Manicouagan Minerals Inc.
TSX VENTURE : MAM

Manicouagan Minerals Inc.

July 07, 2008 17:22 ET

Manicouagan Minerals Inc.: Issuance of Shares for Debts

TORONTO, ONTARIO--(Marketwire - July 7, 2008) - Manicouagan Minerals Inc. (TSX VENTURE:MAM) announced today that in accordance with the TSXV's acceptance for filing of the Company's proposal to issue shares for debts, Manicouagan has concluded agreements with certain investors, each of whom had a claim against the Company arising from their purchase of flow-through shares of the Company in 2002.

In the third quarter of 2007 Manicouagan recorded a liability of $191,633. This amount related to claims made by these flow-through investors following a 2006 audit by the CRA which identified that the Company's qualifying flow-through exploration expenses that had been renounced to these investors were overstated.

The agreements entered into provide for payment of the debts owed to those investors making claims for a total amount of $142,299.26 by way of the issuance, in the aggregate, of 711,496 common shares of the Company, at a price of $0.20 per share.

The common shares issued pursuant to these agreements will be traded on the TSX Venture Exchange and are subject to a hold period of four months and a day. The hold period will expire on October 13, 2008.

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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