Chief Connie Gray-McKay of the Mishkeegogamang Ojibway Nation and Joseph Baylis,
CEO Manicouagan Minerals Inc. (TSX VENTURE:MAM), today signed an Exploration
Memorandum of Understanding committing to an ongoing relationship between the
First Nation and Manicouagan with respect to the company's exploration
activities on its Pickle Lake properties.


In April 2009, Manicouagan acquired the right to earn up to 70% interest in
three claim groups known as the Dorothy-Dobie Lake, Kasagiminnis and Pickle Lake
East properties. Since then, Manicouagan has developed a strategic land position
in the Pickle Lake area of over 132 square kilometres in this proven, but
under-explored gold mining camp. All of these properties lie within the prolific
Uchi Geological Sub-province, which hosts the gold mining camps of Pickle Lake,
Red Lake and Rice Lake. 


The MOU establishes the foundation for a positive and mutually beneficial
relationship between Mishkeegogamang Ojibway Nation and Manicouagan. These
measures include training and employment, ongoing communication, and other
benefits. Manicouagan has also agreed to retain a Mishkeegogamang business to
provide community relations services. In addition, the First Nation and the
Company have agreed to negotiate an Impact Benefit Agreement should an
exploration project advance to the operational stage.


"This agreement is another significant step in our efforts to participate in the
economy of our traditional lands." said Chief Gray-McKay, "By entering this
agreement, Manicouagan has demonstrated the level of respect for our people and
our lands that we expect from all resource companies operating on our
traditional lands. We look forward to working cooperatively with Manicouagan
Minerals and wish them every success with their continued exploration
activities." 


Joseph Baylis, President and CEO of Manicouagan Minerals said "We look at this
Exploration Agreement as a first important step in what we hope will be a long
and mutually beneficial relationship with Mishkeegogamang Ojibway Nation. Our
Board and our shareholders understand that a positive and ongoing relationship
with First Nations, in whose traditional territories we are operating, is
consistent with our company values in addition to making excellent business
sense. We very much look forward to working with Mishkeegogamang as our
exploration activities proceed." 


David Masakeyash, who acted as a head negotiator for the First Nation of this
MOU commented, "With this MOU and the joint commitment to enter an Impact
Benefit Agreement if an exploration project moves to the operations stage, the
company's future success is now important to us and we will support them as they
move forward."


Manicouagan has also agreed to issue, subject to regulatory approval, 250,000
warrants to the Mishkeegogamang Ojibway Nation having an exercise price of $0.15
cents and a term of five years.


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 Manicouagan and its exploration projects can be
found at www.manicouaganminerals.com.


Une traduction francaise de ce communique de presse est disponible a
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.