Manicouagan Minerals Inc.
TSX VENTURE : MAM

Manicouagan Minerals Inc.

August 23, 2006 18:44 ET

Manicouagan Minerals Provides Exploration Update on Mouchalagane Property and Reports on Encouraging Results Received to Date From Summer Field Program

TORONTO, ONTARIO--(CCNMatthews - Aug. 23, 2006) -

Attention Business/Financial Editors:

Manicouagan Minerals Inc. (TSX VENTURE:MAM) announced today preliminary results from exploration completed at the Company's 100 percent owned Mouchalagane property situated approximately 300 kilometres north of Baie Comeau, Québec.

Previous prospecting activities on the property (see Manicouagan Press Releases of April 18, May 10 and June 22 in 2006) had identified three massive and disseminated sulphide showings that assayed anomalous values of copper and nickel together with related anomalous concentrations of palladium and platinum. These showings, referred to as Corbeau 2, Mouche and Dernier Chance are spatially related to a series of east-west trending airborne electromagnetic conductors.

Work this summer consisted of line cutting to establish a 30 km cut line grid to facilitate additional prospecting (beep map surveys, blast hole sampling), geophysical surveys (horizontal loop EM and magnetometer surveys) as well systematic geological mapping, rock and soil sampling.

During this program a number of additional massive and disseminated sulphide showings in bedrock were discovered Initial and partial assay results have been received from the primary showing of interest referred to as the Bob showing. Grab samples, obtained under the supervision of a Qualified Person, from the Bob showing consist of both blast hole rubble and in situ samples (in place and undisturbed bedrock). In situ samples assay up to 9.3 grams per tonne palladium, 2.8 grams per tonne platinum and 2.88% nickel (sample no. 43484). Additional sample results are shown on the attached table. Analytical services were provided by Activation Laboratories of Ancaster, Ontario.

Recently completed ground electromagnetic surveys indicate the presence of a long and continuous formational conductor generally coincident with a major east-west thrust fault that transects the property. A number of shorter strike length conductors flank the formational conductor and the Bob showing as well as a number of other showings that are proximal to or coincident with shorter strike length conductors. Sulphide mineralization in bedrock is commonly conductive and short strike length conductors constitute viable drill targets (see the sketch that can be found with the copy of this press release posted on the Company's website at www.manicouaganminerals.com.)

Additional assay results taken from other known sulphide occurrences on the grid are pending. Plans are being formulated to aggressively trench and systematically sample the Bob showing and the other prospective bedrock showings at the Mouchalagane property this fall in anticipation of drilling in 2007.

The Mouchalagane property consists of 58 map designated claims covering an area of approximately 30 square kilometers. The property is subject to a 2% net smelter return royalty, three quarters of which can be purchased for $1.0 million within six months from the date that a production decision is announced.

Exploration programs at Mouchalagane are being carried out under the supervision of Rod Thomas, 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.

Management Appointment

Manicouagan Minerals has appointed Rod Thomas Vice President - Exploration. Mr. Thomas is a professional geologist and graduate of McGill and Queen's universities and has worked for both senior mining and junior exploration companies during his 30-year exploration career. Mr. Thomas is a director of Southampton Ventures and the Prospectors and Developers Association of Canada.

Additional information about Manicouagan Minerals and the Company's other projects can be found at www.manicouaganminerals.com.

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.

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.



INITIAL AND PARTIAL ASSAY RESULTS FROM MOUCHALAGANE
COPPER/NICKEL PROPERTY - BOB SHOWING


-------------------------------------------------------------------------
Sample Field Pd Pt
No. Description Easting Northing g/t(i) g/t(i) Cu % Ni %
-------------------------------------------------------------------------
43461 massive sulfide;
Po, Cpy, not in
situ 455269 5784764 12.5 4.12 6.99 2.68
-------------------------------------------------------------------------
43472 galena? In
massive Po;
check for Pb,
As, PGEs; not
in situ 455260 5784767 4.36 2.79 1.16 3.85
-------------------------------------------------------------------------
43473 massive Po,
minor Cpy (2%);
from pit but
rock probably
not quite in
place 455260 5784767 0.239 2.18 + 1.68
-------------------------------------------------------------------------
43474 massive sulfides;
60% Po, 40% Cpy;
not in situ 455260 5784767 2.83 1.36 + 2.59
-------------------------------------------------------------------------
43475 amphibolite
country rock;
tremolite/
actinolite?
Some Qtz; blebs
of Po (2%) 455260 5784767 0.068 0.022 + +
-------------------------------------------------------------------------
43476 massive, hexagonal
Po?; not in situ;
not particularly
magnetic 455271 5784750 3.11 0.201 + 2.92
-------------------------------------------------------------------------
43477 massive Po,
minor Cpy
(less than 10%);
in situ 455271 5784750 1.56 2.69 + 2.58
-------------------------------------------------------------------------
43478 siliceous, green,
amphibolite
country rock;
finely
disseminated
minor Po (2%) 455271 5784750 10.1 5.17 + 2.28
-------------------------------------------------------------------------
43479 concentrated Cpy
samples (not in
situ) 455265 5784763 17.6 3.64 12.2 2.8
-------------------------------------------------------------------------
43480 amphibolite
country rock;
in situ 455265 5784763 0.059 0.016 + +
-------------------------------------------------------------------------
43481 thin, 0.5 cm thick
Cpy/Po veins
sheared in UM
schist; in situ 455254 5784769 0.171 2.66 + 1.54
-------------------------------------------------------------------------
43482 less mineralized
UM schist; in
situ 455254 5784769 0.196 3.32 + 1.32
-------------------------------------------------------------------------
43483 massive Po, in
situ 455246 5784762 1.16 2.33 + 2.41
-------------------------------------------------------------------------
43484 massive Po with
Cpy vein, in
situ 455246 5784762 9.3 2.85 + 2.88
-------------------------------------------------------------------------
43485 excavated block;
chlorite,
amphibole
meta-um? 455246 5784762 0.018 0.012 + +
-------------------------------------------------------------------------
43486 blast sample; more
siliceous,
sillimanite? 455246 5784762 0.082 0.044 + +
-------------------------------------------------------------------------
43487 highly deformed
meta-um? Metased?
Metavolcanics?
With Po/Cpy veins;
in itu 455254 5784769 0.174 3.87 + 1.41
-------------------------------------------------------------------------
43488 same as 43487;
blast sample 455254 5784769 0.167 2.85 + 1.43
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43489 amphibolite
country rock;
not in situ 455303 5784741 0.056 0.024 + +
-------------------------------------------------------------------------
43490 Cpy/Po layers and
lenses; deformed
in schist 455303 5784741 1.59 5.28 + 2.34
-------------------------------------------------------------------------
43491 massive Po with
minor Cpy
(less than 5%) 455303 5784741 2.83 3.92 + 1.83
-------------------------------------------------------------------------
43492 actinolite schist
with disseminated
minor Po, thin
mm thick Po vein 455342 5784739 0.466 0.397 + +
-------------------------------------------------------------------------
(i)Pd,Pt assays
originally
reported in ppb
-------------------------------------------------------------------------
+ assays pending
-------------------------------------------------------------------------

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See attached location map: http://www.ccnmatthews.com/docs/8-23-06_map.pdf

SEDAR: 00017383EF

Contact Information

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