Manicouagan indentifies high priority base metal and uranium targets on the Lac Maugue Project; plans focused follow-up program to identify drill targets



    TORONTO, March 29 /CNW/ - Manicouagan Minerals Inc. (TSXV -- MAM)
announced plans today for a focused 2007 summer follow-up exploration program
on priority copper-silver and uranium exploration targets on its Lac Maugue
project. The Lac Maugue property is situated in the Dunphy-Romanet Lakes area
of the central Labrador Trough region of northern Quebec, some 160 kilometres
northwest of the all services town of Schefferville, Quebec. Work planned for
the summer of 2007 is designed, in part, to delineate targets for drill
testing in 2008.
    Work done by MPH Consulting Limited, on behalf of Manicouagan Minerals,
including evaluation of field prospecting, mapping and sampling activities
completed during July to September, 2006. This work was integrated with the
results of the Fugro Surveys magnetic and frequency-domain electromagnetic
airborne geophysical survey which was also completed this summer. These
results have identified a number of targets for follow-up.
    Also, assessment file research completed by Manicouagan indicates that
the Lac Maugue area was identified as an area of geological interest by
uranium exploration groups in the 1970s. In 1978, Conwest Canadian Uranium
Exploration reported mineralized boulders assaying up to 2.35% U(3)08 in the
Why Lake area of the Lac Maugue property. Pursuant to the provisions of
NI-43- 101 it should be noted that this assay has not been confirmed by a
geologist on behalf of Manicouagan and as such should not be relied upon.
Given renewed interest in uranium exploration in the Central Labrador Trough
an additional 169 claims (in aggregate approximately 8090 hectares) have been
map staked to secure areas considered prospective for uranium mineralization.
    A sketch showing the location of the project, related mining claims, the
regional geology as well as detailed geology and sampling of the Lac Maugue
showing area can be found with the copy of this press release posted on the
Company's website at www.manicouaganminerals.com Also included on the sketch
are the place names and locations of the various showings referenced in this
news release.
    The Lac Maugue copper-silver occurrence and its strike extension is the
principal and highest priority target of interest. As previously reported on
September 11, 2006 channel samples of dolostone/siltstone mineralized with
chalcopyrite, bornite and malachite from bedrock trench 2006-1 located
97 metres northwest of trench 93-5 along the Lac Maugue copper-silver zone
averaged 132 g/t silver, 0.86% copper over 4.85 metres. Included in this
channel sample is a 1.0 metre section that assayed 237 g/t silver,
1.50% copper.
    The second high priority target of interest comprises the Why Lake area
which is considered prospective for uranium mineralization based on assessment
file reports.
    Other targets for follow up consist of the Two Hat and One Paddle lake
areas where zinc, lead and copper (+/- silver) and lead-zinc (+/- gold)
mineralization in boulders and outcrop was encountered as well as known copper
showings in the North Copper and Lac Romanet West areas. All of these areas
are associated with conductive airborne geophysical anomalies which constitute
potential targets of interest warranting further exploration.
    Work at Lac Maugue planned for the summer of 2007 will consist of
establishing a cut line grid over the Lac Maugue copper-silver showings and
presumed extensions as evidenced by conductivity contrast trends apparent on
results obtained from the helicopter-borne electromagnetic and magnetic
survey. A 52 line kilometre gradient array Induced Polarization (IP) survey is
planned to evaluate prospective trends over a strike length of approximately
3 kilometres. Initially gradient array IP will be completed on lines 200
metres apart with IP section coverage done on every second line. This work in
conjunction with detailed surface prospecting, mapping and geochemical
sampling is aimed at defining potential drill targets for drill testing in
early 2008.
    IP and detailed prospecting, mapping and geochemical sampling is planned
for the North Copper and Lac Romanet West showings. Additional prospecting and
sampling is planned for the One Paddle and Two Hats lake areas.
    An airborne radiometry (including magnetics and electromagnetics) survey
is planned for the Why Lake area including the additional 169 map staked
claims.

    BACKGROUND

    Occurrences of copper, silver, lead, zinc, gold and other metals are
widespread throughout the central Labrador Trough and the Dunphy-Romanet Lake
region has known metal associations (uranium, copper, gold) and a geological
environment which is indicative of potential for iron oxide copper-gold type
deposits in addition to the sediment-hosted copper-silver mineralization found
at Lac Maugue.
    The Lac Maugue copper-silver showings were originally explored by
Outokumpu Mines Ltd. in 1993-94 over a largely overburden covered area with
underlying bedrock consisting of magnetite rich argillite, dolomite and sandy
dolomite encountered significant copper-silver mineralization in outcrop and
boulders. One 3.19 metre section in bedrock trench 93-5, sampled by Outokumpu
in 1993, assayed 0.61% copper and 135 g/t silver including a 0.5 metre section
which assayed 1.26% copper and 267 g/t silver. Prospecting work some 800
metres northwest of, and along trend with, the above area in the early 1990's
by Outokumpu Mines Ltd. reportedly discovered mineralized boulders that
assayed up to 2.32% copper and 82.5 g/t silver. These results pre-date
NI-43- 101 requirements and the bedrock source of this material has not yet
been discovered.
    In view of the geological environment and the potential for large tonnage
sedimentary-hosted deposits, Manicouagan Minerals total land holdings
currently stand at 823 claims, including the original 88 claims acquired from
the LSS (Labrador Silver Syndicate) and the previously mentioned 169 titles
pending, covering approximately 39,440 hectares that secure selected areas of
geological interest which are considered to have potential to host sedimentary
hosted copper-silver deposits similar to the occurrences at Lac Maugue.
    Exploration programs at Lac Maugue are being carried out under the
supervision of Rod Thomas, Vice President - Exploration of the Company. Mr.
Thomas, a professional geologist, has reviewed and verified the technical
content of this press release on behalf of Manicouagan Minerals and qualifies
under the definition of "Qualified Person" set out in National Instrument
43- 101. Analytical services were provided by ALS Chemex of North Vancouver,
BC.

    Manicouagan Minerals Inc. is a Canadian based exploration company with a
diversified portfolio of properties. The Company currently holds four base
metal projects located in Quebec and Saskatchewan, on which exploration
programs are ongoing.
    Additional information about Manicouagan Minerals, the Lac Maugue project
and the Company's other exploration projects can be found at
www.manicouaganminerals.com.

    The TSXV has not reviewed this news release and does not accept
    responsibility for the adequacy or accuracy of this news release. The
    TSXV has neither approved nor disapproved the contents of this news
    release.

    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.
    %SEDAR: 00017383E




For further information:

For further information: Joseph Baylis, President and Chief Executive
Officer, (416) 542-3980

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MANICOUAGAN MINERALS INC.

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