Mustang Announces Acquisition of Bonanza Concession
NEW YORK, March 5, 2012 /PRNewswire/ — Mustang Alliances Inc. (OTCBB: MSTG) (“Mustang”) is pleased to announce that it has entered into an agreement to acquire the Bonanza Concession totaling 1,000 hectares in the Choluteca district of Honduras. The acquisition brings under Mustang’s control a total of 5,400 hectares, or 54 square kilometers in the Southern Honduras area of the Nicaraguan Trough of the Central America Gold Belt.
The Bonanza Concession lies between Mustang’s Corpus properties and the Potosi concession giving Mustang contiguous acreage in its concessions. Previous reports on the Bonanza Concession have indicated that the Bonanza has the possibility of hosting a “high sulphidation, acid sulphate type epithermal deposit” as is found by the producing Clavo Rico gold mine located 500 meters south of the Concession.
Previously completed soil sampling and stream sediment sampling have suggested some of the target trends of the producing Clavo Rico gold mine system continue across the newly acquired ground. Historical sampling work has shown significant gold and silver values. The company is planning to immediately incorporate the Bonanza acreage into its 2012 exploration plan.
“The acquisition of potential nearby ounces coupled with an aggressive exploration program dovetails very well with our production plans for the Potosi,” Robert Faber, Mustang’s president commented. “This acquisition increases the scale potential of our already significant targets and adds more highly prospective ground to our portfolio. It also further positions us to be a consolidator by extending coverage over the heart of the Choluteca District which we believe has the potential to become one of Honduras’ major gold producing areas.”
ABOUT MUSTANG ALLIANCES INC.
Mustang (OTCBB:MSTG) is a junior mining company with a focus on the acquisition and development of precious metals properties in Honduras. Mustang has 6 concessions totaling 5,400-hectares under agreement in the Choluteca District of Honduras. Concessions are on trend to several world class gold mines in the Central American gold belt, such as the El Limon mine, Nicaragua, that has produced over 3 Million Ounces of gold to date. The Mustang Concessions are in an area that has been actively worked by artisanal miners for the past 200 years.
Certain statements in this announcement including statements such as “believes,” “anticipates,” “expects” and all similar statements regarding future expectations, objectives, intentions and plans for mineral exploration, development and production may be regarded as “forward-looking statements” within the meaning of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made. Management’s current view and plans, however, are subject to numerous known and unknown risks, uncertainties and other factors that may cause the actual results, performance, timing or achievements of Mustang Alliances to be materially different from any results, performance, timing or achievements expressed or implied by such forward-looking statements. The various uncertainties, variables, and other risks include those discussed in detail in the Company’s SEC filings, including the Annual Report on Form 10-KSB, for the year ended December 31, 2010 and its Quarterly Report on Form 10-Q for the period ended September 30, 2011. Mustang Alliances Inc. undertakes no duty to update or revise any forward-looking statements. Actual results may vary materially.
SOURCE Mustang Alliances Inc.