Mustang Closes $2.6 Million Financing

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For Immediate Release

Exchange: TSX Venture

January 11, 2018

Toronto, Ontario

Symbol:MUM

Shares Outstanding: 42,034,264

MUSTANG CLOSES $2.6 MILLION FINANCING

Toronto CANADA January 11, 2018 Mustang Minerals Corp. (TSX-V: MUM ) (" Mustang “

or the "Company") announced that pursuant to its non-brokered private placement ( the “Financing”)

announced November 27, 2017 it has closed a final tranche of $175,000 consisting of 500,000 units

price at $0.35 per unit. The net proceeds from the Financing will be used for general corporate

purposes including exploration and development activities at its highly prospective nickel -copper-

PGE - cobalt properties located in Manitoba.

Mustang has now raised gross proceeds of $2, 655,274 in connection with the Financing consisting of

7,586,498 units. Each unit consists of one common share and one half common share purchase warrant

exercisable at $0.45 for a period of three years from closing . Finders fees of $6,563 cash and a total

of 18,750 finders warrants were paid in conjunction with the third closing. The finders warrants are

exercisable for a period of three years from the date of closing at an exercise price of $0.45.

All s ecurities issued in connection with the Financing subject to a statutory hold period of four (4)

months and one day from the date of issuance. The Financing is subject to the final approval of the

TSX Venture Exchange.

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 rig hts 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.

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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 forw ard-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 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, cha nges 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 and Analysis for the mo st 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 Services Provider (as that te rm is defined in the policies of the TSX

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