Manicouagan Minerals Inc.
TSX VENTURE : MAM

Manicouagan Minerals Inc.

September 11, 2006 12:10 ET

Manicouagan Minerals Confirms and Expands Copper-Silver Mineralization at Lac Maugue

TORONTO, ONTARIO--(CCNMatthews - Sept. 11, 2007) -

Attention Business Editors:

Manicouagan Minerals Inc. (TSX VENTURE:MAM)announced today encouraging assay results from field-work completed in July and August of 2006 on the Lac Maugue Copper/Silver property in the Dunphy-Romanet Lakes area of the central Labrador Trough region of central Quebec. The property is located approximately 160 kilometres northwest of the
all services town of Schefferville, Quebec.

Recent work completed by MPH Consulting Limited on behalf of Manicouagan Minerals has confirmed the existence of significant copper-silver mineralization in bedrock trench 93-5. (Trench 93-5 was originally sampled in 1993-94, for Outokumpu Mines Ltd.) Field-work completed this summer has also outlined several new copper-silver and lead-zinc occurrences and extensions to known zones of mineralization.

Detailed airborne geophysical (AEM, magnetics) surveys by Fugro Airborne Services in August 2006 indicate that the mineralization in the area of the Lac Maugue showings has an associated discernable magnetic signature, which has an overall strike length in excess of three kilometres.

New channel samples of dolostone/siltstone mineralized with chalcopyrite, bornite and malachite from bedrock trench 2006-1 located 97 metres northwest of trench 93-5 along the Lac Maugue copper-silver zone averaged 132 g/t
silver, 0.86% copper over 4.85 metres. Included in this channel sample was a 1.0 metre section that assayed 237 g/t silver, 1.50% copper.

The field crew discovered numerous additional copper-mineralized boulders in the boulder field 800 metres northwest of trench 93-5. The bedrock source of this material is under drift cover but is postulated to be very close to the boulder field.

The probable extension to the southeast of the Lac Maugue mineralized stratigraphy was discovered on the east shore of Lac Maugue, some two kilometres south of trench 93-5. One sample taken from this zone contains anomalous copper, lead and zinc concentrations and further sampling/prospecting will be conducted in this area.

Lead-zinc mineralization was also discovered in dolomitic bedrock at the south end of Lac Maugue. Selected grab samples from a 0.5 to 1.5 metre dolostone layer with galena, sphalerite, quartz veining and breccia matrix
averaged 53 g/t silver, 5.91% lead and 3.58% zinc. Approximately 1.2 kilometres northwest of these samples, additional dolostone boulders with visible lead-zinc mineralization were discovered by the field crew along the
lakeshore. A selected grab sample from a 1.5 x 1.0 x 1.0 metre subangular dolostone boulder with quartz veining and sphalerite-galena assayed 90 g/t silver, 10.65% lead, 7.53% zinc.

As noted above, the recently completed detailed airborne geophysical (AEM, magnetics) surveys by Fugro Airborne Services indicate that the mineralization in the area of the Lac Maugue showings has an associated discernable magnetic signature which has an overall strike length in excess of three kilometres. There are also areas of enhanced conductivity offset from and adjacent to the zone of increased magnetic susceptibility. This may reflect an oxidation-reduction boundary that may control mineral deposition, a common feature of sedimentary hosted copper mineralization and as such it constitutes a focus for future exploration at Lac Maugue.

A sketch showing the location of the project and related mining claims, the regional geology as well as detailed geology and sampling of the Lac Maugue showing area can be found with the copy of this press release posted on
the Company's website at www.manicouaganminerals.com. Details of sample results shown on the sketch are also included in the attached table.

Fieldwork on the project is ongoing. The AEM survey, which initially focused on Lac Maugue, was completed in late August and preliminary field data are being compiled and processed to identify prospective geophysical targets.
A number of high priority geophysical targets proximal to known showings or mineralized boulders have already been identified and helicopter supported ground crews are currently in the field completing prospecting and sampling of
these targets initially in order to select those targets that will require further work. It is anticipated that some targets will require detailed ground geophysics as a prelude to drilling in 2007.

Joseph Baylis, President and Chief Executive Officer of Manicouagan Minerals noted that the "Lac Maugue project has progressed rapidly since it was acquired in July of this year and these initial results are certainly
encouraging." He further noted that the Company "is determined to aggressively develop its portfolio of exploration projects and will move quickly to advance projects like Lac Maugue to the drill stage."

BACKGROUND

The Lac Maugue Copper/Silver property consists of 88 claims acquired from the Labrador Silver Syndicate ("LSS"). Manicouagan Minerals can acquire a 100% interest in the property subject to a 3 percent Net Smelter Return (NSR)
royalty of which 2/3 of the 3% NSR may be bought out for $2,000,000. The NSR applies to the Lac Maugue property as well as any other claims acquired by Manicouagan Minerals or the LSS within ten kilometres of the outer boundary of the existing 88 claims forming the Lac Maugue property. (See MAM Press Releases dated June 27 and July 31, 2006.)

