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 a non-brokered private placement for gross proceeds of $132,317.50
through the sale of 2,646,350 flow-through units (the "FT Unit") at $0.05. 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, "These funds together with
the recently completed $500,000 flow-through private placement (see MAM Press
Release dated December 15, 2010) will be dedicated to advance our exploration
projects. We will be announcing details of our planned activities in the New
Year".


In connection with the private placement, Manicouagan paid cash finder's fees'
equal to 3% of the gross proceeds and issued finder's fee options equal to 8% of
the shares issued 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 May 1, 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 Ontario, Quebec
and Saskatchewan exploration properties.


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.