Manicouagan Minerals Inc.
TSX VENTURE : MAM

Manicouagan Minerals Inc.

October 02, 2007 07:00 ET

Manicouagan Extends Strike Length of Bob Showing Mineralization to 130 Metres

MCH-07-17 INTERSECTS 2.04 METRES ASSAYING 1.78% NICKEL, 0.49% COPPER, 2.11 g/t PLATINUM AND 6.47 g/t PALLADIUM INCLUDING 0.57 METRES OF 3.82% NICKEL, 1.47% COPPER, 5.10 g/t PLATINUM, 18.29 g/t PALLADIUM

TORONTO, ONTARIO--(Marketwire - Oct. 2, 2007) - Manicouagan Minerals Inc. (TSX VENTURE:MAM) announced today additional encouraging drilling results from the Company's Mouchalagane Project in northern Quebec.

Significant assay results for drill hole MCH-07-17 are set out in the table below.



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Hole Sample From To Length Au Pt Pd Ni Cu Co
ID No. (m) (m) (m)(i) (g/t) (g/t) (g/t) % % %
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MCH-07-17 151232 51.40 51.71 0.31 0.53 1.59 3.86 3.42 0.37 0.11
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151233 51.71 52.28 0.57 0.03 0.03 0.07 0.10 0.01 0.01
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151234 52.28 52.87 0.59 0.08 1.48 2.6 0.57 0.07 0.04
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151235 52.87 53.44 0.57 0.22 5.10 18.29 3.82 1.47 0.21
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(i)true width unknown


Diamond drill hole MCH-07-17 was collared approximately 100 metres to the west of the Bob Showing and tested the westerly strike extension of an electromagnetic conductor ("K") believed to represent the subsurface extension of the Bob showing (including Bob East) where surface channel sampling of exposed sulphide mineralization in bedrock in 2006 and diamond drilling in 2007 had returned outstanding nickel and copper assay results including significant concentrations of platinum and palladium (see MAM Press Releases of September 19, May 24, February 13, 2007 and December 07, 2006).

The results from drill hole MCH-07-17 are particularly encouraging as the hole extends the mineralized zone, on the basis of this year's diamond drilling and last years channel sampling, over a total strike length of 130 metres.

The mineralization in drill hole MCH-07-17 is consistent with the style of mineralization intercepted in drill holes MCH-07-03 to MCH-07-06 including exceptional PGE concentrations (see MAM Press Release dated September 19, 2007). Sulphide mineralization in drill hole MCH-07-17 includes sulphide mineralization which appears to be both tectonically emplaced, as in drill holes MCH-07-03 to 06, inclusive, as well as veinlets within the mafic volcanic wall rocks. These results, in the context of the style and nature of the mineralization and geological environment, suggest that the mineralization may improve at depth. Accordingly the Company has established additional grid lines in the vicinity of the Bob Showing in anticipation of completing a large loop pulse EM survey in early 2008 in order to evaluate the potential for deep-seated conductors.

As reported on September 19, 2007 diamond drilling commenced in late July 2007 and to date a total of 29 short diamond drill holes, in aggregate 2,402 metres, have tested 10 near surface electromagnetic (EM) targets that were delineated during ground geophysical surveys completed in 2006 following the discovery of the Bob Showing. Assays for holes MCH-07-01, 02, 7-16, and 18-29 are pending. Following the receipt of these assays selected samples will be assayed for the suite of Platinum Group Elements (PGE) which in addition to platinum (Pt) and palladium (Pd) includes rhodium (Rh), ruthenium (Ru) osmium (Os), and iridium (Ir),

The Company has map-staked, titles pending, an additional 173 (90 km2) claims contiguous with or proximal to the Mouchalagane property as well as an additional 227 (118 km2) claims over an area 40 km to the northeast which is believed to have similar geological potential as Mouchalagane. With these recent acquisitions Manicouagan's land holdings in the area total 708 claims or approximately 370 km2.

A winter field program including detailed and deep-search airborne electromagnetic surveys of the Company's substantial land holdings as well as continued drilling of ground EM targets is being developed. In anticipation of field work in early 2008 the project's base camp is being winterized.

A sketch showing drill hole locations is available for viewing at the following link: http://www.ccnmatthews.com/docs/mame1001.pdf. This sketch, updated property maps and some pictures from Mouchalagane are also available on the Company's website at www.manicouaganminerals.com.

The Mouchalagane Nickel-Copper-PGE property is located some 350 kilometres north of Baie Comeau in the province of Quebec. Exploration programs on the Mouchalagane property are being carried out under the direct supervision of Francois Bissonnette, P.Geo., Senior Project Geologist for the Mouchalagane Project.

Gold, platinum and palladium concentrations are determined by fire assay using a 30 gram split mixed with fire assay fluxes and fused at 1100 degrees C for one hour. After cooling the lead button is separated from the slag and cupelled at 960 degrees C to recover the silver (dore bead) plus gold, platinum and palladium. The silver dore bead is digested in hot (95 degrees C) nitric and hydrochloric acid. After cooling for 2 hours the sample solution is analyzed for gold, platinum and palladium by ICP/OES.

Nickel, copper and cobalt concentrations are first determined by AAS initially using a 1 gram sample digested in aqua regia. In those samples where any one of the nickel, copper or cobalt concentrations as determined exceed 5,000 parts per million (equivalent to 0.5%) samples are assayed for nickel, copper and cobalt by using a 0.5 gram sample using a four acid digestion with hydrofluoric, nitric, perchloric and hydrochloric acids. Analytical services are provided by TSL Laboratories of Saskatoon a full description of the laboratory's analytical procedures may be viewed on their website at www.tsllabs.com.

Exploration programs are carried out under the supervision of Rod Thomas, Vice President - Exploration of the Company. Mr. Thomas, a professional geologist, has reviewed and verified the technical content of this press release on behalf of Manicouagan Minerals and is a "Qualified Person" as defined in National Instrument 43-101.

Manicouagan Minerals Inc. is a Canadian based exploration company with a diversified portfolio of properties. The Company currently holds four base metal projects located in Saskatchewan and Quebec, on which exploration programs are ongoing.

Additional information about Manicouagan Minerals and its exploration projects can be found at www.manicouaganminerals.com.

All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.

The TSXV has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this news release. The TSXV has neither approved nor disapproved the contents of this news release.

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