A portion of the property secures an area where prospecting and trenching on behalf of Outokumpu Mines Ltd. in 1993-94 over a largely overburden covered area with underlying bedrock consisting of magnetite rich argillite, dolomite and sandy dolomite encountered significant copper-silver mineralization in outcrop and boulders. One 3.19-metre section in bedrock trench 93-5, sampled in 1993, assayed 0.61% copper and 135 g/t silver including a 0.5 metre section which assayed 1.26% copper and 267 g/t silver. Prospecting work some 800 metres northwest of, and along trend with, the above area in the early 1990's on behalf of Outokumpu Mines Ltd. reportedly discovered mineralized boulders that assayed up to 2.32% copper and 82.5 g/t silver. These results pre-date 43-101 requirements. The bedrock source of this material has not yet been discovered.

Occurrences of copper, silver, lead, zinc, gold and other metals are widespread throughout the central Labrador Trough and the Dunphy-Romanet Lake region has known metal associations (uranium, copper, gold) and a geological
environment which is indicative of potential for iron oxide copper-gold type deposits in addition to the sediment-hosted copper-silver mineralization found at Lac Maugue.

In view of the geological environment and the potential for large tonnage sedimentary-hosted deposits, Manicouagan Minerals earlier this year acquired an additional 470 claims covering approximately 22,560 hectares by way of map
designation to secure selected areas of geological interest which are considered to have potential to host sedimentary hosted copper-silver deposits similar to the occurrences at Lac Maugue. The majority of these claims lie within the ten kilometre Area of Interest created by the agreement with the LSS. Following the registration and acceptance of these claims by the Province of Quebec, Manicouagan Minerals will grant the LSS a 1% NSR royalty in the portion of the 470 map designated claims falling outside of the ten kilometre area of interest.

More recently, Manicouagan Minerals has map designated an additional 46 claims. Sixteen of these claims are shown on the sketch that can be found with the copy of this press release posted on the Company's website. The remaining thirty claims have been map designated to protect the presumed eastward extension of the Lac Maugue stratigraphy.

Exploration programs at Lac Maugue 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 qualifies under the definition of "Qualified Person" set out in National Instrument 43-101. Analytical services were provided by ALS Chemex of North Vancouver, BC.

Manicouagan Minerals Inc. is a Canadian based exploration company with a diversified portfolio of properties. The Company currently holds four base metal projects located in Quebec and Saskatchewan, on which exploration programs are ongoing.

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.





LAC MAUGUE - SAMPLE RESULTS 2006.09.08

Trench Samples - Individual Samples of Composited Intervals

Trench Sample No. Ag %Cu %Pb %Zn Length Comments
g/t m
-------------------------------------------------------------------------
Tr 95-3 C172505 21 0.5 0.48 0.02 0.60 Duplicate portion
of 1993 sample
Tr 95-3 C172506 2 0.03 0.01 0.01 0.60 New Sample Trench
95-3
Tr 95-3 C172507 38 0.22 (less 0.01 N/A Duplicate portion
than) of 1993 sample
0.01
Tr 95-3 C172531 7 0.52 (less (less 1.20 New Sample Trench
than) than) 95-3
0.01 0.01

Tr 2006-1 C172508 195 1.2 0.01 0.01 0.60
Tr 2006-1 C172509 279 1.66 (less 0.01 0.60 Trench 2006 -1
than) Composite Interval
0.01

Tr 2006-1 C172510 173 1.26 (less 0.01 0.40 0.86% Cu, 132 g/T
than) Ag over 4.85 m
0.01
Tr 2006-1 C172511 120 0.85 (less 0.01 1.15
than)
0.01
Tr 2006-1 C172512 49 0.47 0.02 0.01 1.30
Tr 2006-1 C172513 108 0.48 0.04 0.02 0.80

Tr 2006-2 C172532 (less 0.01 (less 0.01 1.15 Trench 2006-2
than) than) Composite Interval
1 0.01
Tr 2006-2 C172533 3 0.12 (less 0.01 1.00 0.10% Cu, 3 g/T Ag
than) over 2.80 m
0.01
Tr 2006-2 C172534 8 0.24 (less (less 0.65
than) than)
0.01 0.01



Prospecting Samples - Highlights

Sample No. Easting /Northing Description(i) %Cu %Pb %Zn g/T Ag

C172551 586872/6225629 Quartz vein 3.05 0.03 0.12 121
C172552 586889/6225632 Siltstone 1.77 (less 0.01 220
than)
0.01
C172555 586904/6225662 Siltstone 4.9 (less 0.01 105
than)
0.01
C172568 585933/6223915 DS - Boulder (less 10.65 7.53 90
than)
0.01
C172569 585934/6223863 DS - Boulder (less 13.05 2.06 125
than)
0.01
C172608 586531/6222826 DSS - Boulder (less 7.73 0.17 52
than)
0.01
C172609 586495/6222808 Dolostone 0.01 5.91 3.58 53

(i)outcrop unless noted otherwise, DS=dolostone,
DSS=dolomitic sandstone


See attached location map: http://www.ccnmatthews.com/docs/9-11-06_map.pdf

%SEDAR: 00017383E

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.

Contact Information

  • Joseph Baylis
    President and Chief Executive Officer
    (647) 477-2444