VANCOUVER, British Columbia, Dec. 06, 2024 (GLOBE NEWSWIRE) -- Mustang Energy Corp. (CSE:MEC, OTC:MECPF, FRA:92T) (“ Mustang ” or the “ Company ”) is excited to announce that it has completed the first milestone (the “ First Milestone ”) of the previously announced option agreement (the “ Agreement ”) with Skyharbour Resources Ltd.

(TSX-V: SYH) (“ Skyharbour ”) dated November 12, 2024. Pursuant to the Agreement, Skyharbour agreed to grant the Company an option to acquire an undivided 75% interest (the “ Option ”) in Skyharbour’s 914W Uranium Project (the “ 914W Project ”), located in the Athabasca Basin of Northern Saskatchewan. For more information regarding the Agreement, please refer to the Company’s news release dated November 13, 2024.

The Company completed the First Milestone on November 27, 2024 (the “ Closing Date ”) by making a cash payment of $15,000 and issuing 93,750 common shares in the capital of the Company (each, a “ Share ”) at a deemed price of $0.32 per Share to Skyharbour. The Shares are subject to a customary hold period expiring on the date that is four months and one day following the Closing Date.

As of the Closing Date, the Company holds the sole and exclusive right and authority to manage and carry out work programs on the 914W Project. The remaining cash payment, Share issuance and exploration expenditures required to exercise the Option in full are as follows: (1) Share values are based on the five-day volume.