Mustang Minerals Corporate and Exploration Update

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For Immediate Release

Exchange: TSX Venture

Sept 19, 2017

Toronto, Ontario

Symbol:MUM

Shares Outstanding: 261,480,376

Mustang Minerals Corporate and Exploration Update

Mustang Minerals Corp. (TSXV:MUM) (“Mustang” or the “Company”) today provided an

update with respect to its exploration and corporate activities. The Company is pleased to

note it has made significant progress in resolving its obligation s relating to a CRA audit of

Canadian Exploration Expense.

Corporate

The Company has reached settlement agreements with certain subscribers relating to

obligations relating to a Canada Revenue Agency audit ( see press releases dated November

13, 2015 and May 4, 2017 ). A total of 5,005,075 common shares of the Company

representing $100,101.50 have been issued under the settlement agreements. Shares issued

are subject to a hold peri od of four months and one day from the date of issuance. Hold

periods for the shares issued to date expire on November 1, 2017( 1,090,875 shares );

November 20, 2017 ( 578,607 shares ) and December 23, 2017 ( 3,335,593 shares ). No

fees or commissions we re payable in conju nction with the issuance. No shares were issued

to insiders or non-arms length persons.

Exploration

With an improved working capital position Mustang is now poised to move forward with its

core business of mineral exploration and development on its exploration properties in

Manitoba.

The Company has identified targets for further drilling at both the Makwa and Mayville

Property focused on the potential for high grade nickel -copper-cobalt and platinum group

metals.. The discovery of further resources may enable enhancement of project ec onomics

for the Makwa-Mayville project. A 3D inversion of a surface pulse EM survey data completed

in 2015 at Mayville identified two prominent geophysical targets at depth. Those targets are

expected to the focus of future drilling at the project. In addition the Company plans fieldwork

to target stratiform hosted platinum group metals mineralization associated with the known

chromite mineralization at various locations on its property in the Bird River Sill.

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About Mustang Minerals

Mustang owns the mineral rights to the Makwa Nickel Property and the Mayville Property both located

in the Bird River Greenstone Belt in southeast Manitoba. The Company completed a PEA on the

Makwa-Mayville Project in 2014. The Company also controls mineral right s at the East Bull Lake

Property west of Sudbury prospective for PGM and the Bannockburn Nickel Property near

Matachewan.

Carey Galeschuk P. Geo is the Qualified Person for Mustang Minerals Corp.

To find out more about Mustang Minerals Corp. (TSX-V: MUM)

visit our website at www.mustangminerals.com or:

Telephone: 416-955-4773 email: [email protected]

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 st atements”). 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 politica l 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 eco nomic 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, includin g

those described in the Company’s Management Discussion a nd Analysis for the most recent financial period and Material

Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

Neither the TSX Venture Exchange nor it Regulations Service s Provider (as that term is defined in the policies of the TSX

Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.