1	Corporate Presentation November 2008
2	Forward Looking Statement This presentation 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 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 political risks involving the Company's operations in a foreign jurisdiction, uncertainty of production and 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, 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, including those described in the Company's Management Discussion and Analysis for the nine month period ended September 30, 2006 and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.
3	Corporate Strategy
4	Corporate Overview - Mustang Minerals Corp. Positive prefeasibility study on Maskwa open pit nickel mine featuring low cash cost Excellent upside for project enhancement through feasibility stage Access to established infrastructure and low cost power Excellent exploration potential Major shareholder is Western Areas NL
5	Share Structure Symbol: “MUM” – Toronto Venture Exchange 81.2 million shares outstanding Warrants 617,456 Options 5.6 million 87.5 million shares fully diluted 52 week High - $.97 Low - $.08 Management and Directors Robin Dunbar M.B.A. – President and Director Ian Ward P. Eng. – SVP Project Development Carey Galeschuk P. Geo – VP Exploration Alex Falconer C.A. – CFO David Black – VP Investor Relations Julian Hanna P. Geo. – Director MD WSA Gerald Harper P. Geo. (ON), Ph.D – Director Brian J. Barr – Director Ted Munden – Director Tom Meredith – Director Western Areas NL holds 17% of Mustang
6	Nickel Prices Nickel prices have retreated from recent highs Lower prices will delay large scale laterite projects Good potential for prices to rebound in 2009 Good environment for conventional nickel sulfide deposits
7	Nickel Projects and Location Maskwa/Mayville Properties (near Winnipeg Manitoba) Located 150 km from Winnipeg in Bird River Greenstone Belt Excellent infrastructure including roads, workforce and power Fraser Institute selects Manitoba as a top mining jurisdiction worldwide. Excellent support from Manitoba government Among lowest hydroelectric power cost in North America. Government takes proactive approach to First Nations issues
8	Maskwa Prefeasibility Study – Highlights Project to produce 9.2 million lbs (payable ) of nickel in concentrate per annum Based on simple open pit production with concentrator to be constructed Project to have low cash costs of nickel at C$2.77 lb of nickel ( net ) Capex of $112 million before contingency and sustaining for 2,750 tpd operation Concentrate grade 10.2% nickel, 2.5% copper, 11.3 g/t pgm. NPV of C$62.2 million at 8% discount Micon, Met-Chem, Golders and Wardrop authored prefeasibility study.
9	Site Infrastructure and Layout
10	Maskwa Property Resource (January 2008 Wardrop Engineering Inc Cliff Duke P.Eng QP)
11	Maskwa Nickel Open Pit Reserve 7.11 Mt proven and probable open pit reserve at 0.64% nickel + credits Consistent ore body with average width of 24 meters. Additional resource beneath proposed pit shell and hangingwall Potential from M2 Zone open pit resource of nearby Mayville Property New Southern Horizon discovery within 300 meters of proposed pit.
12	Maskwa - Multiple Targets Southern Horizon is new discovery with upside potential – near Maskwa Additional resource and east extension holes pending DD-128 has multiple intercepts including 2.7 ft @ 3.88% nickel Results pending to west in DD-113
13	Mayville M2 Zone - Second Resource in Bird River Area
14	Mayville – Drilling Cross Section Drilling to date has intersected a steeply dipping zone of mineralization Initial four hole results include: Hole 1 - 40.5m @ 0.30% Ni/0.83%Cu Hole 2 - 61.0m @ 0.33% Ni/0.82%Cu Hole 3 - 45.1m @ 0.26% Ni/0.81% Cu Hole 4 - 65.2m @ 0.25% Ni/0.55% Cu Good widths for open pit mining Resource is open for expansion
15	Fox Property Newly acquired property in historical gold belt to north of Maskwa Favourable ultramafic/mafic rocks Nickel in historical drill core to 5% Mustang recently completed a Geotech VTEM survey over the property. Field work to prepare targets for winter drilling
16	Fox Property – Geophysical Results Above: A coincident EM - magnetic anomaly underlies English Lake at the Mustang Fox Property A strong coincident mag signature and EM conductor was outlined by the VTEM survey Drilling in the 1950’s intersected nickel copper values associated with this geophysical feature
17	East Bull PGM – Cu – Ni JV with WSA
18	Mustang Minerals – Timetable for 2008/2009 New Maskwa resource estimate – end 2008 EIS and permit submission in 2009 Full feasibility targeted in 2009 Ongoing exploration and resource development to continue
19	Summary Maskwa Project is an attractive mid size sulfide nickel project targeted for production Excellent infrastructure and regulatory environment in Manitoba Upside for project and exploration Simple project design with modest capital cost Focus on updated resource and bankable feasibility study
20	Mustang Mineral Contacts David Black – Investor Relations info@mustangminerals.com Tel: 416-955-4773 Robin Dunbar – President rd@mustangminerals.com Tel: 416-955-4773