Manicouagan Minerals Inc.
TSX VENTURE : MAM

Manicouagan Minerals Inc.

February 21, 2008 08:30 ET

Manicouagan Advances Mouchalagane Nickel-Copper-PGE Project and Other Mid-North Quebec Projects

COMMENCES AIRBORNE SURVEY AND FIELD PREPARATION FOR AGGRESSIVE 2008 DRILLING CAMPAIGN

TORONTO, ONTARIO--(Marketwire - Feb. 21, 2008) - Manicouagan Minerals Inc. (TSX VENTURE:MAM) is pleased to provide an update on its Mouchalagane Ni-Cu-PGE property and its other exploration projects in mid-north Quebec.

Airborne Survey Underway

Airborne geophysical surveys of Manicouagan's extensive land position in mid-north Quebec have commenced. Together with the Mouchalagane Ni-Cu-PGE property, Manicouagan's mid-north Quebec properties include the wholly owned, Seignelay property and recently optioned HPM and Forgues properties.

Mouchalagane - Exploration Update

All remaining results from the 2007 field season at Mouchalagane have been compiled, and are summarized on the attached figure. Significant results are set out in the table in the figure (http://media3.marketwire.com/docs/mam.pdf). The majority of the results are in the vicinity of the Bob Showing and have been previously released with the exception of drill holes MCH07-09, 10, 20 and 21, which were drilled at or near Derniere Chance.

Results from Derniere Chance indicate the presence of significant Ni-Cu-PGE mineralization as in sample no. 151124 which assayed 1.04% Ni, 0.47% Cu and 0.20 g/t Pt over a 0.21 metre interval in drill hole MCH-07-10. Mineralization at Derniere Chance also contains rhodium in proportions similar (in relation to total PGEs) to those present at the Bob showing.

Although the economic metal concentrations are lower at Derniere Chance than at the Bob Showing, they suggest that the same mineralizing process was operative over a strike length of at least 1.6 km. It is noted that the highest rhodium assay (PGE suite re-assay of sample no. 151124) at Derniere Chance of 135 parts per billion (ppb) is some eight times the average grade (17 ppb) of rhodium present within the Merensky Reef ores of South Africa, which are currently the world's largest supplier and source of PGEs.

HPM and Forgues - Expanded Land Position

The HPM and Forgues properties were recently optioned from Pure Nickel in November 2007 (see MAM Press Release dated November 6, 2007) and originally consisted of 39 claims (1148.37 ha). Since acquiring these properties, Manicouagan has map staked an additional 179 claims (9495.99 ha) to secure potential target areas in the vicinity of the HPM and Forgues properties.

Limited historical drilling at HPM and Forgues encountered significant Ni-Cu mineralization over appreciable intervals during a period of depressed metal prices. These results include intrusive hosted Ni-Cu mineralization ranging from massive sulphide breccia veins assaying 2.74% Ni, 0.86% Cu, and 0.20% Co over 5.95 metres (Drill hole RCW-2004: 165.5 - 171.45 metres down-hole) to broad zones of disseminated mineralization assaying 0.53% Ni, 0.27% Cu and 0.04% Co over 28.60 metres (Drill hole 151-04: 175.80 to 204.40 metres down-hole). These results are based on public records and have yet to be verified by a Qualified Person on behalf of Manicouagan.

Manicouagan believes that the HPM and Forgues properties have significant potential for magmatic Ni-Cu-PGE deposits and complement the Company's significant land holdings at Mouchalagane and warrant aggressive follow up.

2008 Exploration Program

The Company has retained AEROQUEST Surveys to complete a 5500 line kilometre airborne geophysical survey at a nominal 100 metre line spacing (Aeroquest II) over its mid-north Quebec holdings with the objective of identifying targets for drill testing during the 2008 field season.

The airborne survey is underway and will be based out of the Company's Lac Helene field camp and Ressources Manicors' Lac Manicouagan Camp. The Lac Helene Camp will be made available to accommodate the airborne crew as well as pre-positioning of diamond drilling equipment to the property to expedite the commencement of drilling as targets are identified. It is anticipated that drilling will begin in the second quarter of 2008 as conditions permit.

Manicouagan has engaged Forage Pelletier for a minimum 5000 metre drill program with Abitibi Helicopters providing rotary wing support. Francois Bissonnette, P.Geo., will supervise the exploration work on the Company's mid-north Quebec projects.

Joseph Baylis, President and CEO of Manicouagan Minerals stated: "We are very excited about the results to date from Mouchalagane and are pleased that the 2008 exploration program is underway. The presence of significant concentrations of rhodium, in addition to the high concentrations of nickel, copper, platinum and palladium at Mouchalagane highlight the importance of our mid-north Quebec land position."

With reference to the Table of Significant Drill Results included in the figure attached to this release the following assay procedures were employed: 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.

Rhodium determinations of selected samples as noted within the text of this press release employed a nickel sulphide (NiS) fire assay preparation whereby a NiS fire assay yields a nickel sulphide button which is dissolved in concentrated HCl and the resulting residue which contains all the PGE and Au is collected on a filter paper. Subsequently, the residue undergoes 2 irradiations and 3 separate counts to measure all the PGE and Au by neutron activation (Ni-FINA). Analytical services are provided by Activation Laboratories of Ancaster, Ontario a full description of the laboratories analytical procedures may be viewed on their website at www.actlabsint.com.

Exploration programs are being 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. (TSX VENTURE:MAM) is a Canadian based exploration company with a diversified portfolio of properties including the Brabant Lake Zinc/Copper deposit in Saskatchewan and the Mouchalagane Nickel/Copper/PGE project in Quebec. 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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