Mustang Geothermal Corp. Completes Purchase of Geothermal Leases

RENO, NEVADA — (Marketwire) — 08/31/10 — Mustang Geothermal Corp. (the “Company” or “Mustang”) (OTCBB: URXE) reports that it has completed the purchase of three geothermal leases totalling 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

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