Manicouagan Minerals Inc.
TSX VENTURE : MAM

Manicouagan Minerals Inc.

January 29, 2008 08:30 ET

Manicouagan Reports Significant Rhodium Values of up to 1.2 Grams Per Tonne in Drill Core From Its Mouchalagane Property

TORONTO, ONTARIO--(Marketwire - Jan. 29, 2008) - Manicouagan Minerals Inc. (TSX VENTURE:MAM) is pleased to announce additional results from its Mouchalagane Nickel-Copper-PGE property in Quebec. A select number of drill core samples were assayed for the complete suite of Platinum Group Elements (PGE) and returned significant concentrations of rhodium (Rh) and ruthenium (Ru) in addition to the significant platinum (Pt), palladium (Pd), nickel and copper values that were previously reported in Manicouagan's Press Releases of September 19, 2007 and October 2, 2007.

Sample 151082 (DDH MCH 07-05) contains 1230 ppb (parts per billion) rhodium (Rh) and 1380 ppb ruthenium (Ru) in addition to significant platinum (Pt) and palladium (Pd) values. Concentrations of 1000 ppb are equivalent to 1 gram per tonne.

The selected drill core samples were assayed at Activation Laboratories of Ancaster, Ontario. In addition to rhodium (Rh) and ruthenium (Ru), the samples where also assayed for osmium (Os), iridium (Ir), platinum (Pt), palladium (Pd), as well as rhenium (Re) and gold (Au). The complete results are set out in Table 1 below.



Table 1
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Analyte Symbol
greater than Os Ir Ru Rh Pt Pd Au Re
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Units (i)
greater than ppb ppb ppb ppb ppb ppb ppb ppb
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Detection Limit
greater than 2 0.1 5 0.2 5 2 0.5 5
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Sample # Drill Hole #
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151081 MCH 07 05 169 288 1380 763 1730 2880 27 73
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151082 MCH 07 05 156 288 1380 1230 2020 5220 47 64
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151090 MCH 07 06 74 125 588 597 2770 6300 180 76
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151232 MCH 07 17 124 225 1080 994 1220 2900 470 60
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151235 MCH 07 17 90 188 800 973 4410 15200 160 62
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(i) 1000 ppb (parts per billion) equals 1 gram per tonne


The values previously reported in Manicouagan's Press Releases of September 19, 2007 and October 2, 2007 are summarized later in this press release in Table 2 for comparative purposes. The variances between Pt and Pd concentrations noted in Table 1 and Table 2 are within acceptable limits of analytical error.

Drill hole locations and updated property maps are available on the Company's website at www.manicouaganminerals.com.

The price of Rhodium (Rh) has increased significantly over the last few years and has recently traded above US$7000 per troy ounce, equivalent to approximately US$225 per gram.

Joseph Baylis, President and CEO stated: "The Mouchalagane property continues to provide compelling results warranting an aggressive exploration program in 2008. We consider the high grade nickel-copper-PGE assays from Mouchalagane to be very significant and indicative of a strong and efficient mineralizing system." Plans are currently in place to commence airborne geophysical surveys shortly over the Company's extensive land holdings including some 40 km of prospective stratigraphy along strike from these drill holes and the Bob Showing. Additional details of the 2008 exploration program at Mouchalagane will be announced in the coming weeks.

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.



Table 2
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Hole ID Sample From To Length Au Pt Pd Ni Cu Co
No. (m) (m) (m)(i) (g/t) (g/t) (g/t) % % %
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MCH
07-05 151081 42.28 42.64 0.36 0.03 1.85 3.41 3.54 0.13 0.07
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MCH
07-05 151082 42.64 42.90 0.26 0.05 2.00 5.44 2.52 0.53 0.11
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MCH
07-06 151090 47.86 48.30 0.44 0.20 2.56 6.05 3.11 1.43 0.11
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MCH
07-17 151232 51.40 51.71 0.31 0.53 1.59 3.86 3.42 0.37 0.11
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MCH
07-17 151235 52.87 53.44 0.57 0.22 5.10 18.29 3.82 1.47 0.21
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(i)true width unknown


PGE determinations provided in Table 1 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.

With regard to the assays previously reported and summarized in Table 2: gold, platinum and palladium concentrations are determined by fire assay using a 30 gram split mixed with fire assay fluxes and fused at 1100degreesC for one hour. After cooling, the lead button is separated from the slag and cupelled at 960degreesC to recover the silver (dor? bead) plus gold, platinum and palladium. The silver dor? bead is digested in hot (95degreesC) 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.

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.

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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