TORONTO, ONTARIO -- (Marketwire) -- 02/20/13 -- Mustang Minerals Corp. (TSX VENTURE: MUM)(FRANKFURT: NJF) ("Mustang" or the "Company") today announced the results of a National Instrument 43-101 compliant resource estimate for its Mayville Deposit located in southeastern Manitoba. Indicated resources increased significantly from the resource estimate announced April 15, 2010. The indicated resource announced in 2010 was 11.6 million tonnes at 0.55% copper and 0.21% nickel which increased to 24.3 million tonnes at 0.45% copper and 0.19% nickel (0.69% copper equivalent). Inferred resources increased from 0.2 million tonnes at 0.55% copper and 0.2% nickel in 2010 to 4.1 million tonnes at 0.45% copper and 0.18% nickel (0.68% copper equivalent). The updated resource estimate was reported at a $20 NSR cut-off.
A substantially larger mineral resource at Mayville provides a positive catalyst for development of the Makwa and Mayville Deposits. The Company has announced that it plans to complete a Preliminary Economic Assessment based on co-development of the two deposits. The Mayville Property in particular has excellent exploration potential and remains open at depth and along strike. The Mayville and Makwa deposits are located within Mustang's mineral tenements in the highly prospective Bird River Greenstone Belt - an emerging area prospective for nickel, copper and platinum group metals.
Details of the resource estimate are as follows:
MINERAL RESOURCE SUMMARY BY ZONE AS OF FEBRUARY 12, 2013 Mustang Minerals Corp. - Mayville PropertyZone Tonnage Cu Ni Au Pt Pd Eq Cu (M t) (%) (%) (g/t) (g/t) (g/t) (%)----------------------------------------------------------------------------Indicated Main Zone 16.0 0.48 0.19 0.05 0.05 0.14 0.73 Footwall Zone 7.7 0.38 0.17 0.04 0.05 0.14 0.60 East Zone 0.6 0.65 0.21 0.11 0.08 0.18 0.91Total Indicated 24.3 0.45 0.19 0.05 0.05 0.14 0.69----------------------------------------------------------------------------Inferred Main Zone 0.5 0.47 0.18 0.04 0.05 0.16 0.70 Footwall Zone 3.2 0.46 0.18 0.04 0.07 0.15 0.69 Miscellaneous 0.4 0.41 0.15 0.04 0.04 0.14 0.60Total Inferred 4.1 0.45 0.18 0.04 0.06 0.15 0.68Zone Ni Cu Au Pt Pd (M lb) (M lb) (k oz) (k oz) (k oz)----------------------------------------------------------------------------Indicated Main Zone 68.0 170.9 28 25 74 Footwall Zone 29.4 64.0 10 13 35 East Zone 2.6 8.1 2 1 3Total Indicated 99.9 243.0 40 39 112----------------------------------------------------------------------------Inferred Main Zone 1.9 5.0 1 1 2 Footwall Zone 12.7 32.1 5 7 16 Miscellaneous 1.5 3.9 1 1 2Total Inferred 16.1 41.0 6 8 20 Notes: 1. CIM Definition Standards have been followed for classification of mineral resources. 2. Mineral resources are reported at an NSR cut-off value of C$20/tonne. 3. NSR values are calculated in C$ using factors of $50 per% Cu and $64 per% Ni. These factors are based on metal prices of $US3.40/lb Cu and US$8.50/lb Ni, estimated recoveries and smelter terms, and a US$/C$ exchange rate of 1.0. 4. A minimum mining width of two metres was used. 5. Totals may not add correctly due to rounding. 6. Mineral resources are not mineral reserves and do not have demonstrated economic viability. NSR cut-off values were based on metal price assumptions of US$8.50 per pound nickel and US$3.40 per pound copper. 7. Eq Cu - copper equivalent based on total metal value adjusted for metallurgical recoveries of 90% copper and 45% nickel and typical smelter payables and charges. TABLE 2 MINERAL RESOURCE SUMMARY BY NSR CUT-OFF AS OF FEBRUARY 12, 2013 Mustang Minerals Corp. - Mayville PropertyNSR Cut-off Tonnage Cu Ni Au Pt Pd Eq Cu(C$) (M t) (%) (%) (g/t) (g/t) (g/t) (%)----------------------------------------------------------------------------Indicated $30 14.4 0.54 0.22 0.06 0.05 0.16 0.82 $25 19.5 0.49 0.20 0.05 0.05 0.15 0.75 $20 24.3 0.45 0.19 0.05 0.05 0.14 0.69 $15 27.0 0.43 0.18 0.05 0.05 0.14 0.66----------------------------------------------------------------------------Inferred $30 2.8 0.52 0.19 0.05 0.07 0.17 0.76 $25 3.5 0.48 0.19 0.05 0.06 0.16 0.72 $20 4.1 0.45 0.18 0.04 0.06 0.15 0.68 $15 4.4 0.44 0.17 0.04 0.06 0.15 0.66NSR Cut-off Ni Cu Au Pt Pd(C$) (M lb) (M lb) (k oz) (k oz) (k oz)----------------------------------------------------------------------------Indicated $30 69.2 172.7 28 25 76 $25 86.1 212.4 34 33 96 $20 99.9 243.0 40 39 112 $15 106.2 256.1 42 43 120----------------------------------------------------------------------------Inferred $30 11.9 31.6 4 6 15 $25 14.3 37.3 5 7 18 $20 16.1 41.0 6 8 20 $15 16.7 42.4 6 8 21Notes: As per Table 1 above, with exception of footnote 2. Mineral Resourcesin Table 2 are reported at NSR cut-off values as listed.
