Mustang Geothermal Corp. Details Changes to Its Board of Directors

RENO, Nev., Feb. 24, 2012 /PRNewswire/ -- Mustang Geothermal Corp. (OTC BB: URXE) announced today that effective February 24, 2012, Brian Cole and Kevin Pikero resigned from the Company's board of directors. Mr. Pikero also resigned his post as Chief Financial Officer and Principal Accounting Officer. Mr. Richard Bachman, Director, President and Chief Executive Officer will assume responsibilities as the Company's Chief Financial Officer and Principal Accounting Officer.  The Company wishes to thank Mr. Cole and Mr. Pikero for their service.

(Logo: http://photos.prnewswire.com/prnh/20110408/LA79811LOGO)

Effective February 24, 2012, Mr. Gerald Aberle and Mr. Gerry Berg were appointed as directors.

Mr. Aberle graduated in 1980 from South Dakota School of Mines and Technology with a Bachelor of Science degree in mining engineering. He has over 30 years of experience in the minerals industry, including 22 years with Homestake Mining Company at the Homestake gold mine in Lead, S.D. Mr. Aberle's mining background includes extensive engineering, operations management and project management experience. Over the past 11 years, Mr. Aberle has consulted in the mining, underground construction and minerals exploration business for clients including Homestake Mining Co., Barrick Gold Corp., the State of South Dakota and the University of Washington in connection with the planning and development of the National Science Foundation's national deep underground science and engineering laboratory.  Over the past 4 years, Mr. Aberle has held numerous corporate management positions in the junior exploration business.  Mr. Aberle also has more than 15 years of private business experience in the United States, primarily in the land development and construction industries.

Mr. Berg has over 30 years of senior management experience working with private and public companies. His overall emphasis has been on Finance and Operations. Mr. Berg served a number of public companies as their President, Chief Financial Officer, Board Member or as a financial consultant. 

Mr. Berg holds a Bachelors of Arts in Accounting from Walsh College where he graduated Cum Laude. Mr. Berg became a Certified Public Accountant (CPA) in the State of Michigan in 1979 and in the State of California in 1984. Mr. Berg does not currently practice as a CPA.
The Company reported these events on Form 8-K filings with the SEC, which may be accessed at: http://www.sec.gov.

ABOUT MUSTANG GEOTHERMAL CORP.
Mustang Geothermal owns a 100% interest in 4,536 hectares of Federal geothermal leases in four project areas in the state of Nevada and holds 6,300 hectares of geothermal exploration concessions in seven areas (Banos del Inca, Paclla, Ninobamba, Atecata, Coline, and Condoroma South & Condoroma) in Peru

This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.

On behalf of the Board:
Richard Bachman
CEO and Director
For further information on the Company, please call our investor relations group at 702-530-5744 or by e-mail at [email protected], or visit our website www.mustangeothermal.com

Safe Harbor Statement
This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to adverse economic conditions, intense competition, lack of meaningful research results, entry of new competitors and products, adverse federal, state and local government regulation, inadequate capital, termination of contracts or agreements, technological obsolescence of our products, technical problems with our research and products, price increases for supplies and components, inability to carry out research, development and commercialization plans, loss or retirement of key executives and research scientists and other specific risks. To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Readers are advised to review our filings with the Securities and Exchange Commission that can be accessed over the Internet at the SEC's website located at http://www.sec.gov.

SOURCE Mustang Geothermal Corp.