Manicouagan Minerals Inc.
TSX VENTURE : MAM

Manicouagan Minerals Inc.

July 16, 2008 16:51 ET

Manicouagan Announces Private Placement Oversubscribed

REVISED PRIVATE PLACEMENT RAISES $2,110,000

TORONTO, ONTARIO--(Marketwire - July 16, 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) is pleased to announce today that to meet market demand it has increased the size of its previously announced non-brokered private placement from $1.5 million to $2.11 million and has closed the second and final tranche of this financing by issuing 5,900,000 "flow-through" common shares at a price of $0.20 per share for gross proceeds of $1,180,000.

Combined with the gross proceeds from the closing of the first tranche of $930,000 (See MAM Press Release of June 27, 2008), Manicouagan has issued a total of 10,550,000 "flow-through" common shares at a price of $0.20 per share for aggregate gross proceeds of $2,110,000.

The Corporation will pay a 6% cash finder's fee or commission in respect of certain of the shares placed through the second tranche of the private placement.

The "flow through" common shares issued in the closing of the second tranche are subject to a hold period of four months expiring on November 17, 2008.

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

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

Manicouagan Minerals Inc. is a Canadian based exploration company with a diversified portfolio of properties including the Brabant Lake Zinc 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.

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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