Manicouagan Minerals Inc.
TSX VENTURE : MAM

Manicouagan Minerals Inc.

March 09, 2010 08:00 ET

Manicouagan Minerals Inc.: Pickle Lake Gold Properties-Priority Anomalies Identified at Pickle Lake East

BRABANT LAKE ZINC PROJECT-LAND POSITION EXPANDED

TORONTO, ONTARIO--(Marketwire - March 9, 2010) - Manicouagan Minerals Inc. (TSX VENTURE:MAM) is pleased to provide this exploration update.

Pickle Lake Gold Properties, Ontario - Pickle Lake East Property

In December 2009, Manicouagan completed an I.P. Resistivity Survey over the western portion of its Pickle Lake East Property where the Pickle Crow – Central Patricia Gold Mine trend crosses onto the claims optioned by Manicouagan. The final report has now been received.

The survey was successful in identifying nine significant anomaly trends. In addition, several isolated moderate to strong I.P. anomalies were also mapped. The depths of the identified I.P. anomalies are interpreted to be less than 15 metres from surface.

Based on a review of public documents available in the provincial assessment files, none of these priority anomalies have been drill tested in the past. 

The Pickle Lake East Property adjoins the past producing Pickle Crow Mine Property that is currently being evaluated by PC Gold Inc. The claims cover what is believed to be an area hosting the possible extension of the gold bearing trend that includes the Central Patricia and Pickle Crow Mines.

A sketch showing the I.P. anomalies is attached and are also available for review at www.manicouaganminerals.com.

To view figure 1 of the Pickle East Property, please visit the following link:

http://media3.marketwire.com/docs/PickleEastProperty.pdf.

Manicouagan can earn up to a 70 percent interest in the Dorothy-Dobie Lake, Kasagiminnis and Pickle Lake East properties pursuant to an option agreement with Trillium North. (See MAM Press Release dated April 16, 2009.) Since April 2009, Manicouagan has developed a significant land position in the Pickle Lake area of over 132 square kilometres in this proven, but underexplored gold mining camp.

Consultations are ongoing with the First Nations in the Pickle Lake Area (Mishkeegogamang, Slate Falls and Cat Lake) regarding Manicouagan's planned exploration activities on its Pickle Lake Gold Properties.

Brabant Lake Zinc Project, Saskatchewan

Manicouagan has acquired by staking mining claims to the north and south of the Mining Lease that hosts the Brabant Lake Zinc deposit. The land position now covers approximately 15 kilometres of the favourable horizon which hosts the Brabant Lake Deposit. Approximately 24.5 square kilometres were staked bringing the total land package now held by the Company in the Brabant Lake Area to about 28.5 square kilometres. Manicouagan holds a 100 percent interest in the Brabant Lake mining lease and the newly staked claims (three issued and one pending).

The new ground that has been acquired came open for staking when the crown reserve established in 1994 that surrounded the Brabant Lake Zinc deposit, which was created pursuant to Saskatchewan's Treaty Land Entitlement Program, was withdrawn.

Joseph Baylis, President and CEO, stated, "These additional claims provide for increased exploration potential for the Brabant Lake Zinc Deposit."

A sketch showing the current land position is attached and is also available for review at www.manicouaganminerals.com.

To view figure 2 of the Brabant Lake Property, please visit the following link:

http://media3.marketwire.com/docs/BrabantLakeProperty.pdf.

The NI 43-101 resource estimate for the Brabant Lake Zinc deposit with an effective date of July 27, 2008 is set out below:

2008 MPH/P&E Resource Estimate 1,2,3,4
  Tonnes Zn% Cu% Pb% Ag g/t Au g/t   Zn lbs millions Cu lbs millions Pb lbs millions Ag oz millions Au oz
Indicated 1,475,000 9.18 0.79 0.23 32.6 0.15 298.5 25.7 7.5 1.55 7,100
Inferred 2,975,000 5.55 0.55 0.13 13.9 0.10 364.0 36.1 8.5 1.33 9,600
1) The resource for the Brabant Lake Zinc deposit was estimated on the basis of June 30, 2008 approximate $US three year trailing average metal prices of $1.27/lb zinc, $3.02/lb copper, $0.86/lb lead, $12.49/oz silver and $663/oz/gold, and a $US exchange rate of $0.912. An NSR cut-off of $75/tonne for underground mining and milling was utilized to report the resource.
   
2) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
   
3) The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
   
4) Contained metals, expressed in pounds (lbs) and troy ounces (oz), presented in the table above are the product of resource tonnes multiplied by metal grades and are provided for information purposes only and not meant to imply recoverable product as mineral resources which are not mineral reserves do not have demonstrated economic viability.

Qualified Person

Exploration programs on Manicouagan's Pickle Lake Gold Projects are carried out under the supervision of Mr. Bruce W. Mackie, P. Geo., Mr. Mackie, a professional geologist, has reviewed and verified the technical content of the information contained in this release and qualifies under the definition of "Qualified Person" set out in National Instrument 43-101.

The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005.

Eugene Puritch, P.Eng. and Antoine Yassa, P.Geo. of P&E Mining Consultants Inc., and Gerald Harron, P.Eng. of MPH Consulting Limited are the authors of the Resource Estimate Technical Report on the Brabant Lake Zinc deposit. They are independent Qualified Persons in accordance with NI 43-101 Standards of Disclosure for Mineral Projects, and have reviewed and are responsible for the information presented in this news release.

About Manicouagan

Manicouagan Minerals Inc. is a Canadian based exploration company focused on advancing its gold projects in the Pickle Lake Gold Belt, Ontario. Manicouagan also has a pipeline of commodity projects including the Brabant Lake Zinc deposit in Saskatchewan, together with the Mouchalagane Nickel/Copper/PGE project and the HPM/Forgues Nickel/Copper/Cobalt project, both in Quebec.

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

Une traduction française de ce communiqué de presse est disponible à www.manicouaganminerals.com.

Forward Looking Statements

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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