THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE
SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES.


Manicouagan Minerals Inc. (TSX VENTURE:MAM) is pleased to announce a
non-brokered private placement for gross proceeds of $1,000,000.00 through the
sale of 20,000,000 flow-through units (the "FT Unit") at $0.05 each to the
MineralFields Group. Each FT Unit will consist of one flow-through common share
and one non flow-through common share purchase warrant. Each warrant will
entitle the holder to acquire one common share of Manicouagan for a period of 24
months from the date of closing of the private placement at a price of $0.10 per
share for the first 12 months and $0.12 per share for the second 12 months. If
the common shares of Manicouagan trade at or above $0.18 per common share for 21
consecutive trading days, then Manicouagan may accelerate the expiration of the
warrants upon not less than 30 days written request.


In connection with the private placement, Manicouagan has agreed to pay Limited
Market Dealer Inc. a cash finder's fee equal to 3% of the gross proceeds and to
issue finder's fee options for units (the "Option Unit") equal to 8% of the
number of FT Units subscribed for, at the price of $0.05 per Option Unit, with
each Option Unit consisting of one non flow-through common share and one non
flow-through common share purchase warrant. Each such warrant will entitle the
holder to acquire one common share of Manicouagan for a period of 24 months from
the date of closing of the private placement at a price of $0.10 per share for
the first 12 months and $0.12 per share for the second 12 months. The finder's
fee options will have a term of 24 months. All securities issued in the private
placement will be subject to a four-month hold period from their distribution
date.


Completion of the financing is subject to the receipt of all required regulatory
approvals, including final acceptance by the TSX Venture Exchange.


Closing of the private placement is in two tranches, the first, for $550,000, on
March 24, 2010 and the second, for $450,000 no later than on March 31, 2010. The
placees in the private placement are at arms-length with Manicouagan and its
management.


Manicouagan will use the funds for continued exploration on its Canadian
properties, more particularly, $700,000 on Ontario exploration properties and
$300,000 on Quebec exploration properties.


Manicouagan intends to use the Ontario funds to advance its Pickle Lake gold
properties including drill-testing targets recently identified on the Pickle
Lake East property. This property covers the interpreted strike extension of the
gold bearing structure that hosts the Pickle Crow Mine, currently being explored
by PC Gold Inc.


Since April 2009, Manicouagan has developed a significant land position in the
Pickle Lake area of over 132 square kilometres in this proven, but underexplored
gold mining camp. 


First Tranche Closed

Manicouagan has closed the first tranche of the placement referred to above by
issuing 11,000,000 units, each unit comprised of one flow-through common share
and one warrant for a non flow-through common share, at a price of $0.05 per
unit.


The flow-through common shares and non flow-through warrants issued are subject
to a hold period of 4 months expiring on July 25, 2010. Manicouagan has paid the
cash finder's fee and issued the finder's fee options in accordance with the
terms of the financing. The finder's fee options are also subject to a hold
period of 4 months expiring on July 25, 2010.


"We are very pleased to be continuing our relationship with MineralFields
Group", said Mr. Joseph Baylis, president and CEO of Manicouagan. "This
financing will contribute to the growth and development of Manicouagan's assets
and we look forward to working with MineralFields Group as we continue to
develop our Pickle Lake gold properties in Ontario and our other properties in
Quebec and Saskatchewan."


About MineralFields, Pathway and First Canadian Securities(R)

MineralFields Group (a division of Pathway Asset Management), based in Toronto,
Montreal, Vancouver and Calgary, is a mining fund with significant asset under
administration that offers its tax advantages super flow-through limited
partnerships to investors throughout Canada as well as hard-dollar resource
limited partnerships to investors throughout the world. Pathway Asset Management
also specializes in the manufacturing and distribution of structured products
and mutual funds (including the Pathway Multi Series Funds inc. corporate-class
mutual funds series). Information about MineralFields Group is available at
www.mineralfields.com. First Canadian Securities(R) (a division of Limited
Market Dealer Inc.) is active in leading resource financings (both flow-through
and hard-dollar PIPE financings) on competitive, effective and service friendly
terms, and offers investment banking, mergers and acquisitions and mining
industry consulting, services to resource companies. MineralFields and Pathway
have financed several hundred mining and oil and gas exploration companies to
date through First Canadian Securities(R).


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, together with the Mouchalagane Nickel/Copper/PGE
project and the HPM/Forgues Nickel/Copper/Cobalt project, both in Quebec.


The securities being issued have not, nor will they be, registered under the
United States Securities Act of 1933, as amended, and such securities may not be
offered or sold within the United States or to, or for the account or benefit
of, U.S. persons absent registration or an applicable exemption from U.S.
registration requirements.


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.
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