Mustang Minerals Corp.

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FOR:  MUSTANG MINERALS CORP.

Shares Outstanding: 17,790,465

CDNX SYMBOL:  YMU

JULY 12, 2001 - 08:58 EDT

Implats/Mustang River Valley PGM Exploration Continues

TORONTO, ONTARIO--Mustang Minerals Corp. (YMU: CDNX) and Impala 
Platinum Holdings Limited (Implats) today announced ongoing 
exploration plans for the River Valley PGM Property near Sudbury 
Ontario.  Implats has agreed to provide up to $1.5 million for 
exploration at River Valley under the joint venture agreement. The
River Valley PGM Joint Venture property includes more than 600 
mining claim units and covers 28 kilometers of prospective 
stratigraphy along the north and south margins of the River Valley
complex. The exploration target is primary platinum group metals 
(PGM) mineralization.  

EXPLORATION PROGRAM UPDATE 

The first phase of the current program commenced in June with the 
goal of further evaluating areas of interest identified in the 
recently completed drill program. Detailed mapping and sampling 
are underway to be followed by trenching in specific areas of 
interest. In particular, two highly prospective target areas were 
identified. The continuity of the olivine gabbronorite unit in the
areas around and between Hole MR-12 ( 1m @ 9.15g/t pgm+Au ) and 
Hole MR-20 ( 2m @ 5.02 g/t pgm+Au) remains untested. A second key 
area is the chaotic zone in the area of Hole MR-30 ( 22m @ 1.47 
g/t pgm+Au) and Hole MR-31( 16m @ 1.77 g/t pgm+Au). Higher numbers
of inclusions were noted in these holes than elsewhere along the 
north margin. In addition to follow up work on these areas, more 
detailed fieldwork will be completed on the parts of the property 
that to date have been mapped on a reconnaissance basis. A study 
to evaluate the ore mineralogy in the two distinct styles of 
mineralization has also been commissioned. The bulk of the planned
fieldwork is expected to be completed and evaluated by the end of 
the summer.  

DRILL PROGRAM UPDATE 

A total of 66 widely spaced reconnaissance drill holes totalling 
17,002 meters have now been completed on the property. The 49 
holes drilled on the north contact were spaced along a 4.7 km 
strike length. The highest values from holes 34-40 were found in 
MR-34 which returned 34 meters of 0.44 g/t pgm+Au. Holes MR41-49 
on the north margin are pending and will be reported in the coming
weeks. 

Along the south margin, 17 holes (MRS-01 to MRS-17) were drilled 
over a strike length of approximately 2.6 kilometers. Assays from 
stratigraphic holes MRS1-13 contained sporadic values. The highest
grade obtained was in Hole MRS-6 (2.78g/t pgm+Au over 1.5 meters).
Assays from holes MRS14-17 are pending. Analytical work was 
performed by XRAL Laboratories in Rouyn-Noranda with check assays 
performed at ALS Chemex in Vancouver. Ken Lapierre, VP Exploration
is the qualified person responsible for the reporting of technical
results.  

Mustang's systematic exploration programs at River Valley are made
possible by the financial resources of Implats. Under the terms of
the River Valley Joint Venture Agreement Implats can earn a 60% 
interest in the River Valley Property by funding $6 million in 
exploration over a period of 5 years. Implats is the world's 
second largest primary producer of platinum group metals and is 
based in Johannesburg, South Africa.   

Drill hole co-ordinates, a complete table of drill results and a 
map of the north contact area will be posted on the Mustang 
Minerals website.  

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