Manicouagan Minerals-Provides Exploration Update on Mid-North Quebec Properties-Grants Stock Options: Financial News

Manicouagan Minerals-Provides Exploration Update on Mid-North Quebec Properties-Grants Stock Options
Wednesday October 1, 2008 2:32 pm ET

TORONTO, ONTARIO--(MARKET WIRE)--Oct 1, 2008 -- Manicouagan Minerals Inc. (CDNX:MAM.V - News) is pleased to provide an update on its exploration programs on its Mid-North Quebec exploration properties.

HPM/Forgues Nickel/Copper Property

Manicouagan has completed 17 diamond drill holes for an aggregate of 3,388 metres. To date, significant assay results have been received and released for the first four holes including HPM-08-03 which intersected 43.18 metres grading 1.74% nickel, 0.90% copper and 904 ppm (parts per million) cobalt and HPM-08-04 which intersected 15.06 metres grading 1.72% nickel, 0.66% copper and 888 ppm cobalt (See MAM Press Releases dated August 6 and September 11, 2008.) Assays are pending for the remaining 13 holes.

The table below summarizes the results for holes HPM-01-08 to HPM-08-04.

 

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                            (metres)                    (%)           (ppm)
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Hole ID           From         To   Length(i)      Ni          Cu        Co
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HPM-08-01        78.60      84.07        5.47    2.34        0.97      1237
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Incl.            78.60      81.00        2.40    2.45        1.31      1277
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HPM-08-02        87.79      95.26        7.47    1.60        0.76       888
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Incl.            90.46      95.26        4.80    1.87        0.85      1018
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HPM-08-03        79.82     123.00       43.18    1.74        0.90       904
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Incl.            85.16      95.72       10.56    2.15        1.17      1144
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Incl.           100.71     112.75       12.04    2.35        0.88      1118
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HPM-08-04        47.73      62.79       15.06    1.72        0.66       888
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Incl.            55.66      62.79        7.13    2.31        0.76      1130
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and             125.40     130.50        5.10    1.23        0.47       636
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and             136.75     139.40        2.65    2.08        1.24      1072
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and             144.17     148.22        4.05    2.31        1.35      1131
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(i) True width unknown 10,000 ppm equals 1%

Horizontal Loop Electromagnetic (HLEM) and magnetometer surveys have been completed. Ground truthing of priority airborne electromagnetic anomalies (AEM) identified during this year's AeroTEM II Airborne survey is continuing.

Drilling at HPM/Forgues has been suspended due to deteriorating weather conditions. It is expected that drilling will resume in early 2009. The drill rig will be stored at the property until drilling resumes. Details for the resumption of this program will be announced as soon as plans are finalized and contracts are awarded.

The HPM/Forgues Nickel/Copper property is located some 160 kilometres east-southeast of the Mouchalagane Nickel/Copper/PGE property. It is situated in NTS map sheets 22 O/11 and 22 O/12 and lies just east of highway 389, which runs between Baie-Comeau and Fermont, Quebec.

Manicouagan has an option to earn up to a 70% interest in the HPM/Forgues property from Pure Nickel Inc. (see MAM Press Release dated November 6, 2007).

Mouchalagane Nickel/Copper/PGE Property

Earlier this summer, Manicouagan completed and released the significant results from its ten-hole diamond drill program (MCH-08-01 to MCH-08-10 totalling 1,770 metres). The purpose of this drill program was to follow-up on shallow drilling in 2007 where nickel/copper/PGE mineralization was intersected (see MAM Press Release dated September 4, 2008).

These results included hole MCH-08-02 which assayed 0.89% nickel, 0.28 % copper, 0.96 g/t platinum and 1.64 g/t palladium over 6.47 metres; including 1.00% nickel, 0.36 % copper, 1.80 g/t platinum and 2.31 g/t palladium over 2.11 metres.

The nickel, copper and PGE mineralization at the Bob Showing has now been traced by diamond drilling for approximately 200 metres along strike and to a depth of about 90 metres. The mineralization remains open along strike and partially at depth.

Elsewhere on the Mouchalagane property, eleven reconnaissance grids have been established over priority airborne electromagnetic anomalies (AEM) identified during this year's AeroTEM II Airborne survey. Horizontal Loop Electromagnetic (HLEM) and magnetometer surveys have been completed. Soil sampling programs have also been completed and the results are pending.

Follow up exploration programs for Mouchalagane will be developed once all the outstanding results have been received.

Sample Preparation, Analyses and Security

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.

Samples from Mouchalagane are collected in rice bags for shipment to the laboratory. Core samples from HPM/Forgues are collected in plastic pails, closed by lids that are sealed and secured with a numbered tie-wrap. The receiving laboratory verifies that pails, lids and the numbered tie-wrap have not been altered during transportation.

Exploration programs on the Mouchalagane Nickel/Copper/PGE property and the HPM/Forgues Nickel/Copper property are being carried out under the direct supervision of Francois Bissonnette, P.Geo., Senior Project Geologist for Manicouagan Minerals' projects in Quebec. Francois Bissonnette, P.Geo., 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.

Stock Options Granted

Manicouagan Minerals also announced today that its Board has approved the issuance of 1,715,000 options under the Company's Stock Option Plan. These options are being granted to directors, officers, consultants and employees of the Company, and are exercisable into common shares of the Company at a price of $0.20 per share. Subject to the rules of the TSXV and the Company's Stock Option Plan the options have a term of five years and will expire on September 30, 2013.

About Manicouagan

Manicouagan Minerals Inc. is a Canadian based exploration company with a diversified portfolio of properties including the Brabant Lake Zinc deposit in Saskatchewan, the Mouchalagane Nickel/Copper/PGE project in Quebec and the HPM/Forgues Nickel/Copper/Cobalt 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.