MEC.CN · 2025-01-24 12:00:00

Mustang Energy Receives Exploration Permit for the Roughrider South and Cigar Lake East Project, Saskatchewan

Permits & Approvals

Mustang Energy Receives Exploration Permit for the

Roughrider South and Cigar Lake East Project,

Saskatchewan

VANCOUVER, British Columbia, January 24, 2025 (GLOBE NEWSWIRE) -- Mustang Energy Corp. (CSE: MEC,

OTC:MECPF, FRA:92T) (the “Company” or “Mustang”) is pleased to announce it has received exploration

permits from the Saskatchewan Government, allowing for ground -based exploration activities at the

Roughrider South and Cigar Lake East Project (the “Projects”) in the Athabasca Basin, Saskatchewan.

The permit authorizes Mustang to carry out mineral exploration activities such as trail construction, line-

cutting, ground geophysical surveys, and diamond drilling. The approved permits are valid until September

30, 2027.

As part of the permit conditions, Mustang will continue to engage with local communities, including the

Ya’thi Néné Lands and Resource Oﬃce, to address any ongoing concerns and ensure sustainable project

implementation. Consultation and environmental stewardship remains a priority, with speciﬁc measures

to minimize disturbance and support reclamation eﬀorts.

About the Roughrider South and Cigar Lake East Project:

Each of the Cigar Lake East and Roughrider South projects are located in the Eastern Athabasca Basin in

northwest Saskatchewan, situated near the highly prospective Wollaston -Mudjatik transition zone. The

Projects consists of four claims covering a total area of 3,443 hectares and are in close proximity to all-

season roads and electrical transmission lines . The uranium endowment of the area is proven by the

surrounding deposits including the world class Cigar Lake Uranium Mine (138.4 million pounds produced)1

and Rabbit Lake Uranium Mine to the Northeast.

An a irborne magnetics/VTEM survey was conducted in 2023 by Stallion Uranium Corp., the previous

holder of the Projects, highlighting structural features on the Projects. Mustang has engaged Resource

Potentials Ltd. to reinterpret these data sets in an eﬀort to develop additional drill targets within the

project boundaries.

Figure 1: Overview of Mustang Energy's Roughrider South and Cigar Lake East Project.2

References

1. https://www.cameco.com/businesses/uranium-operations/canada/cigar-

lake#:~:text=Total%20packaged%20production%20from%20Cigar,pounds%20our%20share)%20in%202024.

2. Saskatchewan GeoAtlas, https://gisappl.saskatchewan.ca/Html5Ext/index.html?viewer=GeoAtlas

Qualifying Statement

The scientiﬁc and technical information in this release has been reviewed and approved by Lynde

Guillaume, P .Geo., Technical Advisor for Mustang, a registered member of the Professional Engineers and

Geoscientists of Saskatchewan. Ms. Guillaume is a Qualiﬁed Person as deﬁned by National Instrument 43-

101.

Adjacent Property Disclaimer:

This news release includes references with respect to uranium deposits which are located near the

Projects. The Company advises that, notwithstanding their proximity of location, discoveries of minerals

on nearby properties and any promising results thereof are not necessarily indicative of the mineralization

of, or located on the Projects, or the Company’s ability to commercially exploit the Project s, or to locate

any commercially exploitable deposits therefrom. The Company cautions investors on relying on this

information as the Company has not conﬁrmed the accuracy or reliability of the information.

About Mustang Energy Corp.:

Mustang is a resource exploration company focused on acquiring and developing high-potential uranium

and critical mineral assets. The Company is actively exploring its properties in Northern Saskatchewan,

Canada and holds 77,318 hectares in around the Athabasca Basin. Mustang's ﬂagship property, Ford Lake,

covers 7,743 hectares in the proliﬁc eastern Athabasca Basin, while its Cigar Lake East and Roughrider

South projects span 3,442 hectares to the north and the Spur Pr oject to the south covering 17,929

hectares. Mustang has also established its footprint in the Cluﬀ Lake region of the Athabasca Basin with

the Yellowstone Project (21,820 hectares) and further expanded its presence in the south central region

of the Athabasca Basin with the Dutton Project (7,633 hectares).

For further information, please contact:

Mustang Energy Corp.

Attention: Nicholas Luksha, CEO and Director

Phone: (604) 838-0184

Neither the CSE nor the Market Regulator (as that term is deﬁned in the policies of the CSE) accepts

responsibility for the adequacy or accuracy of this release.

This news release includes certain statements and information that may constitute forward- looking

information within the meaning of applicable Canadian securities laws. Forward-looking statements relate

to future events or future performance and reﬂect the expectations or beliefs of management of the

Company regarding future events. Generally, forward- looking statements and information can be

identiﬁed by the use of forward- looking terminology such as “intends”, “believes” or “anticipates”, or

variations of such words and phrases or statements that certain actions, events or results “may”, “could”,

“should”, “would” or “occur”. This information and these statements, referred to herein as “forward-

looking statements”, are not historical facts, are made as of the date of this news release and include

without limitation, statements regarding discussions of future plans, estimates and forecasts and

statements as to management's expectations and intentions with respect to, among other things, the

future potential of the minerals claims held by the Company, including the Projects; the completion of

future work on th e Projects, including trail construction, line -cutting, ground geophysical surveys, and

diamond drilling; and that the Company is strategically positioned for substantial growth. In making the

forward-looking statements in this news release, the Company has applied several material assumptions,

including without limitation the assumption that the Company will be able to continue exploring its

properties given various environmental and economic factors outside of its control. Although management

of the Company has attempted to identify important factors that could cause actual results to diﬀer

materially from those contained in forward-looking statements or forward-looking information, there may

be other factors that cause results not to be as anticipated, estimated or intended. There can be no

assurance that such statements will prove to be accurate, as actual results and future events could diﬀer

materially from those anticipated in such statements. Accordingly, readers should not place undue reliance

on forward-looking statements and forward-looking information. Readers are cautioned that reliance on

such information may not be appropriate for other purposes. The Company does not undertake to update

any forward-looking statement, forward-looking information or ﬁnancial out -look that are incorporated

by reference herein, except in accordance with applicable securities laws.

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