Manicouagan Minerals Inc.
TSX VENTURE : MAM

Manicouagan Minerals Inc.

June 17, 2008 09:29 ET

Manicouagan Announces $1.5 Million Flow-Through Private Placement to Expand Mid-North Quebec Exploration Programs

TORONTO, ONTARIO--(Marketwire - June 17, 2008) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES

Manicouagan Minerals Inc. (TSX VENTURE:MAM) announced today that it is arranging a non-brokered private placement of up to $1.5 million of "flow through" common shares at a price of $0.20 per share. The gross proceeds to Manicouagan from this financing will be used for Canadian exploration expenses which will be renounced for the benefit of the subscribers.

The proceeds from this financing will be used to expand the exploration programs this summer at Manicouagan's Mid-North Quebec properties beyond those originally planned.

Closing will take place in tranches with the first closing expected to occur on or before June 27, 2008 and the final closing taking place on or before July 16, 2008. The "flow through" common shares issued will be subject to a hold period of four months and one day. Manicouagan will pay a six percent cash finder's fee in respect of the shares placed.

Completion of the financing is subject to the receipt of all required regulatory approvals, including acceptance by the TSX Venture Exchange.

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.

The securities being issued have not, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements.

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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