviewed and does not accept responsibility for the contents of this press release.
Contact:
Contacts:
Mustang Minerals Corp
David Black
Investor Relations
(416) 955-4773
Email: info@mustangminerals.com
Website: http://www.mustangminerals.com
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Source: Mustang Minerals Corp.
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