MISTANGO RIVER RESOURCES ANNOUNCES EXCELLENT RESULTS FROM FIRST DEEP HOLE

2011-08-03

TSXV - TSX Venture Exchange · Copper · Gold · Molybdenum · Silver · Lead · Zinc · Bismuth · Canada

(via Thenewswire.ca)

August 3, 2011. Kirkland Lake, Ontario, Mistango River Resources (CNSX:MIS) is pleased to announce the results from the first deep hole along with other results from its 100% owned Omega Gold Mine Property located in Larder Lake, Ontario.

DRILLING HIGHLIGHTS

OM-11-08

2.33 g/t over 8 metres in the No. 14 zone at a vertical depth of 350 metres; and

3.438 g/t over 10 metres including 7.045 g/t over 4 metres in the No. 1-2 zones at a vertical depth of 435 metres.

OM-11-09

4.205 g/t over 6 metres 1 and 2 zones

Robert Kasner, Mistango President and CEO, said these are very exciting results as this hole drilled to a depth of 598 metres (435 metres vertically below surface) has intersected both the 14 and 12 zones below any previous mining. It clearly shows that there is still good potential below the old mine workings. To date we have completed 33 holes total of 8,073 metres of the 10,000 metre first stage of drilling.

Mistango River Resources Inc.-Omega Property-2011 Diamond Drilling-Significant Composites

|Hole # |Section| |From |To |Interval|Au |Zone|Remarks | | | | | | | |g/t | | | | | | | | | | | | | |*OM-11-01|700W | |249 |272 |23 |0.94 |21 |New | | | | | | | | | |Discovery | | | | | | | | | |now | | | | | | | | | |21*(PR | | | | | | | | | |June | | | | | | | | | |28/11) | | | |including|259 |266 |7 |2.68 | | | | | |including|263 |266 |3 |4.06 | | | |*OM-11-02|800W | |56 |62 |6 |1.418 |1-2 |Open Pit | | | |including|57 |60 |3 |2.597 |1-2 | | | | |and |113 |119 |6 |15.501|1-2 |New | | | | | | | | | |Discovery? | | | | | | | | | |Open | | | | | | | | | |pit area | | | |including|114 |117 |3 |29.807|1-2 |Includes 1 | | | | | | | | | |metre of | | | | | | | | | |45.57 | | | | | | | | | |g/t gold | | | |including|116 |117 |1 |45.57 |1-2 | | |*OM-11-03|800W | |95 |107 |12 |1.144 |1-2 |Open Pit | | | |including|100 |103 |3 |3.05 |1-2 |Hole lost | | | | | | | | | |in | | | | | | | | | |stope | | | | | | | | | |at 188m | |*OM-11-04|550W | |135.0|139.4|4.4 |1.74 |1-2 |Open Pit | | | |and |147.8|161.0|13.2 |1.236 |1-2 |Open Pit | | | | |164.0|170.5|6.5 |1.718 |1-2 |161.0-164.0| | | | | | | | | |stope | |*OM-11-05|350W | |29.0 |36.0 |7.0 |2.757 |14 |Open Pit | | | |and |43.0 |57.0 |14.0 |5.37 |14 |Open Pit | |*OM-11-06|750W | |98.0 |101.0|3.0 |3.52 |1-2 | | |OM-11-08 |600W | |258.0|259.0|1.0 |2.74 |21 | | | | |and |317.0|318.2|1.2 |3.91 | | | | | |and |340.7|342.5|1.8 |1.52 | | | | | |and |382.0|390.0|8.0 |2.33 |14 | | | | |and |482.0|492.0|10.0 |3.438 |1-2 | | | | |including|482.0|486.0|4.0 |7.045 |1-2 | | | | |including|482.0|484.0|2.0 |12.29 |1-2 | | |OM-11-09 | | | | | | | |Open Pit | | |700W | | | |2.0 |5.07 | | | | | | | |116.0| | | | | | | | | | | | | | | | | | |114.0| | | |1-2 | | | | |and | | | | | | | | | | | | | 6.0 |4.205 | | | | | | | |141.0| | | | | | | | | | | | |1-2| | | | | |135, | | | | | | | | |including| |140.0| | | | | | | | | | | 4.0 |6.178 | | | | | | | | | | | | | | | | | | | | | | | | | | |136,0| | | | | | |OM- | | | | | | | |Lost in | |07,10, | | | | | | | |stopes | |13 | | | | | | | |did not | | | | | | | | | |reach | | | | | | | | | |target |

*previously reported: all holes are uncut and over core length; core length is estimated 60-90% of true width;

1 g/t Au multiplied by 0.0291666 equals troy ounces per short ton (to convert from Metres to feet multiply by 3.2808).

QA/QC was followed in sampling the NQ core in hole No. OM-11-08. The core is sawed in half for sampling. Standards, blanks and duplicates were inserted into the stream of core samples every 20 m. The core was assayed at Expert Laboratory Inc. at Rouyn-Noranda, QC using 30 gram samples and ground to 90% minus 200 mesh. The core samples were analyzed using the fire assay method and AA finish. Assays of 1 g/t Au and greater are re-assayed using the gravimetric method. Fred Sharpley P.Geo is the QP for the Omega Property.

Mistango will release additional drill results as they become available.

Mistango is a Canadian-based mining and exploration company focussed on its Omega Mine property a past producer located along the famous Larder Lake-Cadillac fault zone, which has produced several million ounces of gold and continues to do so. Mistango has precious and base metal properties located in Ontario and Quebec.

Forward Looking Statements:

Except for historical information this news release may contain certain "forward looking statements". These statements may involve a number of known and unknown risks and certainties and other factors that may cause the actual results, level of activity and performance to be materially different from the Company's expectations and projections. A more detailed discussion of the risks is available in the "Annual Information Form" filled by the company on Sedar at www.sedar.com

The CNSX has not reviewed and does not accept responsibility for the adequacy of this release.

For further information please contact:

Robert J, Kasner, President and CEO

Telephone: 1 705 567 5351

E-mail: kasner1@ntl.aibn.com