Manitou Gold Inc.
TSX VENTURE : MTU

Manitou Gold Inc.

April 30, 2010 11:31 ET

Manitou Gold Announces Proposed Non-brokered Private Placement

SUDBURY, ONTARIO--(Marketwire - April 30, 2010) - Manitou Gold Inc. (TSX VENTURE:MTU) ("Manitou Gold" or the "Company") announced today that it is undertaking a non-brokered private placement to raise up to $300,000 through the placement of up to 600,000 flow-through common shares (each, a "Flow Through Share") at a price of $0.50 per Flow Through Share.

The Company reserves the right to over-allot the placement by up to an additional 200,000 Flow Through Shares, for additional gross proceeds of up to $100,000. Insiders of the Company may participate in an aggregate amount of up to 25% of the total financing.

Proceeds of the financing will be used to advance the Company's portfolio of gold exploration properties in the Gold Rock Mining Camp.

The private placement is subject to the approval of the TSX Venture Exchange and all securities issued pursuant to the private placement will be subject to a 4-month hold period.

About Manitou Gold

Manitou Gold Inc. is a gold exploration company focused with a dominant land position in the Gold Rock Mining Camp, located in the Kenora Mining District, in Northwestern Ontario. The Company is well funded, having recently completed a $2 million initial public offering. The Company's largest shareholder is Goldcorp Inc, who holds a 15% interest in the Company.

Statements in this release that are forward-looking statements are subject to various risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers should also refer to the specific factors disclosed under the heading "Risk Factors" in the Company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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