Manicouagan Minerals Inc.
TSX VENTURE : MAM

Manicouagan Minerals Inc.

June 27, 2008 13:43 ET

Manicouagan Announces Closing of 1st Tranche of Private placement for Gross Proceeds of $930,000

TORONTO, ONTARIO--(Marketwire - June 27, 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 has closed the first tranche of the previously announced non-brokered private placement of up to $1.5 million of "flow through" common shares for gross proceeds of $ 930,000. Manicouagan issued 4,650,000 "flow-through" common shares at a price of $0.20 per share.

The "flow through" common shares issued are subject to a hold period of four months expiring on October 28, 2008. Manicouagan will pay a six percent cash finder's fee or commission in respect of certain of the shares placed.

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 of the second and final tranche will take place on or before July 16, 2008.

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.

Participation in the Private Placement by Related Parties

Mr. Donald K. Johnson, one of the Corporation's directors and insiders, has subscribed for an additional 1,250,000 "flow-through" common shares of the Corporation for aggregate gross proceeds of $250,000. Such subscription was made for general investment purposes. Mr. Johnson who already had, prior to closing, direct or indirect control over more than 10% of the common shares of the Corporation, and was thus already an insider of the Corporation, now owns or exercises control or direction over 17,513,939 common shares of the Corporation representing 13.2% of the issued common shares of the Corporation as well as options to purchase a further 605,000 common shares of the Corporation.

In addition, one other director of Manicouagan has subscribed for an additional 125,000 "flow-through" common shares of the Corporation.

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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