Mustang Geothermal completes purchase of geothermal leases in Nevada

Source: Mustang Geothermal Corp

Mustang Geothermal Corp. (OTC.BB:URXE) reports that it has completed the purchase of three geothermal leases totaling 9800 acres located in the State of Nevada from Minera Inc. and Minera Cerro El Diablo of Reno, Nevada and Dakota Resource Holdings LLC of Spearfish, South Dakota.

The Geothermal Lease Purchase Agreements provide for the Company to pay a total of 14 million shares of the Company's common stock per agreements signed August 26, 2010.

As a part of an on-going reorganization of the Company's business activity, the decision to diversify into the geothermal energy field is aligned with the Company's long-term strategy to add shareholder value.

Mustang is a geothermal exploration and development company that is in the business of discovering geothermal energy resources and building renewable energy electrical power plants. The Company owns a 100% interest in 15,262 acres of geothermal leases in the State of Nevada. It also owns the La Jara Mesa Extension uranium property consisting of 137 unpatented mining claims in the Grants Mining District, Cibola County, New Mexico.

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