Mr. Stephen Stewart reports

MISTANGO ANNOUNCES GRANT OF STOCK OPTIONS

Mistango River Resources Inc.'s board of directors has approved the grant of stock options to certain directors, officers and consultants of the company, allowing for the acquisition of up to, in the aggregate, 2,475,000 shares of the company. Of the stock options, 2,125,000 were granted to certain directors and officers of the company. The options are exercisable at a price of six cents per share for five years from the date of grant, vest one year from the date of grant, and are subject to regulatory policies and approvals.

The grant of options to certain directors and officers is a related party transaction under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party matters as the company is listed on the Canadian Securities Exchange and neither the fair market value (as determined under MI 61-101) of the subject matter of nor the fair market value of the consideration for the transaction, insofar as it involves the related parties, exceeded 25 per cent of the company's market capitalization (as determined under MI 61-101).

We seek Safe Harbor.