MAM

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 that it has
closed the previously announced non-brokered private placement with the
MineralFields Group and certain individuals (see MAM Press Release of December
10, 2010) for gross proceeds of $500,000.00 through the sale of 10,000,000
flow-through units (the "FT Unit") at $0.05 per FT Unit. Each FT Unit consists
of one flow-through common share and one non flow-through common share purchase
warrant. Each warrant entitles 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.


Joseph Baylis, Manicouagan's President and CEO, said "We are pleased to have the
continued support of the MineralFields Group as we advance our exploration
programs".


In connection with the private placement, Manicouagan paid to Limited Market
Dealer Inc. ("LMD") a cash finder's fee equal to 3% of the gross proceeds and
issued to LMD 720,000 finder's fee options for units (the "Option Units") at a
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 warrant entitles 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. 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.


All securities issued in the private placement are subject to a four-month hold
period expiring on April 15, 2011.


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


Manicouagan will use the funds for continued exploration on its Canadian
properties, more particularly, $350,000 on its Ontario exploration properties
and $150,000 in Saskatchewan.


About MineralFields, Pathway and First Canadian Securities (R)

MineralFields Group (a division of Pathway Asset Management), based in Toronto,
Vancouver, Montreal and Calgary, is a mining fund with significant assets under
administration that offers its tax-advantaged 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 Fund Inc. corporate-class
mutual fund 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.
Additional information about the company can be found at
www.manicouaganminerals.com.


Une traduction francaise de ce communique de presse est disponible a
www.manicouaganminerals.com.


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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