Manicouagan Minerals Inc.
TSX VENTURE : MAM

Manicouagan Minerals Inc.

July 15, 2008 09:00 ET

Manicouagan Provides Exploration Update

TORONTO, ONTARIO--(Marketwire - July 15, 2008) - Manicouagan Minerals Inc. (TSX VENTURE:MAM) provided an update today on its advanced Brabant Lake Zinc Deposit in Saskatchewan and its Mid-North Quebec exploration properties.

Brabant Lake Zinc Deposit:

Work on a new resource estimate undertaken by MPH Consultants Ltd. of Toronto in conjunction with P&E Mining Consultants Inc. of Brampton, Ontario is nearing completion and results are expected shortly. The new resource estimate is expected to incorporate 129 drill holes, totaling 30,579 metres, of which 15,605 metres (approximately 50%) were completed by Manicouagan since acquiring the property in July 2006 and the remainder by previous operators. The new resource estimate will supersede the existing NI 43-101 compliant resource, which was the subject of an NI 43-101 Technical Report, completed by MPH Consulting Ltd. with an effective date of September 15, 2006. This report is available with the Company's filings on SEDAR or at www.manicouaganminerals.com.

Mid-North Quebec

Mouchalagane Nickel/Copper/PGE Property

Further to Manicouagan's Press Release of June 19, 2008 an initial phase of follow-up drilling on the projected down dip extension of the Bob Showing on the Mouchalagane Nickel/Copper/PGE Property is complete. A total of 10 holes, in aggregate 1,770 metres, were drilled to follow up on nickel-copper-PGE mineralization that was intersected by shallow drilling in 2007 (up to 1.78% Ni, 0.49% Cu, 2.11 g/t Pt and 6.47 g/t Pd over a 2.04 metre interval - DDH MCH-07-17). Significant rhodium and ruthenium values were also encountered during the 2007 drilling program. Sample 151082 consisting of 0.26 metres of core (42.64 metres to 42.90 metres down-hole) from DDH MCH 07-05 contains 1230 ppb (parts per billion) rhodium and 1380 ppb ruthenium (1000 ppb equals 1 gram per tonne) in addition to significant platinum and palladium values. (See Manicouagan Press Releases of April 23, 2008, February 21, 2008 and January 29, 2008).

A total of 369 core samples from this year's drilling on the Bob Showing have been forwarded to TSL Laboratories in Saskatoon for analysis. Assay results are pending.

Concurrent with the diamond drilling at Mouchalagane, nine priority airborne electromagnetic targets have been identified and are in the process of being prospected and sampled. Reconnaissance grids (62 line kilometres) are being established over priority targets in order to facilitate ground geophysics prior to drill testing.

HPM/Forques Property

As previously announced, the drill has been moved to the HPM/Forgues Property (see Manicouagan Press Release dated June 19, 2008) and drilling has begun. The HPM/Forgues Property is located some 160 kilometres east-southeast of the Mouchalagane Property. It is situated in NTS 22011 and lies just east of highway 389, which runs between Baie-Comeau and Fermont, Quebec.

Diamond drilling at HPM is planned to follow-up on significant nickel-copper mineralization that was intersected during a program of limited drill testing by Rockwell Ventures in 2001-2002. Unverified public records indicate drill intercepts of semi massive sulphides assayed up to 2.74% Ni, 0.86% Cu and 0.20% Co over 5.95 metres and broad intervals of disseminated sulphide mineralization assayed up to 0.53% Ni, 0.27% Cu and 0.04% Co over 28.60 metres.

A total of two drill holes at HPM have been drilled and sampled to date. Assay results are pending.

Manicouagan expects to complete approximately 6,000 metres of drilling during this summers' field programs on its Mid-North Quebec exploration properties.

Final results from the recently completed 6,400 line kilometre AeroTEM II (airborne electromagnetic and magnetic) survey (See Manicouagan Press Releases of May 14, 2008 and April 23, 2008) remain pending although preliminary results including datasets for priority areas have been received and are being interpreted to identify potential drill targets within the 247 square kilometre Mouchalagane Nickel/Copper/PGE Property as well as at the 106 square kilometre HPM/Forgues Nickel property.

A sketch showing the location of Manicouagan's Mid-North Quebec exploration properties is attached.

The map of Manicouagan Minerals Inc.'s Mid-North Quebec Projects Property Position is available at the following web link: http://media3.marketwire.com/docs/mam0715map1.pdf.

With reference to assay results referred to in this news release and available on the Company's website gold, platinum and palladium concentrations are determined by fire assay using a 30 gram split mixed with fire assay fluxes and fused at 1100 degrees C for one hour. After cooling the lead button is separated from the slag and cupelled at 960 degrees C to recover the silver (dore bead) plus gold, platinum and palladium. The silver dore bead is digested in hot (95 degrees C) nitric and hydrochloric acid. After cooling for 2 hours the sample solution is analyzed for gold, platinum and palladium by ICP/OES. Nickel, copper and cobalt concentrations are first determined by AAS initially using a 1 gram sample digested in aqua regia. In those samples where any one of the nickel, copper or cobalt concentrations as determined exceed 5,000 parts per million (equivalent to 0.5%) samples are assayed for nickel, copper and cobalt by using a 0.5 gram sample using a four acid digestion with hydrofluoric, nitric, perchloric and hydrochloric acids. Analytical services are provided by TSL Laboratories of Saskatoon a full description of the laboratory's analytical procedures may be viewed on their website at www.tsllabs.com.

Rhodium determinations of selected samples as noted within the text of this press release employed a nickel sulphide (NiS) fire assay preparation whereby a NiS fire assay yields a nickel sulphide button which is dissolved in concentrated HCl and the resulting residue which contains all the PGE and Au is collected on a filter paper. Subsequently, the residue undergoes 2 irradiations and 3 separate counts to measure all the PGE and Au by neutron activation (Ni-FINA). Analytical services are provided by Activation Laboratories of Ancaster, Ontario a full description of the laboratories analytical procedures may be viewed on their website at www.actlabsint.com.

Exploration programs on the Mouchalagane and HPM/Forgues properties are being carried out under the direct supervision of Francois Bissonnette, P.Geo., Senior Project Geologist for the Company's Mid-North Quebec projects.

Manicouagan's exploration programs 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 is a "Qualified Person" as defined in National Instrument 43-101.

Manicouagan Minerals Inc. (TSX VENTURE:MAM) is a Canadian based exploration company with a diversified portfolio of Canadian exploration properties including the Brabant Lake Zinc/Copper 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.

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.

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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