1	Corporate Presentation November 2009
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 Overview - Mustang Minerals Corp. 100% owner of Maskwa Nickel Project – an open pit nickel project Maskwa Nickel Project is in feasibility Project has access to established infrastructure and low cost power New proven and probable reserve being completed Feasibility Study being completed by Micon International
4	Share Structure Symbol: “MUM” – Toronto Venture Exchange 81,228,239 million shares outstanding Warrants 617,456 Options 5,535,000 million @ $0.55 average 87,380,695 million shares fully diluted 52 week High - $.38 Low – $0.05 Management and Directors Robin Dunbar M.B.A. – President and Director Ian Ward P. Eng. – SVP Project Development Alex Falconer C.A. – CFO David Black – VP Investor Relations Julian Hanna P. Geo. – Director MD WSA Gerald Harper P. Geo. (ON), Ph.D – Director Brian J. Barr – Director Ted Munden – Director Tom Meredith – Director Western Areas NL ( a producing nickel company ) holds 16% of Mustang
5	Nickel – Historical Prices and Inventories Nickel prices down from highs at close to US$ 25lb. Inventory levels still historically high Many forecasts see long term price in US$7-8 range Recovery tied to China and developed nation stainless steel use
6	Maskwa Project – Location and Infrastructure Maskwa/Mayville Properties (near Winnipeg Manitoba) Located 150 km from Winnipeg in Bird River Greenstone Belt Excellent infrastructure including roads, rail, workforce and power Manitoba is favourable mining jurisdiction Among lowest hydroelectric power cost in North America.
7	Maskwa Prefeasibility Study – Highlights Project 100% owned subject only to 1% NSR. Project to produce 9.2 million lbs (payable ) of nickel in concentrate per annum ( 2,750 tpd operation ) 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 ) ( prefeas) Capex of $125 million Concentrate grade 10.2% nickel, 2.5% copper, 11.3 g/t pgm. Pretax NPV of C$62.2 million at 8% discount @ US$8.50 nickel New resource October 2009 to form basis for updated mine design
8	Maskwa Property Resource – October 2009
9	Site Infrastructure and Layout
10	Mustang Minerals – Key Project Activities for 2009 Reassessment of drill data and new drilling results- revised Resource completed in 2009 New mine design and Reserve statement expected by end of 2009. Baseline environmental study and project description now completed. Environmental Impact Assessment to be prepared following mine design update, prior to permitting. Detailed metallurgical testing now completed. Site geotechnical studies for mine design, plant site and tailings area design are completed. Continuing consultation process with government, local communities and First Nations as prelude to permitting.
11	Mustang Minerals – Key Project Activities for 2009 Cost to Complete Feasibility Study is C$ 1.7 million. Plant and infrastructure design C$ 658k Environmental and permitting $ 136k Site Studies $ 341k Mine Design $ 90k Report Preparation $278k Other $195k
12	Maskwa Nickel Open Pit Reserve 7.11 Mt proven and probable open pit reserve at 0.64% nickel + credits ( under revision ) Consistent ore body with average width of 24 meters. Additional hangingwall zones delineated since prefeasibility study. Localized massive sulfides over 3% found in pit shell
13	Maskwa - Targeting Resource Expansion Above: MM09-140 intersected 42m @ 0.32 %Ni from 15m to 57.5m
14	Mayville M2 Zone - Second Resource in Bird River Area
15	Mayville M2 Zone - Second Resource in Bird River Area
16	Other Exploration SE Manitoba Fox Property located in favourable ultramafic/mafic rocks Nickel in historical drill core to 5% Geotech VTEM survey over the property. Drill ready for winter 2010 Cat Euclid Property has former producing lithium mine. In Ontario JV with WSA on East Bull Lake
17	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 south of this geophysical feature
18	Summary Mustang well positioned with nickel sulfide project as world economy recovers Significant technical progress made in 2008/9 Exploration program to restart in 2010 Feasibility study targeted for completion in 2010.
19	Mustang Minerals Contacts David Black – Investor Relations info@mustangminerals.com Tel: 416-955-4773 Robin Dunbar – President rd@mustangminerals.com Tel: 416-955-4773