Manicouagan Minerals Inc.
TSX VENTURE : MAM

Manicouagan Minerals Inc.

September 13, 2011 08:00 ET

Manicouagan Provides an Exploration Update on Its Pickle Lake Gold Properties

Phase 2 Drilling Extends Gold Mineralization at Depth at Kasagiminnis

TORONTO, ONTARIO--(Marketwire - Sept. 13, 2011) - Manicouagan Minerals Inc. (TSX VENTURE:MAM) is pleased to provide this exploration update.

Pickle Lake Gold Properties, Ontario – Kasagiminnis Lake Gold Property

The Company has received all of the assay results from the recently completed diamond drill program on its Kasagiminnis Lake Gold Property, located approximately 25 kilometres southwest of the past producing Dona Lake Mine, south of Pickle Lake, Ontario.

The Phase 2 drill program was designed to test for the down-dip extension of the encouraging results from the Phase 1 drill program carried out earlier this year (see MAM Press Release dated June 1, 2011 ). In the latest program, four holes totalling 1,019 metres were completed to their planned depth.

The results confirm that the down dip extension of the mineralized zone intersected near surface continues to approximately 225 metres and remains open at depth.

Manicouagan's 2011 Phase 1 and Phase 2 drilling programs concluded with 11 holes totalling 1,952 metres reaching their targeted depth to test a 250 metre interval along the 1,300 metre long gold bearing zone previously outlined by Moss Resources and Power Exploration Inc. in the mid to late 1980's. Three holes were abandoned due to ground conditions.

Assay results greater than 2.50 grams per tonne ("g/t") from the Phase 1 drilling program have been rerun using a gravimetric finish. All results from the two phase drilling program, both fire assay "AA" and Gravimetric "Grav", are presented in the tables below.

Kasagiminnis Lake Phase One Drill Results
Hole From (m) To (m) Length (m) Au gpt AA Au gpt Grav.
KAS-11-01 116.7 127.8 11.1 2.82 2.76
incl. 120.7 125.7 5.0 4.55 4.45
KAS-11-02 hole abandoned
KAS-11-03 hole abandoned
KAS-11-04 126.1 134.0 7.9 6.60 7.24
incl. 126.1 128.0 1.9 12.86 12.70
KAS-11-05 67.5 70.5 3.0 2.52 2.21
and 75.5 77.5 2.0 5.20 6.02
KAS-11-06 63.5 64.5 1.0 4.21 3.79
and 98.3 99.7 1.4 6.24 7.05
KAS-11-07 27.7 51.7 24.0 0.69 0.83
incl. 27.7 28.5 0.8 6.95 8.94
KAS-11-08 71.3 93.0 21.7 1.85 1.91
incl. 72.3 74.8 2.5 4.60 5.70
and 83.6 87.0 3.4 4.49 4.78
KAS-11-09 49.5 57.5 8.0 2.91 2.79
incl. 49.5 51.3 1.8 4.73 5.22
and 54.2 55.7 1.5 5.80 5.62
note: true widths are currently estimated at 50-80% of drilled widths
Kasagiminnis Lake Phase 2 Drill Results
Hole From (m) To (m) Length (m) Au gpt AA Au gpt Grav.
KAS-11-10 hole abandoned
KAS-11-11 229.7 230.7 1.0 5.64 4.88
KAS-11-12 231.0 232.0 1.0 2.64 2.12
KAS-11-13 204.3 205.3 1.0 2.07 NA
KAS-11-14 233.8 234.8 1.0 5.85 3.62
and 240.0 241.0 1.0 6.21 6.80
note: true widths are currently estimated at 50-65% of drilled widths

A longitudinal section of the Kasagiminnis Lake gold zone showing the location of Manicouagan's drill holes is attached.

To view the figure associated with this release, please visit the following link:

http://media3.marketwire.com/docs/mani.pdf.

Pickle Lake Gold Properties, Ontario – 100% Owned Dona Lake Property

The Company has contracted Fugro Airborne Surveys Corp. to fly a helicopter borne HELITEM Time Domain electromagnetic and magnetic survey with a 125 metre flight line spacing over its 100% owned Dona Lake Property, located 10 kilometres southeast of the town of Pickle Lake. The Dona Lake Property adjoins Goldcorp's Dona Lake Mine, which between 1989 and 1994 was operated by Placer Dome and produced approximately 250,000 ounces from 0.94 million Manicouagan Minerals Press Release September 13, 2011 tonnes of ore. The survey is expected to commence in mid September.

The results from the drilling program at Kasagiminnis Lake are being reviewed and together with the results of the airborne survey at Dona Lake will be used to develop Manicouagan's winter exploration program for its Pickle Lake Gold properties.

Manicouagan holds directly, or under option, approximately 132 square kilometres within the Pickle Lake Greenstone Belt consisting of 11 strategically located properties. Manicouagan has earned a 51 percent interest in the Kasagiminnis, Dorothy-Dobie Lake and Pickle Lake East gold properties and is increasing its interest to 70 percent in these gold properties by incurring the next $1.5 million of exploration expenditures (see MAM Press Release dated April 15, 2010).

Qualified Person

Exploration programs on Manicouagan's Pickle Lake Gold Projects are carried out under the supervision of Mr. Bruce W. Mackie, P. Geo. Mr. Mackie, a professional geologist, has reviewed and verified the technical content of the information contained in this release and qualifies under the definition of "Qualified Person" set out in National Instrument 43-101.

Sample Preparation, Analyses and Security

The assay and sample information as well as geological descriptions are taken from drill logs as prepared by the project geologists for the drill program. All drill cores are BTW in size and assays are completed on sawed half -cores, with the second half of the core kept for future reference. The samples are put into rice bags which are sealed with security locks for shipping directly to Accurassay Laboratories, an accredited assay laboratory, in Thunder Bay, Ontario. The samples are analysed using standard fire assay procedures with an AA/ICP finish. Assay results greater than 2.50 grams per tonne were rerun using a gravimetric finish. In addition to the standard quality control of the laboratory, a series of blanks and standards are inserted in every shipment for quality control purposes.

About Manicouagan

Manicouagan Minerals Inc. is a Canadian based exploration company focused on advancing its gold projects in the Pickle Lake Gold Belt, Ontario. Manicouagan also has a pipeline of commodity projects including the Brabant Lake Zinc deposit in Saskatchewan, and the Mouchalagane Nickel/Copper/PGE and HPM/Forgues Nickel/Copper/Cobalt projects in Québec.

Additional information about Manicouagan and its exploration projects can be found at www.manicouaganminerals.com.

Une traduction française de ce communiqué de presse est disponible à www.manicouaganminerals.com.

Forward Looking Statements

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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