NEW YORK, July 22, 2011 (GLOBE NEWSWIRE) -- Mustang Alliances Inc (the "Corporation") (OTCQB:MSTG) announced today that Mark Holcombe resigned as a member of the Corporation's Board of Directors. Mr. Holcombe resigned as his duties to assist in its initial corporate development has been completed and professional obligations require him to withdraw from the Board in order to devote more time to new endeavors.
On behalf of the Company and the Board, Leonard Sternheim, President and CEO, stated, "Mr. Holcombe's expertise has been a great asset both in the development and building of our Company. We thank him for his commitment and support and wish him the very best in his future endeavors." Mr. Holcombe wishes the Company and its Shareholders a successful next phase.
There was no disagreement between Mr. Holcombe and the Corporation regarding any matters relating to the Corporation's operations, policies or practices.
ABOUT MUSTANG ALLIANCES INC.
Mustang is a mineral exploration company with its focus on acquisition and development of gold mineral properties in the Honduras. Mustang has currently 5 concessions totaling 4,400-hectares under agreement. Concessions are on trend to several world class gold mines in the Central American gold belt, specifically 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 for the past 200 years by artisanal miners.
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 June 30, 2011. Mustang Alliances Inc. undertakes no duty to update or revise any forward-looking statements. Actual results may vary materially.