MANICOUAGAN MINERALS INC.

Manicouagan Minerals Inc. (TSXV:MAM) is a well financed Canadian based exploration company with a diversified portfolio of base metal and PGE projects located in Saskatchewan and Quebec:

Key Projects:

• Brabant Lake Zinc Deposit, Saskatchewan
• Mouchalagane Nickel/Copper/PGE - 2006 Discovery, Quebec

During 2007, diamond drill programs were completed at Mouchalagane and Brabant Lake. Diamond drilling at Brabant Lake is ongoing and drilling will resume at Mouchalagane during the second quarter of 2008.

Brabant Lake Zinc Deposit - Saskatchewan

Diamond Drilling of the first 33 Holes Provides a Weighted Average for the Lower Zone of 9.14% Zinc over 6.95 Metres

Manicouagan drilled 10,743 metres at Brabant Lake in 2007. The aim of the current Phase II program is to explore and delineate the Lower Zone, which to date remains largely unexplored. The Phase II program is also designed to facilitate the calculation of a resource estimate of the deposit in early 2008. The weighted average of the Lower Zone, based on Manicouagan's first 33 holes is 9.14% Zinc over 6.95 metres (see press releases of October 25, 2007 and December 6, 2007).

The Brabant Lake zinc deposit, located in central-northern Saskatchewan, is Manicouagan's most advanced project, hosting a deposit that contains a NI 43-101 inferred resource of 4,858,000 tonnes grading 5.19% zinc, 0.57% copper, 0.28% lead, 22.59 g/t silver and 0.22 g/t gold. This resource was calculated prior to Manicouagan acquiring the property in 2006. The deposit is found primarily in two zones referred to as the Upper Zone and the Lower Zone. Past drilling by previous operators focused on the Upper Zone however, Lower Zone grades are typically twice that of the Upper Zone making the Lower Zone the priority exploration target.

Diamond drilling at Brabant Lake is ongoing.

Mouchalagane Nickel/Copper/PGE Property - Mid-North Quebec

2007 Diamond Drilling Results Include 1.78% Nickel, 0.49% Copper, 2.11 g/t Platinum and 6.47 g/t Palladium over 2.04 metres

The original 58 claims forming this property were acquired in April 2006 and the Bob Showing was discovered during the 2006 summer exploration program. Subsequent channel sampling yielded outstanding results, including assays with values up to 3.27% Nickel, 2.33% Copper with 25.9 g/t Palladium and 3.7 g/t Platinum over 0.5 metres. Manicouagan currently holds 468 claims covering a strike length of some 40 km of prospective stratigraphy.

In 2007, the Company completed 34 holes (2,906 metres) exploratory diamond drilling program to follow-up on the excellent results from the completed channel sampling program on the Bob Showing as well as test other geophysical targets that had been identified during the 2006 exploration program. At the Bob Showing Ni-Cu-PGE mineralization was intersected at depth in drill holes MCH-07-03 to MCH-07-06 and MCH-07-17 over a strike length of 130 metres. The Ni-Cu-PGE mineralization near the Bob Showing is open both along strike and at depth (see press releases of September 19 and October 2, 2007).

Hole MCH-07-17 intersected:

• 1.78% Nickel, 0.49% Copper, 2.11 g/t Platinum and 6.47 g/t Palladium over 2.04 metres;
• including 3.82% Nickel, 1.47% Copper, 5.10 g/t Platinum, 18.29 g/t Palladium over 0.57 metres
• and values up to 0.99 g/t Rhodium and 1.08 g/t Ruthenium

Manicouagan is very encouraged by these results. To follow up on this exciting and attractive opportunity, a winter field program is planned for early 2008 that includes detailed and deep-search airborne electromagnetic surveys, as well as continued drilling of ground EM targets.

Other Properties - Mid-Quebec Nickel

Portfolio of Properties Expanded in Late 2007

In November 2007, Manicouagan acquired the HPM property (see press release November 6, 2007), which consists of 39 claims and is located 100 kilometres south-southeast of Mouchalagane. Previous diamond drilling campaigns by Falconbridge Limited and Rockwell Ventures in 1992 intersected intrusive hosted nickel-copper mineralization grading:

• 2.74% Nickel, 0.86% Copper, and 0.20% Cobalt over 5.95 metres, and;
• 0.53% Nickel, 0.27% Copper, and 0.04% Cobalt over 28.60 metres, within broad zones of disseminated mineralization

Together with the Seignelay property located 40 km northeast of Mouchalagane, consisting of 239 claims staked by Manicouagan, these properties form the foundation of Manicouagan's Mid-Quebec nickel exploration opportunity.

Summary

Manicouagan continues to focus on the advancement of its properties and intends to aggressively acquire additional properties as attractive opportunities are identified.